Tag Archives: ggp

Sears Kmart update 05 February 2016 : It’s worse than a Goodwill thrift store! Sears sues to stop economic expansion!

The former owner-operator of two Sears Hometown stores is now facing federal charges of stealing $400-thousand USD from Sears.  The woman operated the stores in Missouri, her contract with Sears stated she didn’t have to pay for the Sears supplied merchandise until after she sold them.  The money was deposited into a special holding account and Sears attorneys say she made unauthorized withdrawals from that account.

Local news media reporting that General Growth Properties (GGP) will tear down part of their Pembroke Lakes Mall Sears store (in Florida) to build a new movie theater, pending approval by the local zoning board.

Also in Florida, Sears Holdings created Seritage Growth Properties is suing to stop Aventura Mall from expanding!  Apparently a contract signed with Sears in 1982 gives Sears control of two parking lots, the mall owners want to expand the shopping area into those parking lots.  In effect, Sears Holdings (thru Seritage) is suing to stop economic development.

Prosper Analytics & Insights surveyed nearly 4-thousand women (sexist survey) and only 1% liked shopping at Sears, even the Goodwill Industries second hand store ranked higher!

22 January 2016: Alabama, Georgia, Illinois, New York, Ohio, Tennessee, Utah! 

Here’s the updated list (new shutdowns in bold) of U.S. store closings that I’ve been compiling since the end of 2011:

Arizona: The Prescott Valley Kmart shutting down by April.  No word on how many jobs lost, but one employee was quoted by local news as saying “Walmart won.”   Local news reports say there is a Now Hiring sign posted on the Kmart store front.   Reports that the Glendale Kmart will shutdown, no word on job losses. Scottsdale Sears/Great Indoors, Chandler Sears/Great Indoors. Recently revealed Arrowhead Towne Center Sears sold-off then rented back! Chandler Fashion Center Sears sold-off then rented back!

Alabama: Prattville Kmart will shutdown in April, 70 jobs lost.   Florence Kmart in March, 64 jobs lost!  A local news report said the employees knew nothing about it and were shocked to hear it from the news media!  Dothan Kmart (south side of Ross Clark Circle) shutting down in March, 56 jobs lost.  Gadsden Kmart (50 jobs lost), Mobile Sears (at least 40 jobs lost), Auburn Kmart (at least 40 jobs lost), Anniston Kmart (no word yet on how many jobs lost), Birmingham Eastwood Kmart (70 jobs lost), Decatur Mall Sears (91 jobs lost), Fort Payne Kmart, Northport Kmart (68 jobs lost), Dothan Sears (68 jobs lost), Huntsville Kmart (73 jobs lost), Sears Store and Auto Center at the Bel Air Mall in Mobile (more than 100 jobs lost).

California: Anaheim Kmart shutting down, 107 jobs lost! Between March and April, the Chula Vista Kmart, San Mateo Sears and Citrus Heights Kmart shutting down, a total of 3-hundred jobs lost!   El Monte Sears (at least 40 jobs lost. Damien Arrula, El Monte’s economic development director, said the store manager had lied about what was going on: “The general manager of the store had just indicated to me that they were remodeling.”), two San Diego Sears (more than 80 jobs lost), Pleasant Hill Kmart (more than 50 jobs lost), Torrance Kmart, Fairfield Kmart (63 jobs lost), Lampert owned OSH taken over by Lowe’s home improvement in bankruptcy court, at least 17 of 99 stores to be closed down (935 jobs lost!), Rancho Cordova Kmart (97 jobs lost), San Clemente Kmart/Sears/Kmart on Camino de Estrella (58 jobs lost), placed on an official hit list in 2011 the Oceanside Kmart on College Boulevard finally being shut down, Banning Kmart (91 jobs lost) recently revealed that Sears Holdings is still paying rent on the abandoned property, Laguna Hills Mall Sears, San Diego Mid-City Kmart (73 jobs lost), Hemet Kmart (77 jobs lost), Oakland Sears repair center (75 jobs lost), San Mateo Kmart (82 jobs lost to an apartment building connected to public transportation), Hesperia Kmart building sold at a loss to a vulture capitalist REIT, no word on if the Kmart will be shutdown. Customers complain that the Kmart employees have a bad attitude, gee I wonder why? Yuba City Kmart (63 jobs lost), Rocklin Kmart (at least 63 jobs lost, the store had just posted “Now Hiring” signs), San Leandro Kmart (102 jobs lost), San Jose Mercury News says the El Centro Kmart to shutdown in January, the website Foursquare says the Covina Kmart is now shutdown (other sources say it will shutdown in December), Cupertino Sears and Auto Center (98 jobs lost), somebody posted on yelp* that the Diamond Bar Kmart was shutting down in December (confirmed by Armijo Newspapers), Westfield Topanga Sears (122 jobs lost), it looks like the Blythe Kmart is being slowly shutdown despite denial by Sears Holdings. San Mateo Kmart being demolished to make room for 599 unit apartment complex, as part of the the Hayward Park Caltrain Station project. Atwater Kmart (74 jobs lost), Los Banos Kmart (67 jobs lost).

Colorado: Broomfield Kmart (at least 40 jobs lost), Glenwood Springs Kmart (at least 40 jobs lost), Lone Tree Sears/Great Indoors, Longmont Sears (at least 40 jobs lost), Pueblos’ South Side Kmart (52 jobs lost), Denver Kmart (number of jobs lost have not been made public at this time, but could be at least 40), Colorado Springs Kmart at Powers and Palmer Park boulevards (57 jobs lost), Fort Collins Sears (67 jobs lost), Denver-Cherry Creek North Sears store & Auto Center (66 jobs lost).

Connecticut: Waterbury Big Kmart, Torrington Kmart (73 jobs lost), Enfield Sears Optical (no word on jobs lost), Wallingford Sears Appliance & Hardware (employees say the shutdown was a surprise, I guess they don’t read Blind Bat News), Wallingford Sears Appliance & Hardware (at least 13 jobs lost).

Delaware: Dover Kmart (at least 72 jobs lost, some reports said 100), Seaford Sears (30 jobs lost), Claymont Kmart (87 jobs lost).

