Sears Canada store closures expected to have little impact on RioCan

Sears Canada store closures expected to have little impact on RioCan

Sears Canada store closures expected to have little impact on RioCan

Sears Holdings is closing another 20 stores as the distressed department-store chain seeks to stanch the bleeding amid swirling challenges for the retail sector.

Sears stores have struggled with a consumer shift toward online shopping, tough competition from Wal-Mart Stores Inc. and Target Corp., and what analysts have decried as a cycle of underinvestment in stores, which many shoppers see as exhausted or lacking inventory, Crain's reported.

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

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

The stores in Mentor and Middleburg Heights will close in mid-September, a Sears spokesman told FOX 8 News on Friday.

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. 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. The auto centers at both locations will remain open until late July.

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Sears is paying base rent of $11.2 million on the 20 locations and will pay rent until it vacates the space by October, the SEC filing said.

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

Seritage is a real estate company that was created by Lampert in 2015 in order to buy Sears Holdings properties and then lease them back to the retailer to free up cash.

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