Sears is closing its last store in its home state of Illinois, the company announced this week.
The store, located in Woodfield Mall, is scheduled to close its doors on November 14, as part of a corporate plan to “redevelop and revitalize the property,” the Daily Herald reports.
A spokesperson for Sears’ parent company, TransformCo, said they will still manage the space and are currently in talks with retailers to fill the now vacant property.
“This is part of the company’s strategy to unlock the value of real estate and use it to the highest and best for the benefit of the local community,” Transformco said in the announcement.
Scott Carr, President of Real Estate, said, “With the redevelopment of this space focused primarily on retail use, we intend to rejuvenate and maximize the value of real estate while enhancing the consumer experience with popular retailers. ” For Transformco
The retailer was founded in Chicago in the 1890s, initially as a mail-order catalogue, and once served as America’s largest and most popular retailer, with customers ranging from homeware to apparel. could get everything.
But in October 2018, Sears Holdings, which also owned Kmart, filed for Chapter 11 bankruptcy protection amid falling sales and massive debt.
Faced with stiff competition from chains like Walmart, Target, Best Buy and Macy’s, the company has struggled with complaints about outdated stores and customer service, all of which have invested heavily in remodeling and become more attractive to customers. and designed the modern shopping experience.
Transformco later acquired Sears and immediately announced it was closing 96 more stores across the United States.
Brostocks reported that stores then closed and 34 Sears locations, including one in Woodfield Mall, and the remaining 18 Kmart stores in August.
Transformco said in a company statement that it has more diversified plans for Sears and Kmart to operate a smaller number of large, premiere stores and a larger number of smaller format stores. The company will also continue to expand its Hometown stores and Home & Life stores in cities and towns that previously had larger stores.
Sears Hometown stores are smaller stores selling tools, equipment, and lawn and garden equipment, while its Home & Life store, the first of which opened in 2019, is a relatively new concept that sells appliances, mattresses and home services and connected home products. offers. .
This News Originally From – The Epoch Times