Florida: The Lutz Kmart shutting down by March, 62 jobs lost.  The 46 years old Daytona Beach Kmart, on International Speedway Boulevard, is shutting down by mid-March, 86 jobs lost.   Fernandina Beach Kmart (at least 40 jobs lost), Callaway Kmart (at least 40 jobs lost), Orange City Kmart (at least 40 jobs lost), Deland Sears (at least 40 jobs lost), Stuart Sears (at least 40 jobs lost), West Palm Beach Sears (at least 40 jobs lost), Port St. Lucie Sears (at least 40 jobs lost), Crystal River Sears (at least 40 jobs lost), New Smyrna Beach Kmart (at least 40 jobs lost), Saint Augustine Kmart (at least 40 jobs lost), Pompano Beach Kmart (at least 40 jobs lost), Jacksonville Kmart on 5751 Beach Boulevard (71 jobs lost), second Kmart in Jacksonville on 4645 Blanding Boulevard (83 jobs lost), Ocoee Sears (102 jobs lost), Pensacola Kmart on Airport Boulevard closed in 2011, Pensacola Kmart on Mobile Highway closed in February 2013 (69 jobs lost), Pensacola Kmart on East 9 Mile Road will close in May (73 jobs lost), Hialeah Kmart (67 jobs lost), Bonita Springs Kmart (67 jobs lost), Mount Dora Kmart (100 jobs lost), Lake Mary Kmart, Panama City Beach Kmart (54 jobs lost), Winter Park Kmart (100 jobs lost), Niceville Kmart (59 jobs lost), Winter Haven Kmart (92 jobs lost), Palm Bay Kmart, Oakland Park Kmart (112 jobs lost), Clearwater Sears Auto Center (21 jobs lost), Zephyrhills Kmart (70 jobs lost), Winter Springs Kmart (69 jobs lost), Naples Kmart (72 jobs lost), New Port Richey Kmart (58 jobs lost), ‘redevelopment’ of Aventura Sears & Auto Center into an “open-air village” (unknown how many jobs affected), Kmart on Northeast 108 Street being annexed by Miami Shores, Sears Holdings threatens to shutdown Kmart as a result of higher local taxes. The property that’s home to an operating Kmart, on South Green Bay Road in Racine, was foreclosed by the local Sheriff and sold-off for $2.5-million, no word on what the new property owner will do with it. Fort Myers Kmart (67 jobs lost). Dicks Sportings Goods subleasing space in an existing Sears store in Palm Beach Gardens.

Georgia: The 37 years old Carrollton Kmart shutting down by the end of April.  Dublin Kmart will shutdown in April, 71 jobs lost.  Milledgeville Kmart shutdown in April, 60+ jobs lost.  Unconfirmed reports that the Rome Kmarts shutting down by mid-April, no word on how many jobs lost. Mount Berry Square Mall Sears and Auto Center shutting down in March, 86 jobs lost.  Macon Sears (at least 40 jobs lost), Buford Kmart (at least 40 jobs lost), Douglasville Kmart (at least 40 jobs lost), Atlanta Kmart (at least 40 jobs lost), Columbus Kmart (at least 40 jobs lost), Jonesboro Kmart (at least 40 jobs lost), Cartersville Kmart (74 jobs lost), Hiram Kmart (53 jobs lost), Marietta-East Cobb Kmart, Warner Robins Kmart (77 jobs lost), Coweta County Kmart distribution center (164 jobs lost), one of the last two North Augusta Kmart to be torn down by new property owner from Canada, Sears Holdings denies the Kmart will shutdown.

Guam: Sears Hometown Store.

Hawaii: Iconic 25 years old Nimitz HWY Iwilei-Honolulu Kmart shutting down in March, 141 jobs lost!  Honolulu Sears (owned by GGP, 372 jobs lost! GGP spending $573-million chopping it up into smaller store spaces), Kauai Sears (41 jobs lost), Iwilei-Honolulu Kmart for lease (no confirmation of store closing).

Idaho: Boise Kmart on Fairview shutting down by mid-March, 56 jobs lost.   Pocatello Kmart shutting down by April, 65 jobs lost.  Lewiston Sears (at least 60 jobs lost), Rexburg Kmart (63 jobs lost), Chubbuck Pine Ridge Mall Sears shutdown by the end of October/beginning of November 2014 (the remaining 28 jobs lost).

Illinois: Morton ‘green’ Kmart shutting down by the end of April, 47 jobs lost.  Canton Kmart shutting down in April, 38 jobs lost.  Alton Sears (at least 40 jobs lost), Melrose Park Sears parts and repair center (50 jobs lost), Zion Kmart (at least 40 jobs lost), Oak Lawn Kmart (at least 40 jobs lost), McHenry Kmart (at least 40 jobs lost), Peru Kmart (at least 40 jobs lost), Lombard Sears/Great Indoors (at least 40 jobs lost), Fairview Heights Kmart (81 jobs lost), Freeport Kmart (45 jobs lost), Pontiac Kmart (more than 47 jobs lost), Homer Glen Kmart (82 jobs lost), Streator Kmart (45 jobs lost), Lombard Kmart (70 jobs lost), Naperville Kmart (98 jobs lost), Calumet Sears (164 jobs lost), two Sears stores in Grand Crossing area of Chicago (247 jobs lost!), Mount Vernon Sears (68 jobs lost), Moline Sears (at least 60 jobs lost), Homewood Kmart (185 jobs lost), Belvidere Kmart (91 jobs lost?) revealed is now a perpetual closing sale Kmart At A Discount store, Champaign’s Market Place Mall Sears (56 jobs lost), Sterling Kmart (60 jobs lost), Montgomery Kmart (81 jobs lost), Mattoon Sears (more than 40 jobs lost), Chicago Sears on North State Street (160 jobs lost), Chicago Sears Craftsman Experience store, Galesburg Sears (46 jobs lost), White Lake Township Kmart (42 jobs lost), Orland Park Sears Appliance, Collinsville Kmart (84 jobs lost), Crystal Lake Kmart (at least 77 jobs lost), Danville Sears store & Auto Center (63 jobs lost), Forsyth Sears store & Auto Center (45 jobs lost), Peoria Kmart (73 jobs lost), Forest Park Kmart (107 jobs lost), Chicago Sears on North and Harlem avenues, supposedly it’s being replaced (most likely at taxpayer expense) with a new building and it will become a Sears-Mariano’s store, Bloomington Kmart (79 jobs lost), Hoffman Estates Headquarters 100 jobs eliminated, another 15 corporate jobs eliminated elsewhere, Chicago-Wicker Park Kmart (106 jobs lost), abandoned Market Place Mall Sears location to be occupied by Dick’s Sporting Goods and Field & Stream. 58 Chicago area stores up for lease or sale. North Mayfair Kmart (99 jobs lost), Chicago Kmart at 5033 North Elston Avenue (99 jobs lost). By the way, Illinois elected officials gave Sears Holdings/Hoffman Estates a $150 million USD tax break to keep their headquarters in the state. The tax break was not tied to any promise not to close stores.

