Sears shutting down 50 more Auto Centers and Kmart shutting down 92 pharmacies! It’s an attempt to cut operating costs by $1.25-billion USD in 2017!
“Our investigation focuses on whether Sears and related Plan fiduciaries breached their duties in violation of the Employee Retirement Income Security Act of 1974 (“ERISA”) by maintaining the Sears company stock fund in the Plan, while the stock price plummeted and the company’s condition deteriorated. These breaches may have resulted in multi-million dollar losses of the Plan participants’ retirement earnings.”-Keller Rohrback LLP, contact attorney Tanya Korkhov
Seeking Alpha: “The option market says investors are willing to bet very hard on Sears going down.”
“Don’t hang onto them for five years from now. If you get a gift card, try to use it!”-Kayleena Speakman, Better Business Bureau of Central California warning people of store gift cards due to massive retail store shutdowns
Motley Fool: REIT Positioned to Profit From Sears Holdings’ Slow Demise
Is Pier 1 Imports doomed? It was revealed that the newly former president of Kmart is now the new CEO of the Texas based retailer.
Itemlive.com: Man claims Sears did $3-thousand USD damage to his kitchen.
In California, the Southbay Pavillion Sears shutting down in the city of Carson. Local news media pointed out that earlier in the year the official plans were to “downsize” the store, but as of 13 APR 2017 Sears Holdings confirmed they will actually shut it down in July.
In Florida, it’s been revealed that Sears will not renew the lease on a massive warehouse in Jacksonville. The lease expires at the beginning of 2018, the $28.8-million USD warehouse was built specifically for Sears in 2008, it’s considered the largest warehouse in Florida. The Hialeah Kmart shutting down by mid-July. The Aventura Sears shutting down by Sears Holdings spin-off Seritage Growth, who owns the property. Seritage Growth will re-develop the property into smaller retail spaces. The property that the Milton Kmart (on US90) sits on is now for sale. The California based owner says he is not going to wait for Sears Holdings to shut the Kmart down, he’s selling the property while there is still an active Kmart on it.
In Iowa, the Waterloo the 48 years old Sears Auto Center shutting down by the end of May.
In Kansas, the Topeka Sears Auto Center shutting down by the end of May.
In New Jersey local news media discovered that Sears Holdings-Seritage Growth are tearing down the Watchung Sears store and Auto Center. The Auto Center space has already been leased to Cinemark and the Sears store will be chopped up into smaller retail spaces.
In New Mexico, the Alamogordo Sears is shutting down by June.
Proof the shopping mall isn’t dead. In New York, the New Dorp-Staten Island Kmart (in the Hylan Plaza) shutting down by August. Local news reports say the property is being redeveloped into a $150-million USD “multi-level shopping complex”. Gee, didn’t they used to call multi-level shopping complexes a ‘Mall’? (in 2012 I warned that all these store shutdowns were part of a False Flag operation by Real Estate Investment Trusts: ALL PART OF REIT PLAN TO CHANGE THE WAY YOU SHOP, AND THEY BLAME YOU THE SHOPPER!)
In North Carolina, the Monroe Sears shutting down by the end of June. Local news media reported that Sears Holdings has yet to make public what is now obviously a second round of shutdowns for the year.
In Ohio, the Beavercreek (Dayton) Kmart shutting down by mid-July.
News media in Pennsylvania confirmed that the Meadville Kmart is shutting down. The store will shutdown by mid-July, the closeout sale starts at the end of April. Kmart in East Stroudsburg shutting down by Summer, local shoppers say it was the last Kmart in the area and now the only retailer left is Walmart.
In South Carolina, the Northwoods Mall Sears in North Charleston shutting down. The Auto Center will shutdown by the end of April, and the store will shutdown by mid-June. Local news media discovered the Auto Center is already scheduled for subdivision. The lease expired and Sears Holdings will not renew it, saying “…we are working to actively manage our real estate portfolio to identify additional opportunities for reconfiguration and reduction of capital obligations.”
In Virginia, mall developer Core Property Capital is demanding taxpayers pay-up to fund the redevelopment of the vacant Christiansburg Kmart property! They want Montgomery County to declare a special property tax district to raise taxes to pay for the redevelopment of privately owned commercial property!
In Washington, the Spanaway Kmart on Pacific Avenue South shutting down by mid-June.
Sears Kmart Death Spiral, March 2017: “SUBSTANTIAL DOUBT”
JANUARY 2017, SEARS KMART SELF-DESTRUCT, includes list of shutdowns back to 2011