In a move that probably won't shock too many in the retail industry, Sears Holdings Corp. is closing 62 stores during the first half of the year. The news follows an announcement by the retailer that it is selling 11 store sites to mall owner General Growth Properties.
The company will close 43 Sears Hometown stores, which sell hardware supplies, and 10 Sears Hardware units. It is also shutting all nine of its Great Indoors home decor locations, which are in Arizona, Colorado, Illinois, Maryland, Michigan, Ohio and Texas.
Despite these reports, Sears CEO Lou D'Ambrosio says that talk of the company's downfall is "greatly exaggerated." He's almost making it sound like we can expect some kind of transformation from the company, like the much-hyped changes going on at JCPenny.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
