Sears closes another 20 stores

By	rdnewsNOW staff and The Canadian Press

By rdnewsNOW staff and The Canadian Press

However, last week Sears Canada said it had "significant doubt" as to whether it could continue to operate as a profitable business, despite reassurances last quarter its work to reinvent the business was starting to resonate with consumers.

The latest 20 are among the 235 locations Sears sold to its real estate investment trust spinoff, Seritage Growth Properties, in 2015.

The closure of unprofitable stores is part of the retailer's ongoing strategy of "strategically and aggressively evaluating our store space and productivity", the spokesperson said, "and [we] have accelerated the closing of unprofitable stores as previously announced".

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.

Area stores are in the Mall of Louisiana in Baton Rouge; Clearview Mall in Metairie; Hammond Square in Hammond; and one each in Alexandria; Bossier City; Lake Charles; Monroe; and Shreveport.

In April, Seritage, a developer that controls about 250 Sears Holdings properties across the USA, said it was seeking new tenants to take over some of the space at five Sears and Kmart stores in Maryland.

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

Sears Holdings announced Thursday it will close its Southridge Mall store, 5200 S. 76th St., making it the second anchor that will close at the mall.

Shareholders agreed on Kmart Holding Corp.'s $12.3 billion acquisition of Sears, Roebuck and Co., helping the two struggling rivals to combine into the nation's third-largest retailer.

Sears Canada was granted court protection from creditors on Thursday and announced plans to close 59 locations across the country and cut approximately 2,900 jobs under a court-supervised restructuring. Sears will also pay Seritage a termination fee equivalent to one year of the aggregate annual base rent, plus one year of estimated annual operating expenses.

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