Sears is shutting its last store in Illinois, its home state, the company announced this week.
The store, located in Woodfield Mall, is scheduled to shut its doors on Nov. 14, as part of a corporate plan to “redevelop and reinvigorate the property,” the Daily Herald reports.
A spokesperson for Sears’ parent company, Transformco, said they will still manage the space and are currently negotiating with retailers to fill the now-vacant property.
“This is part of the company’s strategy to unlock the value of the real estate and pursue the highest and best use for the benefit of the local community,” Transformco said in the announcement.
“With redevelopment of this location focused primarily on retail use, we intend to reinvigorate and maximize the value of the real estate while enhancing the consumer experience with popular retailers that fit the regional draw of Woodfield Mall,” said Scott Carr, president of real estate for Transformco.
The retailer was founded in Chicago in the 1890s, after initially starting as a mail-order catalog, and once served as America’s largest and most popular retailer where customers could find everything from homewares to apparel.
The company has struggled with outdated stores and complaints about customer service while also facing stiff competition from chains like Walmart, Target, Best Buy, and Macy’s, all of which have invested heavily in remodeling and creating a more enticing and modern shopping experience for customers.
Transformco said in the company’s statement that it has a more diverse plan for Sears and Kmart to operate a small number of larger, premier stores and a larger number of small-format stores going forward. The company will also continue to expand its Hometown Stores and Home & Life stores in cities and towns that previously had larger stores.
Friends Read Free