Indiana: Terre Haute Kmart by April, 62 jobs lost.  Anderson Sears (at least 40 jobs lost), Saint John Kmart (at least 40 jobs lost), Indianapolis Kmart (at least 40 jobs lost), Richmond Sears (49 jobs lost), South Anthony Kmart (70 jobs lost), Fort Wayne Kmart on South Anthony Boulevard (70 jobs lost), FairOaks Mall Kmart, Logansport Sears (43 jobs lost), Muncie Kmart (59 jobs lost), Fort Wayne Kmart on Coliseum Boulevard North (69 jobs lost), Decatur Kmart (49 jobs lost), Indianapolis Kmart on Madison Avenue (131 jobs lost), Indianapolis Kmart on Washington Street (139 jobs lost), Bedford Kmart (62 jobs lost), Indianapolis (Evansville) Sears & Auto Center at Washington Square Mall (91 jobs lost), Greenwood Kmart (78 jobs lost), Plymouth Kmart (68 jobs lost), Bloomington Sears to be replaced by Whole Foods grocery store.

Iowa: Ottumwa Kmart shutting down by April, 38 jobs lost.  Cedar Rapids Kmart on 16th Ave (at least 40 jobs lost), Davenport Kmart (at least 40 jobs lost), Burlington Kmart (50 jobs lost), Coralville Sears (94 jobs lost, this is a store sold to GGP earlier in the year), Cedar Rapids Kmart on Collins Road NE (56 jobs lost), Mason City Kmart (50 jobs lost), Clive Kmart (at least 49 jobs lost), Ames Kmart (44 jobs lost), Fort Dodge Sears (no job loss numbers made public, yet. The Auto Center was secretly shutdown in September), 56 years old Mason City Sears & Auto Center (more than 100 jobs lost).   Davenport Kmart (59 jobs lost), Belvidere Kmart (67 jobs lost).

Kansas: North Topeka Kmart shutting down by Spring, 49 jobs lost.  Lawrence Sears (at least 40 jobs lost), Merriam Kmart-then Sears-then Kmart (jobs lost unknown), Wichita Sears store & Auto Center (103 jobs lost), Manhattan Sears & Auto Center (number of jobs lost were never revealed).

Kentucky: Middlesboro Sears (in September 2012 the Sears store re-opened under independent ownership, official grand re-opening scheduled for November), Winchester Kmart, Hazard Kmart (at least 40 jobs lost), Lexington Fayette Mall Sears (114 jobs lost!), Newport Kmart (81 jobs lost), Cannonsburg Sears and Sears Auto Center (no employee info given), Louisville Dixie Highway Kmart/Sears/Kmart shutdown and now being taken over by Kroger basically to sell the same crap the old Kmart did! Madisonville Kmart (39 jobs lost), Owensboro Sears store & Auto Center (52 jobs lost).

Louisiana: Slidell Sears (77 job lost), Gretna Kmart (94 jobs lost), Metairie Kmart secretly sold off, no word if it will be shutdown, Laplace Sears Hometown Store.

Maine: Lewiston Sears (60 to 70 jobs lost), Presque Isle Aroostook Centre Mall Sears (63 jobs lost), Aroostook Centre Mall Sears Auto Center leased out to VIP Tires & Service.

Maryland: Ellicott Sears (at least 40 jobs lost), Gaithersburg Sears/Great Indoors, Landover Sears rebuild & call center (115 jobs lost), Baltimore Kmart on Wabash Avenue (107 jobs lost), Parkville Kmart (102 jobs lost), California Kmart (71 jobs lost), Sears Hometown Store in Perryville.

Massachusetts: North Reading Sears Hardware store closed, lease not renewed, Milford Kmart (80 jobs lost), Kingston Kmart (73 jobs lost).   Braintree Kmart on Grossman Drive shutdown.  Also, the Braintree South Shore Plaza Sears store is renting out an entire floor to Ireland based Primark.   Even with the lease to Primark there is still 4-thousand square feet of vacant space in the Sears store.  The Sears at the Auburn Mall shutdown on Black Friday due to electrical fire.  The store was experiencing electrical problems, an investigation is underway.

