Friday, 18 October, 2019

Macomb Mall location among 20 more Sears stores to shut down

Macomb Mall location among 20 more Sears stores to shut down Macomb Mall location among 20 more Sears stores to shut down
Christy Curtis | 24 June, 2017, 01:46

Sears Holdings (SHLD), the holding company for the two iconic retail brands, warned investors that it can't promise it will stay in business.

Earlier this year, Sears closed its Enfield Square Mall location in CT along with Kmart locations in Fairhaven, Great Barrington and South Attleboro, as well as a Sears Auto Center in Swansea.

Now, Sears says it will shutter the Metcalf store by mid-September, with closeout sales set to begin in the coming weeks. The specific timing of the store closings has not yet been finalized.

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.

Reports surfaced earlier this month that the department store chain would close 66 Sears and Kmart stores across the country. There have been about 5,300 store closing announcements so far this year, according to Fung Global Retail & Technology, a retail think tank.

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"Those associates that are eligible will receive severance and have the opportunity to apply for open positions at area Sears or Kmart stores", he said. "We understand that members may be disappointed when we close a store".

On Thursday, Sears Canada, a separate company that Sears spun off in 2012, filed for bankruptcy protection. Kohl's and J.C. Penney will also benefit from the closures, (even though J.C. Penney is also shuttering underperforming locations), with J.C. Penney particularly benefiting from Sears closures due to their customer overlap.

The company acknowledged in March that there was "substantial doubt" it would survive on its own, though CEO Eddie Lampert has since blasted critics and said Sears is "fighting like hell" to carry on.

The company was spending about $11.2 million annually in rent on the 20 leases, according to Seritage, which was formed in 2015 in a sale-leaseback deal that provided Sears with financial aid and real-estate flexibility. Lampert is chairman of both Sears and Seritage.

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