On March 22, 2017, a shopping cart was placed in the parking lot of a Sears retail store in Schaumburg, Illinois. Kmart and Sears, Roebuck, & Co. Sears Holdings, its parent company, said there was “significant doubt” about its financial viability.
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The last Sears department store in Illinois, home of retailers, is preparing to close forever.
Shop in Simon property groupWoodfield Mall is scheduled to close on November 14, the company confirmed with CNBC.
A spokesman for Transformco, the parent company of the department store chain, said he would look for ways to revive space with another tenant. Manage real estate..
“This is part of the company’s strategy to unleash the value of real estate and pursue the highest and best use for the benefit of the community,” Transformco said in a statement.
Sears Holdings, which was also owned by Kmart, Chapter 11 Bankruptcy Protection October 2018. Transformco later Acquired Sears has emerged from bankruptcy and has since closed dozens of remaining Sears and Kmart locations throughout the United States.
The last location of K Mart in Manhattan was recently closed.. It will be replaced by a Wegmans grocery store.
A Transformco spokesman refused to see how many Sears and Kmart stores were still open.
The company’s website lists 35 Sears locations, including Woodfield Mall, and 22 K-Mart stores.
Sears was founded in Chicago in the 1890s. Selling everything from homes to apparel, the business flourished throughout most of the 20th century. Sears was once the largest retailer in the country, boasting thousands of stores.
When filing for bankruptcy in 2018, the company had about 700 stores, many of which were barren.
Scott Carr, president of Transformco’s real estate division, emphasized in a statement that the company plans to maximize the value of Woodfield Mall’s assets through redevelopment.
Sears closes last store in Illinois, home
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