Michigan: The Bradley Kmart has a new owner who is shutting it down. Retailer Meijer bought the Kmart property for $5-million USD. The Kmart will be shutdown in May, but the new Meijer store won’t be ready until 2018.  The Sears and Auto Center in Fort Gratiot shutting down by mid-March, 48 jobs lost.  Three Kmart stores by April, one in Virginia, Superior and Ironwood, 137 jobs lost!  Sears/Great Indoors, Brighton Sears Grand/Essentials, Harper Woods Sears Full line, Monroe Sears Full line, Adrian Sears Full line, Washington Township Kmart, Chesterfield Kmart, Woodhaven Kmart, Saginaw Kmart on Bay Road, Flint Kmart on Dort Highway (46 jobs lost), Gaylord Kmart (48 jobs lost), Sterling Kmart (58 jobs lost), Bloomfield Township Kmart and Sears, Bad Axe Kmart (61 jobs lost), Ypsilanti Township Kmart (83 jobs lost), Petoskey Kmart (45 jobs lost), Saint John’s Kmart (48 jobs lost), White Lake Township “Store of the Future” Kmart (42 jobs lost), Grand Blanc Kmart (49 jobs lost), Lapeer Kmart (56 jobs lost), Southgate Kmart (155 jobs lost), Detroit’s Telegraph Road Kmart (115 jobs lost), Waterford Township Sears (no word on how many jobs lost), Rochester Hills Kmart (77 jobs lost), ‘perfect Kmart town’ of Port Huron Kmart (188 jobs lost), Flint Kmart on Miller Road (81 jobs lost), Burton Kmart (85 jobs lost), Madison Heights Kmart (179 jobs lost), it’s now official the last remaining Saginaw Kmart (on Gratiot Road) will remain shutdown after its roof collapsed during a snowstorm back in January 2014 (Sears Holdings claims only 18 people worked there at the time of the collapse!), Ann Arbor Kmart (59 jobs lost), Iron Mountain Kmart (54 jobs lost), Bangor Township Sears aka Bay City Mall Sears, the Auto Center was already secretly shutdown some time ago (at least 47 jobs lost), Big Rapids Kmart (about 50 jobs lost). Vacant Wyandotte Sears Auto Center is being renovated at a cost to taxpayers of $1-million & 20-thousand, plus 15 years worth of tax breaks valued at $2-million! Shakopee Kmart distribution center shutdown and sold-off for $17-million in 2013, now it’s finally getting a new tenant; snowmobile and electric cart maker Polaris Industries will rent out a fraction of the building to use as their new parts warehouse. The Kmart Plaza in Sandusky sold to “A group of investors”, no word on what will happen to the Kmart store.

Minnesota: Dundas Kmart by April, 32 jobs lost.   Thunderbird Mall Kmart shutting down in April, 48 jobs lost.  Willmar Kmart, Duluth Kmart, New Hope Kmart, White Bear Lake Kmart, Bemidji Kmart, Monticello Kmart, GGP owned Sears Auto Center in the Apache Mall closed (10 jobs lost), the entire Sears store in the Apache Mall being sold off, Fergus Falls Kmart (40 jobs lost), Fergus Falls Kmart (at least 40 jobs lost), Alexandria Kmart (46 jobs lost), Grand Rapids Kmart (61 jobs lost), Seritage is selling off three Sears Auto Centers in Minnetonka, Brooklyn Center and Saint Paul, Marshall Kmart (57 jobs lost), Oakdale Kmart (77 hourly wage employees losing their jobs, unknown how many salaried employees will become unemployed), Winona Kmart (67 jobs lost), Minneapolis city officials trying to shutdown profit making Nicollet Avenue Kmart, to make way for a new road. Anoka Kmart (47 jobs lost), Blaine Kmart (60 jobs lost), Burnsville Kmart (62 jobs lost), Waite Park Kmart (57 jobs lost), Northeast Minneapolis Sears Hometown & Outlet store now for sale, Coon Rapids Sears Hometown & Outlet store now for sale.

Mississippi: The 44 years old Greenville Kmart shutting down in April, no word on job losses.  Jackson Sears Full line, McComb Sears Full line, Columbus Sears Full line, Gautier Sears (71 jobs lost), Waveland Gulfport Kmart (32 jobs lost), Pass Road Gulfport Kmart (52 jobs lost), Pascagoula Sears at the Singing River Mall, Olive Branch distribution center (unknown how many jobs lost).

Missouri: Lee’s Summit Sears Grand/Essentials, Saint Louis Sears Full line, High Ridge Kmart (59 jobs lost), Ellisville Kmart (55 jobs lost), Springfield Kmart on South Campbell Avenue (60 jobs lost), South Belt Kmart (64 jobs lost), Florissant Kmart (100 jobs lost), O’Fallon Kmart (76 jobs lost).

Montana: Missoula Kmart (50 jobs lost), Great Falls Kmart (closed “until further notice” due to fire, 63 jobs on hold), Great Falls Sears store & Auto Center (65 jobs lost) due to great sales (ironically) the shutdown date has been moved from 07 December 2014 to 23 November, Bozeman Kmart (37 jobs lost), Missoula Sears store and Auto Center (57 jobs lost).

Nebraska: Grand Island Kmart (55 jobs lost), Omaha Kmart near West Maple Road (50 jobs lost).

Nevada: Sparks Kmart distribution center (100 jobs lost).

New Hampshire: Nashau Sears Grand/Essentials, Keene Sears Grand/Essentials, Portsmouth Kmart (30 jobs lost), Claremont Kmart (59 jobs lost).

New Jersey: Lawnside Kmart (about 80 jobs lost), Howell Kmart (57 jobs lost), Berlin Kmart, Dover Kmart (92 jobs lost), Randolf Kmart (91 jobs lost), Paramus Kmart (74 jobs lost), Closter Kmart (102 jobs lost), Vineland Kmart (74 jobs lost).  After 18 years Sears Holdings shutdown their Roselle Sears Hardware store due to “landlord issues”.

New Mexico: Las Cruces Kmart (58 jobs lost), Albuquerque Kmart on Central SW (80 jobs lost), Rio Rancho Kmart (59 jobs lost).

New York: Staten Island Mall Sears Auto Center will shutdown in February, 20 jobs lost.  Lindenhurst Sears Hardware, North Babylon Sears Hardware, Hauppauge Sears Hardware, Depew (Lancaster?) Kmart (68 jobs lost), Colonie Kmart (72 jobs lost), Fulton Kmart (51 jobs lost), Clifton Park Kmart (74 jobs lost) now revealed to be turned into a Town Center with more than 200 apartments at an estimated cost of $50-million, Latham Kmart (61 jobs lost), East Greenbush-Rensselaer Kmart (70 jobs lost), Tonawanda Sears Appliance and Hardware, Bronx Sears (91 jobs lost), BBN reader reported that the Ithaca Sears and Auto Center shutdown and one month later it’s been officially confirmed (at least 37 jobs lost), DeWitt Kmart (92 jobs lost), Auburn Sears (51 jobs lost), Massena Sears and Auto Center (51 jobs lost), Staten Island Mall Sears leased out to Ireland’s Primark, Bay Shore Sears and Sears Auto Center (144 jobs lost), New Hartford Sears & Auto Center (109 jobs lost), Lancaster Kmart sold for $1.7-million to Dave’s Christmas Wonderland. Herkimer Sears Hometown, Saranac Lake Sears Hometown the ‘independent’ co-owners said Sears Holdings forced them to shutdown. Melville Appliance Repair Division (31 jobs lost).

