Sears is shutting its last store in Illinois, its home state
A shopping cart sits in the parking lot of a Sears retail store on March 22, 2017 in Schaumburg, Illinois. Sears Holdings, the parent of Kmart and Sears, Roebuck, & Co., said there is “substantial doubt” about the company’s financial viability.
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The last Sears department store located in the retailer’s home state of Illinois is getting ready to close its doors for good.
The shop, located in Simon Property Group‘s Woodfield Mall, is slated to shutter on Nov. 14, the company confirmed to CNBC.
A spokesman for the department store chain’s parent company, Transformco, said it will look for ways to revive the space with another tenant because it also manages the real estate.
Transformco stated that this is part of its strategy to maximize the property’s value and make the best possible use of it for the benefit and the community.
Sears Holdings, which also owned Kmart, filed for Chapter 11 bankruptcy protection in October of 2019This is the. Transformco later acquired Sears out of bankruptcy and has since closed dozens of the remaining Sears and Kmart locations across the United States.
Kmart’s last location in Manhattan recently shut. The Wegmans grocery shop will replace it.
Transformco spokesmen declined to give details about how many Sears/Kmart stores remain open.