dglobalnews.com Sears announces 20 more closings, including Harlem Avenue store
Published: Sat, June 24, 2017
Markets | By Armando Jensen

Sears announces 20 more closings, including Harlem Avenue store

Sears announces 20 more closings, including Harlem Avenue store

The report did not indicate if the latest round of closures includes all Sears stores or a mix of Sears and Kmart locations.

A Sears spokesman said the stores are expected to close their doors in mid-September, with liquidation sales beginning by June 30.

The Company will continue to take all necessary action to drive improvements in our organization to achieve our profitability objective with a greater focus on Best Members, Best Categories and Best Stores.

On Friday, Sears Holdings announced plans to shut an additional 20 stores that are losing money, including 18 Sears stores and two Kmart locations.

The closures were first reported by Business Insider, which said store employees were told about the retailer's plans on Thursday.

The only Chicago-area store among the 20 closing is on North Harlem Avenue in Galewood, Riefs said.

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Headquartered in Toronto, Sears Canada operates 225 stores in all, including 95 department stores, 65 Sears Hometown stores and 23 Sears Home stores.

Sears Canada filed for court protection from creditors Thursday as the onetime retail giant seeks to adapt to a changed business landscape and tougher online competition.

Days ago, Sears announced it was having trouble finding financing to continue its operations after its hopes of continued cash flow were dashed when financiers cut the money on offer. Sears Canada was spun off as an independent company from Sears Holdings in 2012.

Sears' agreement with Seritage lets it end its leases at unprofitable stores in exchange for payment of one year's rent.

Lampert's investment firm owns 43.5% of the limited partnership units of Seritage and controls 7.9% of its voting power.

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