North Carolina: Cary Kmart (71 jobs lost), High Point Sears, Moorehead Sears, Rocky Mount Sears, Statesville Sears, Durham Kmart (79 jobs lost), Asheville Kmart (53 jobs lost), West Smithfield Kmart (59 jobs lost), Winston-Salem Kmart (69 jobs lost), Hendersonville Kmart (58 jobs lost), South Ashville Kmart on Hendersonville Road, Raleigh Kmart (88 jobs lost), Garner Kmart, Cleveland County mall Sears (56 jobs lost), Charlotte Kmart (89 jobs lost), Conover Kmart (74 jobs lost), Raleigh Kmart on Capital Boulevard (53 jobs lost), High Point Kmart (71 jobs lost), Boone Kmart (41 jobs lost), Greensboro Kmart (96 jobs lost), Gastonia Sears store & Auto Center (65 jobs lost), Kinston Kmart (64 jobs lost), Cary Sears (66 jobs lost), Greensboro Kmart distribution center (130 jobs lost), Greenville Kmart (75 jobs lost), Kinston Sears Hometown Store shutdown with little notice, Lexington Sears Hometown Store.

North Dakota: Jamestown Kmart (45 jobs lost), Dickinson Kmart (41 jobs lost, despite a “Now Hiring” sign on the front of the store).

Ohio: The 28 years old Sears and its Auto Center in New Philadelphia shutting down by mid-April, 46 jobs lost.  Without warning the Medina Sears Appliance & Hardware Store shutdown.  Warren Kmart on Parkman Road NW will shutdown in April, 63 jobs lost.  Zanesville Kmart shutting down mid-April, 47 jobs lost.  Steubenville Kmart shutting down by April, 65 jobs lost.   Boardman Kmart by April, 81 jobs lost.  Chagrin Falls Kmart, Springfield Kmart, two Toledo Kmarts, Medina Kmart, Columbus Kmart, Columbus Sears/Great Indoors, Zanesville Sears (67 jobs lost), Trotwood Kmart (71 jobs lost), Austintown Sears auto parts and service on Interstate Boulevard, London Kmart (no word on number of jobs lost), Trotwood Sears (67 jobs lost), Westlake Kmart/Sears (at least 57 jobs lost), Xenia Kmart (at least 57 jobs lost), Norwalk Kmart (52 jobs lost), Blue Ash Kmart (77 jobs lost), Northwood Sears at Woodville Mall (36 jobs lost), Conneaut Kmart (43 jobs lost), Anderson Township Kmart (71 jobs lost), Brooklyn Kmart (200 jobs lost), Columbus Lockbourne Industrial Parkway Sears distribution center (200 jobs lost), also in Columbus, Sears Product Rebuild-Call Center (112 jobs lost), Marion Sears Auto Center (at least nine jobs lost), Springfield Kmart #3767 (68 jobs lost), Fairborn Kmart (66 jobs lost), Solon Sears & Auto Center (at least 53 jobs lost), Tiffin Sears Hometown Store. Also, Van Wert Sears franchise bought out by Kirk Berryman, owner of Computer & Networking Technologies (CNT), who plans on moving the store to a new location. Fairlawn Sears Appliance & Hardware, Macedonia Sears Appliance & Hardware, Lorain Sears Appliance & Hardware, Elyria Sears Appliance & Hardware, North Olmsted Sears Appliance & Hardware, Sheffield Village Sears Appliance & Hardware, Akron Sears Appliance & Hardware.

Oklahoma: Oklahoma City Sears (98 jobs lost, GGP owned, GGP wants a $2 million sales tax rebate, claiming it’s needed to offset capital investments needed to bring the space up to the standards for potential new tenants), Shawnee Sears (31 jobs lost), Sand Springs Kmart (52 jobs lost), Muskogee Sears (60 jobs lost), Enid Sears and Auto Center (at least 38 jobs lost), Tulsa BigKmart (51 jobs lost).

Oregon: Roseburg Sears (at least 40 jobs lost), Tualatin Kmart Center (new property owner from California is tearing everything down for new shopping center, so far no indication the Kmart will be part of the new shopping center), Milwaukie Kmart (61 jobs lost), Coos Bay Kmart (25 jobs lost), Bend Sears (48 jobs lost), Klamath Falls Kmart (64 jobs lost), Albany Kmart (64 jobs lost), Portland Sears Homes Services (no notice), Albany Sears (57 jobs lost), in October a BBN reader warned that Oregon City Kmart was being quietly shutdown, confirmed on 06 November 2014 by Sears Holdings (70 jobs lost). Ontario Kmart (55 jobs lost).

Pennsylvania: Reports that the Exton Kmart will shutdown, no word on job losses.  Upper Darby Sears Full line, Pottstown Sears Full line, Pittsburgh Kmart, Wilkins Sears, Warminster Kmart (85 jobs lost), Shippensburg Kmart (46 jobs lost), Moon Kmart (143 jobs lost), Bethlehem Township Kmart (62 jobs lost), Philadelphia Gallery Mall Kmart (120 jobs lost), Philadelphia Kmart on Orthodox Street and Castor Avenue (169 jobs lost), Levittown/Middle Township Kmart (87 jobs lost), Waynesboro Kmart (43 jobs lost), Sanatoga-Lower Pottsgrove Kmart (65 jobs lost, the store was also advertising for new hires!), West Mifflin Sears store & Auto Center (88 jobs lost), Rochester Kmart (78 jobs lost), Frazer (Pittsburg Mills Mall) Sears and Auto Center (97 jobs lost), Bloomsburg Sears (57 jobs lost), Frackville Sears and Auto Center (84 jobs lost), North Cornwall Township Sears (51 jobs lost), King of Prussia Sears and Auto Center (no word on number of jobs lost), Lebanon Sears (51 jobs lost), Scotland Chambersburg Mall Sears and Auto Center (62 jobs lost), the upper level of the Willow Grove Mall Sears store to be leased by Primark, King of Prussia Sears store leased out to clothing retailer Primark, East Towne Mall Kmart (51 jobs lost), Frackville Kmart in the Skuylkill Mall (80 jobs lost), Mount Pocono Kmart (66 jobs lost), Fairless Hills Sears Hardware. Granite Run Mall shutdown, meaning the Sears and Sears Auto Center now apparently on a month to month (possibly day to day) lease are soon to follow. Brookhaven Kmart (89 jobs lost).

