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Sears to close another 20 stores

Sears to close another 20 stores

Sears will be closing the 200,000-square-foot anchor store in the Huntington Square Mall at 4000 Jericho Turnpike, along with 19 others across the country, according to a filing with the Securities and Exchange Commission.

Sears' Southridge closing was among 20 announced Thursday by the retail giant.

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

"We are making the hard, but necessary decision to close" the Sears and Sears Auto Center in on Shawan Road, and Sears in Hagerstown, Howard Riefs, a Sears spokesman, said in an email Friday.




"However, to achieve that goal and to right-size its business, the Sears Canada Group anticipates that a number of stores will have to be closed, operating costs reduced, business lines exited, and head count reductions implemented", Sears Canada said in documents filed with the court. 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 Sears store at Burnsville Center is on the list of closures.

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. And Sears Holdings owns another 12% of the Canadian retailer.

This is an addition to the closing of a total of 226 stores - 164 Kmart stores and 62 Sears stores- announced so far this year, according to research firm Fung Global & Retail Technology, which tracks retailers' closings. Sears Canada was spun off as an independent company from Sears Holdings in 2012. "We continue to evolve to provide shoppers with more choices at their shopping mall", said Mary Mokwa, Southridge's general manager. Lampert is chairman of both Sears and Seritage.

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