HOFFMAN ESTATES, IL-Coincidence? Maybe, but on a list released today by Sears Holdings Corp. of many of the stores it plans to close, its home state, that recently approved a large tax cut for the company, is remarkably missing. The list of 79 of the up to 120 closing stores is now on the retailer’s Web site.
Not one of the doomed 79 stores, including the Sears, Kmart and Grand/Essentials brands, is located in Illinois. Just two weeks ago, Gov. Pat Quinn signed a law to give the company a $150 million tax cut over 10 years, as the retailer was talking about moving out of state.
Just two days after Christmas, Sears announced that it will close between 100 to 120 stores. The company, with more than 4,000 stores, saw its comparable store sales drop 2.6% for the year and 5.2% since late October. Low sales of electronics at Sears and apparel at Kmart, purchased by Sears in 2005, were to blame, the company said in a statement. The closures should save the company up to $170 million, the retailer said.
It’s not yet clear how many workers will be affected, because of the various sizes of the stores, according to a statement on the new list. “However, a typical store that is being closed employs between 40 and 80 associates,” according to the statement. It’s not clear when the stores will be closed, or when the next round of closures will be announced.
The list includes 32 store closures in the South (most in Florida, Georgia and North Carolina), 29 in the Midwest, 10 in the West and eight in the East. Almost half the list is Kmart stores. You can access the closed store list here.
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