Puerto Rico: Vega Baja Kmart (206 jobs lost).

South Carolina: Sumter Sears (at least 40 jobs lost), Orangeburg Sears (57 jobs lost), Columbia Kmart on Fort Jackson Boulevard in 2012, Columbia Kmart on Bush River Road in 2009, Columbia Kmart on St Andrews Road (66 jobs lost), Irmo Kmart (no info on how many jobs lost), both Greenville Kmarts (140 jobs lost between the two), Mount Pleasant Kmart (43 jobs lost), Harbison Sears & Sears Auto Center in the Columbiana Centre mall (97 jobs lost), Aiken Sears & Sears Auto Center (at least 54 jobs lost), Inlet Square Mall Kmart (50 jobs lost), West Ashely Kmart (69 jobs lost), Myrtle Beach Kmart (59 jobs lost), Easley Kmart (62 jobs lost).

South Dakota: The Pierre Kmart shutting down by the end of March, 45 jobs lost.  The Michell Kmart shutting down in April, 52 jobs lost.   Spearfish Kmart (51 jobs lost), Sturgis Kmart (57 jobs lost).

Tennessee: The Murfreesboro Kmart shutting down by the end of April, 43 jobs lost.  A Memphis Sears and Auto Center (on Poplar Avenue) shutting down in April, 109 jobs lost!  Clarksville Kmart shutting down in April, 68 jobs lost.  Cleveland Kmart shutting down by mid-March, 67 jobs lost.  Antioch Sears (at least 40 jobs lost), Cleveland Sears (at least 40 jobs lost), Oak Ridge Sears (at least 40 jobs lost), Hendersonville Kmart (at least 40 jobs lost), Morristown Sears (about 70 jobs lost), Clinton South Kmart, Franklin Cool Springs Galleria Sears (92 jobs lost), Memphis Hickory Ridge mall Sears (job loss data not revealed), 48 years old Nashville Kmart on Nolensville Pike to close by January 2014 (57 jobs lost), Franklin Kmart (33 jobs lost), Dickson Kmart (65 jobs lost), talks in progress to end lease for Bellevue (Nashville) Center Mall Sears, Nashville Bellevue Center Sears & Auto Center (at least 44 jobs lost).

Texas: Two Sears parts and repair centers closing in The Woodlands (117 jobs lost), rebuild center in Garland (58 jobs lost), Farmers Branch Sears/Great Indoors, Houston Sears Great/Indoors, Dallas Sears home appliance parts distribution center (77 jobs lost), Simon Property Group owned McAllen Sears store & Auto Center (so far no word on how many jobs will be lost), recently revealed Palestine Sears Hometown (franchise owner quit to work as assistant manager at a local Dollar General).  Wichita Falls Sears (56 jobs lost right before Xmas).

Utah: 35 years old Richfield Kmart will shutdown in April, 63 jobs lost.    North Logan Kmart shutting down by April, 58 jobs lost.  Murray Sears (local news media in Utah never reported the closure, but they reported that the building was demolished), Orem Kmart (no details reported), Woods Cross Kmart (54 jobs lost), Provo Kmart demolished in anticipation of yet another AtHome furniture store.

Vermont: The Bennington Sears Hometown Store shutdown.  Rutland Sears store & Auto Center (65 jobs lost),  South Burlington Kmart (66 jobs lost).

Virginia: The Cedar Bluff (50 jobs lost), Covington (36 jobs lost) and Virginia Beach on General Booth Boulevard (no job numbers reported)  Kmarts shutting down by mid-April!  The Sears Hometown Store in Culpeper shutting down by the end of the month.  Norfolk Sears (at least 40 jobs lost), Midlothian Kmart (at least 40 jobs lost), Richmond Kmart (at least 40 jobs lost), Lynchburg Sears (84 jobs lost), Fairfax Kmart (no word on how many jobs lost), Christiansburg Sears (59 jobs lost), Norfolk Kmart on East Little Creek Road (77 jobs lost), Manassas Kmart (71 jobs lost), Stafford Sears Hometown, Newport News-Denbigh Kmart (at least 50 jobs lost), Wise Kmart (58 jobs lost), Harrisonburg Kmart (79 jobs lost), Winchester Kmart (91 jobs lost), Dale City Kmart (69 jobs lost), Chesapeake Sears and Auto Center (82 jobs lost), Front Royal Kmart (88 jobs lost), Pembroke Mall Sears renting out part of their store to DSW & Nordstrom Rack, Sears Holdings say they’re still looking for a “third tenant” for their occupied space. The current nearby Sears Auto Center will be rented out to REI. Colonial Heights Kmart (113 jobs lost), Virginia Beach Hilltop Square Shopping Center Kmart (82 jobs lost).

Washington: Eatonville Sears Hometown store.  Walla Walla Sears Full line (in August 2012, it was reported that an independent owner of Sears Hometown stores will open a store in Walla Walla), Lacey Kmart (at least 40 jobs lost), Kelso Sears (47 jobs lost), Lakewood Kmart (59 jobs lost), Bellingham Sears (92 jobs lost), Seattle Kmart (85 jobs lost), East Wenatchee Sears (59 jobs lost), Puyallup Kmart (51 jobs lost), Oak Harbor Kmart (68 jobs lost), Sodo Sears and Sears Auto Center (79 jobs lost), Everett Kmart (65 jobs lost), Marysville Kmart (at least 40 jobs lost).

