The estimated construction cost of the structure is $20 million.The new store will employ 150 and will be near the entrance to rival Burdines, which is scheduled to open Nov. 18 in Parisian's former 180,000-sf quarters.

Sears common is currently trading on the New York Stock Exchange at around $32. The stock's high-low over the past 12 months is $43.50 and $25.25 per share.

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