Sears is closing another 9 stores — here’s the list so far (SHLD)


Sears

Sears is closing nine stores owned by the real estate investment trust Seritage Growth Properties.
Sears sent letters to employees of at least two of the affected stores on Thursday, saying they would lose their jobs by July 29 at the latest.
“Employment terminations including your own are expected to commence on July 8, 2018,” the letter said.
Business Insider has identified several stores that are closing, based on information from employees.

The list of stores that Sears is closing this year continues to grow.

The company is terminating the leases on nine stores in California, Nevada, Iowa, and Illinois, according to government filings and Sears employees who spoke to Business Insider.

The stores will close in July and liquidation sales will begin on April 27 at most stores, employees said. All nine stores are owned by Seritage Growth Properties, which announced the lease terminations in a filing last week. The filing did not identify which stores would be impacted.

Sears provided letters to employees of at least two of the affected stores on Thursday, saying they would lose their jobs by July 29 at the latest.

“Employment terminations including your own are expected to commence on July 8, 2018,” the letter stated. “Please understand that the entire facility is closing, and there are no applicable bumping or transfer rights. We hope to accomplish this closing with the least possible disruption to the lives of our employees and the community.”

A Sears employee of 16 years said he was shocked to find out on Thursday that his store was closing.

“I never thought it would happen,” he said, describing the news as sudden. He said his store manager found out the store would close on Wednesday evening, and delivered the news to all employees on Thursday morning.

The latest closures are in addition to the 166 stores that Sears had previously said it would shut down this year.

Sears CEO Eddie Lampert launched and spun off Seritage in 2015 to execute sale/lease-back agreements for 266 Sears and Kmart stores. The deal helped Sears raise about $2.7 billion, most of which was quickly burned through to pay off debt.

Seritage has been recapturing many of those stores and then tripling its rent payments by turning the space over to new high-end tenants.

Business Insider has identified several of the Seritage-owned stores that are closing, based on information from employees of each store listed. (The …read more

Source:: Business Insider

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