West Virginia: Oak Hill Kmart (59 jobs lost), Morgantown Kmart (100 jobs lost), Bluefield Sears store & Auto Center (64 jobs lost).

Wisconsin: Superior Kmart shutting down in April, 42 jobs lost. West Baraboo Sears (at least 40 jobs lost, local village officials say the store generated 3% of local tax collections), Rice Lake Kmart (about 71 jobs lost), Brookfield Kmart (56 jobs lost), Racine’s Regency Mall Sears (52 jobs lost), Fort Atkinson Kmart (51 jobs lost), Greenfield Kmart (107 jobs lost), Portage Kmart (78 jobs lost) and Hales Corner (129 jobs lost), Chippewa Falls Kmart (79 jobs lost), Menomonie Kmart (at least 50 jobs lost), Ashwaubenon Kmart recently revealed now owned by Green Bay Packers, will be torn down (80 jobs lost), Shawano Kmart (55 jobs lost), Fond du Lac Sears (42 jobs lost), Glendale Sears store & Auto Center (86 jobs lost), Janesville Kmart (70 jobs lost), Glendale Sears Rebuild center (67 jobs lost), Sheboygan Sears & Auto Center (at least 31 jobs lost), Eau Claire Kmart (93 jobs lost), Plymouth Kmart (59 jobs lost before Xmas), Sheboygan Sears Rebuild Center (30 jobs lost), Wauwatosa Kmart (103 jobs lost).

In April 2015, Sears Holdings (through Seritage Growth Properties) and General Growth Properties (GGP) became 50/50 joint owners of 12 Sears stores.

Here’s a list of 11 Sears stores 100% owned by GGP:

Iowa: Coral Ridge Mall (it’s official the Sears is closing, see above), and Mall of the Bluffs

Texas: The Woodlands Mall (this does not involve the two repair centers being closed by Sears)

Florida: West Oaks Mall

Utah: Fashion Place, and Provo Towne Centre (note the evil British empire way of spelling town & center. Due to a favorable lease agreement the GGP owned Provo Sears will continue to stay open under Sears Holdings management)

Oklahoma: Quail Springs Mall (it’s official, the Sears closed, see above)

Hawaii: Ala Moana Center (closed, see above)

Washington: Bellis Fair Mall (Bellingham store, see above)

Minnesota: Apache Mall (see update above, GGP will close Sears store by 2014)

Illinois: Market Place Shopping Center (see update above, GGP closing store)

Sears & Kmart closing update, 13 April 2015: More proof Sears Holdings is making money by killing jobs!

I’ve written about this in the past, and it’s happened again, Eddie Lampert’s Sears Holdings is yet again making money, specifically because they’ve killed thousands of jobs!

Lampert revealed that he is transferring ten Sears stores to mall operator Simon Properties, and Sears Holdings will make $114-million USD as a result of the deal worth $228-million!

Investors also liked the news and sent Sears Holdings’ stock prices up 2%.

Less than two weeks ago Lampert sold an additional 12 stores to General Growth Properties (GGP).  The deal reportedly was worth $330-million!

Sears Holdings also plans to make money by ‘reverse’ leasing their stores.

As well, Eddie Lampert revealed his vulture capitalist holding company generated $2.6-billion in cash during 2014, as a result of shutting down 234 Sears and Kmart stores and eliminating thousands of jobs!

According to the New York Post, in 2005 there were 3,845 Sears and Kmart stores in the U.S.  As of January 2015 there were only 1,725!

New York, Oregon & Pennsylvania losing yet more stores! 

More Economic Decline: Who is the new owner of Chubbuck’s Pine Ridge Mall? It’s not the “family” company you think it is! GGP connection?

21 November 2013 (01:34 UTC-07 Tango)/17 Muharram 1435/30 Aban 1392/19 Gui-Hai (10th month) 4711

A couple of days ago the Idaho State Journal reported that the Pine Ridge Mall, in Chubbuck, was bought by a company called Farmer Holding Company.  The local newspaper quoted Rob Kingsbury as saying the company is a “family business”.

Farmer Holding started as Farmer Concrete back in 1948.  There are members of the board with the family name of Farmer (and employees related but not with the name Farmer), but today’s Farmer Holding Company Incorporated is a full fledged corporation created in Missouri in December 2000.  The incorporation has a “Permanent” (no expiration date) registration according to the Missouri Secretary of State.

According to the Missouri Ethics Commission, Farmer Holding employs at least three political lobbyists at the state level.

Farmer Holding Company branched out to mall properties in December 2012 when they paid a measly $11-million USD for the Capital Mall in Jefferson City, Missouri.  Farmer holding just paid a paltry $9-million for the Pine Ridge Mall in Chubbuck, Idaho.  And there is a connection; both malls were owned by GGP (General Growth Properties)!

Here’s another twist, according to Missouri’s News Tribune, ‘family owned’ Farmer Holding is a subsidiary of F&F Development.

At last report Farmer Holding was proposing a plan to improve the Capital Mall by combining it with an events center.  Farmer Holding told the Jefferson City council they would expand the property, and the city promised to give Farmer Holding $9-million collected from hotel taxes to help pay for $36-million expansion!

Interestingly Farmer Holding admitted that event/conference centers are money losing propositions.  Their own independently conducted economic survey said they would lose $250-thousand per year on the deal!  Yet, on 12 November 2013, the Jefferson City conference center facilitator told the city council to go with Farmer Holding’s plan.

On 18 November 2013, this is what city council member Carrie Carroll had to say about two competing convention center proposals: “At this point, neither one is right. Neither one is outstanding. Until they’re outstanding, they’re not going to be capable of getting our $9-million until we are enthused that this is right.”

On top of this Farmer Holding told city officials they had only $12-million of their own “investment” money to pay for the project, so even with the city’s $9-million they have to come up with $15-million from somewhere!  (thin air?)

