Sears Canada closing stores, cutting jobs as part of restructuring
- Author: Audrey Hill Jun 24, 2017,
Jun 24, 2017, 0:07
The Sears store in the Acadiana Mall in Lafayette is among 20 USA locations that the company announced Thursday it would shut down. "Based on shopper preference data, we expect Macy's to retain the highest share of sales when it closes stores and Sears to see the lowest sales-retention rates".
The Sears at the Great Lakes Mall in Mentor is closing, a spokesman for the company confirmed on June 23.
Sears Holdings, which owns both the Seas and Kmart chains, is struggling and has announced the closing of 200 locations in order to improve its cash flow. The company did not give details as to which stores are closing.
Sears is the last department store in Springfield's Eastfield Mall.
The only Chicago-area store among the 20 closing is on North Harlem Avenue in Galewood, Riefs said.
In an email, a Sears spokesman said the stores will close in mid-September and the Sears Auto Centers will close in late July.
Sears warned in March that there is "substantial doubt" about its ability to remain in business due to losses that have topped $10 billion since 2010, the last time it turned a profit.
On Thursday, Sears Canada, a separate company that Sears spun off in 2012, filed for bankruptcy protection.
"The brand reinvention work Sears Canada has begun requires a long-term effort", Sears Canada said in a statement Thursday.
Riefs declined to give the number of employees affected by the closures.
Sears' agreement with Seritage lets it end its leases at unprofitable stores in exchange for payment of one year's rent.