Sears Canada announces Store Closures

24 June, 2017, 00:44 | Author: Brian Mcdaniel
  • As Sears Canada enters a court-supervised restructuring the company's pop-up shop in downtown Toronto is trying to entice new shoppers with a hipper image

Under the court-supervised plan, Sears Canada will close 20 full-line department stores, 15 Sears Home stores, 14 Sears Hometown locations and all 10 of its Sears Outlet stores.

Sears Holdings Corporation, the owner of the Sears and Kmart retail store brands, will close its Kmart store Springettsbury Township in about three months. Most employees are part-time workers paid hourly. Under the agreement it has with Seritage, if a store is unprofitable, Sears Holdings has the option to exit the lease by making a payment equal to one year's rent.

The locations slated for closure include 18 Sears stores and two Kmart stores, which are located in Sarasota, Florida; Roseville, Michigan; Watchung, New Jersey and East Northport, New York, among other locations, according to Business Insider.

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The company was spending about $11.2 million annually in rent on the 20 leases, according to Seritage, which was formed in 2015 in a sale-leaseback deal that provided Sears with financial aid and real-estate flexibility.

"We have been strategically and aggressively evaluating our store space and productivity, and have accelerated the closing of unprofitable stores as previously announced", Riefs told Crain's. A JC Penney closed in 2011, and the Macy's closed in 2016. In addition, it shut down pharmacy operations at 92 Kmart stores as well as Sears Auto operations at 50 stores, although it kept the stores at those locations open. Other stores were closed earlier this year and now eight Sears stores remain in the state, almost all accompanied by an auto center. And Sears Holdings owns another 12% of the Canadian retailer.

Sears is the latest anchor to announce it will pull out of Southridge Mall in Greendale. Lampert is chairman of both Sears and Seritage.

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