Sears Holdings to shutter another 20 stores

Alejandro Massey
June 24, 2017

Sears Holdings Corporation, the owner of the Sears and Kmart retail store brands, will close its Kmart store Springettsbury Township in about three months.

Sears will shutter two Maryland stores in its latest round of closings, including at Hunt Valley Towne Centre in Baltimore County and in Hagerstown.

Manhattan-based Seritage Growth Properties, the real estate investment trust that was spun off by Sears Holdings in 2015, owns the entire Huntington Square retail center and will be seeking a new tenant or tenants to replace the Sears store.

Sears announced this spring that it lost more than $2 billion past year.

The Sears at the Great Lakes Mall in Mentor is closing, a spokesman for the company confirmed.

"We understand that members may be disappointed when we close a store, but our Shop Your Way membership platform, websites and mobile apps allow us to maintain these valued relationships long after a store closes its doors", the company said.

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The stores will begin liquidation sales on June 30. There have been about 5,300 store closing announcements so far this year, according to Fung Global Retail & Technology, a retail think tank.

Sears is the last department store in Springfield's Eastfield Mall. An auto center at the Galewood Sears will close in late July.

Sears is hardly the only retailer shuttering locations.

Riefs declined to disclose the number of jobs that will be cut and the state has not yet released a Workforce Development Agency Notice.

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

Other reports by Free-Prsite

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