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Sears to close another 20 stores
July 26 2017, 10:32 | Irvin Gilbert
BREAKING: Sears Canada closing 59 locations including Red Deer
The store will close in mid-September, according to its parent company Sears Holdings.
The Sears store in East Northport will be closing as part of another round of the flagging retail giant's store closings.
The latest 20 are among the 235 locations Sears sold to its real estate investment trust spinoff, Seritage Growth Properties, in 2015. The closings will bring the number of announced Sears closing to more than 260 this year in a series of three announcements.
The only Chicago-area store among the 20 closing is on North Harlem Avenue in Galewood, Riefs said. Kmart stores in Clementon, East Brunswick, Manahawkin, Mantua, Pleasantville and Rio Grande closed this year.
The affidavit also stated that TravelBrands shoulders substantial commission and royalty payments under the Amended Sears Agreement, as well as rent and operational costs related to the staffing of 88 Sears Travel retail locations.
Sears acknowledged in March that there was "substantial doubt" it would survive on its own, though the company said its cost-cutting maneuvers and other retail strategies would greatly improve its chances of carrying on. 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%. Lampert is chairman of both Sears and Seritage.
Partners REIT (TSX:PAR.UN) said Thursday that the value of its Cornwall Square mall may be affected by the loss of the Sears Outlet store.