Monday, 25 June, 2018

Sears Canada store closures expected to have little impact on RioCan

Instead of advertising itself as Sears the pop-up shop displays the slogan #weveCHANGED to represent a revamped retailer Instead of advertising itself as Sears the pop-up shop displays the slogan #weveCHANGED to represent a revamped retailer
Roland Mccarthy | 24 June, 2017, 00:05

Sears Holdings Corporation, the owner of the Sears and Kmart retail store brands, will close its Kmart store Springettsbury Township in about three months.

The Sears logo is seen on the side of a store March 24, 2005 in San Bruno, California.

The affected stores are in 14 states: California, Florida, Illinois, Kansas, Louisiana, Maryland, Michigan, Minnesota, New Jersey, New York, Ohio, Rhode Island, Texas and Wisconsin, according to a report from Business Insider.

The latest 20 are among the 235 locations Sears sold to its real estate investment trust spinoff, Seritage Growth Properties, in 2015. Shareholders agreed on Kmart Holding Corp.'s $12.3 billion acquisition of Sears, Roebuck and Co., helping the two struggling rivals to combine into the nation's third-largest retailer.

"We are making the hard, but necessary decision to close" the Sears and Sears Auto Center in on Shawan Road, and Sears in Hagerstown, Howard Riefs, a Sears spokesman, said in an email Friday.

Stores are closing at alarming rate.

Sears Canada was granted court protection from creditors on Thursday and announced plans to close 59 locations across the country and cut approximately 2,900 jobs under a court-supervised restructuring. Though the company expects to continue operations and plans on using bankruptcy as a way to protect itself after more consistent loses in sales, shares have plummeted 22%.

TravelBrands, which owns Sears Travel, said it is consulting with its legal team before making a statement.

Sears' agreement with Seritage lets it end its leases at unprofitable stores in exchange for payment of one year's rent.

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