Sears to close another 20 stores

Sears to close another 20 stores

The Sears store, at 4000 Jericho Tpke., will start liquidation sales on June 30 and close to the public by mid-September. The plan was disclosed early Friday in a filing by Seritage Growth Properties, the landlord for more than 200 Sears and Kmart properties. 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.

The store at Skyview Power Centre, 13304 137 Ave., will be one of the 15 Sears Home stores closing in Canada.

"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.

While numerous bankruptcies have been by small mom-and-pop retailers with one or two locations, plenty of major national retailers have also filed for bankruptcy. Sears has almost halved its store footprint since 2012, from 2,019 then to fewer than 1,200 this year, once all planned closures are made.

But Sears, along with Macy's and J.C. Penney, are "future-proofing their offerings by closing stores", according to a new report from retail think tank Fung Global Retail & Technology.

On Thursday, Sears Canada, a separate company that Sears spun off in 2012, filed for bankruptcy protection.

Partners REIT (TSX:PAR.UN) said Thursday that the value of its Cornwall Square mall may be affected by the loss of the Sears Outlet store.

TravelBrands, which owns Sears Travel, said it is consulting with its legal team before making a statement.

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