A Jefferson City resident, Charles Gaskin, conducted his own research and warned city officials that Farmer Holding’s plan was a bad deal for the city.  He said city officials have become so desperate for developers that they now have the audacious hope that ‘if we build it customers will come’.  Gaskin says his research shows the economy is so bad that nobody will show up.  Remember, even Farmer Holding said they would lose money on the plan. (the Idaho cities of Chubbuck and Pocatello have adopted that same ‘built it they will come’ attitude)

In November 2013, Jefferson City council member Ken Hussey even warned “There’s a potential for super TIFs.”  TIF means Tax Increment Financing.

Farmer Holding was created out of a successful, truly family owned construction business.  The heirs decided to take their construction business to the next level and become fully incorporated.  In other words what they are doing is really all about making profits for their original construction ops.

And who is F&F Development?  At this point I don’t know!  Internet searches come up with many different companies that specialize in things like property development to things like direct selling.  Every listing for an F&F Development, whether it was a company in Florida or Connecticut, showed it to be a privately held company, which makes it hard to find info on them (they are not a publicly traded company).  There are several of these ‘development’ companies who list their forte as hotel and event/conference center developers.   If the News Tribune is correct about F&F being the parent company of Farmer Holding, it could explain why Farmer Holding is pushing Jefferson City to help pay for a new hotel and event/conference center in the Capital Mall.

Here’s another connection: GGP is an Illinois based corporation, Farmer Holding supposedly bought the Capital Mall but isn’t involved in operating it, another Illinois based company called Covington Realty Partners is actually running the mall (gee, it’s like an onion, so many layers).   Coldwell Banker Commercial Intermountain is managing the leasing of spaces at the Pine Ridge Mall in Chubbuck, Idaho.

I’m beginning to suspect that Farmer Holding always approaches city officials with the claim that they want to “rejuvenate” the local economy.  It could be that their true plan of action is to buy up distressed commercial properties for dirt cheap, build them up with the help of local taxes, then sell them off to the first sucker that comes along.  It’s like house flipping, but with commercial properties.

2017 Update:  In 2015 Caldwell Banker revealed that Farmer Holding-F&F Development took-over the once independently owned Carmike 7 theater in Chubbuck, Idaho.  The property was demolished and replaced with spaces for restaurants, currently occupied by Panera and Red Robin. The demolition of the Carmike 7 actually began in December 2014, as documented by Blind Bat News.

Also in 2015 Farmer Holding Company-F&F Development began buying vacant healthcare facilities when it took over Jefferson City, Missouri, Saint Mary’s Hospital.  Officially the plan is to redevelop the property (as part of the nationwide REIT conspiracy),  and at the beginning of 2017 Farmer Holding-F&F Development asked for taxpayer ‘incentives’ to finance the hospital redevelopment, which would allow Farmer Holding-F&F Development to cash-in on 50% of local sales tax revenues, and the imposition of an additional 1% sales tax on locals!  The city also granted easements for two parcels associated with the hospital property, blocking ‘right-of-way’ so that Farmer Holding-F&F Development could start redevelopment.

At the end of 2016, Farmer Holding asked Jefferson City to not only continue the Tax Increment Financing (TIF) for the Capital Mall project, but to increase it, as well as create a new TIF for their convention center project!

2018 Capital Mall Update: New signs and paint is all taxpayers got? 

Investment companies dump GGP & J.C. Penney!

Grand Teton Mall, in Idaho Falls, for sale! GGP dumping malls en masse! 

East Idaho’s Pine Ridge Mall, in Chubbuck, sells for paltry $9 million!

East Idaho shopping malls….quietly put up to be auctioned off….Merry Xmas!

A History Lesson in Economic Decline

All part of REIT plan to change the way you shop, and they blame you the shopper!

Mitt Romney….Destroyed jobs in Chubbuck 

Exceptional Failed State: More Kmart Sears closings! Corporate America want’s crazy “power tripping” workers! Investors love it!

11 November 2013 (10:20 UTC-07 Tango)/07 Muharram 1434/20 Aban 1391/09 Gui-Hai (10th month) 4711

The following quotes partly explain what’s going on with unAmerican Corporate America.  They were found in the Ohio based derf magazine.

“Kmart has a hard time fitting into the current consumer market The discount department store paradigm shift has resulted in consumers looking elsewhere. Plus, they really like to hire crazy-eyed, power-tripping, filthy broads in the customer service department.”-Steven Walker, economist

“There is a big problem with general lack of jobs right now. However, that is mostly among workers who are competent. It seems there are many companies in America where there will always be a place for incompetent and rude employees.”-Doug Kelvin, employment analyst

“I’ve already got my resume in to Time Warner to be a phone rep.  I feel I can really put my uncooperative nature to good use with Time Warner. They might even put me in a TV commercial.  However, I worry that working with customers over the phone will not take full advantage of my deepest uncooperative skills. I guess I’ll just try to make up for that by being extra uncooperative.”-Tamara Carlina, power tripping (and sarcastic) Kmart employee

In San Clemente, California, a Kmart that was turned into a Sears, and then back into a Kmart in 2012, is being shut down.  A Kmart in Oceanside is finally being closed, it’s closing was announced back in December 2011. No word on when the final days are.

North Carolina losing another Kmart.  This ones in Garner. Local news media reports say no final closing date has been given.  Apparently the store has been on the closing list since 2012.

A Kmart in Sterling, Illinois, will close in January 2014.

The Rochester, Minnesota, Sears in the GGP owned Apache Mall to be sold off.  Sears Holdings officials gave the same BS statement about the fate of employees: “They will have an opportunity to apply for positions at other Kmart and Sears stores.”-Howard Riefs

Sears Canada selling off eight shopping centers!  The properties were sold for $315 million CAD.

Sears is trying to kiss up to military veterans offering them free shipping and extra bonus points in the Shop Your Way scheme.

Investors love what Sears Holdings is doing, the price of Sears Holdings shares remain above $55 USD per stock.

Here’s the updated list of U.S. Sears/Kmart store closings since the end of 2011:

Arizona: Scottsdale Sears/Great Indoors, Chandler Sears/Great Indoors.

Alabama: Gadsden Kmart (50 jobs lost), Mobile Sears (at least 40 jobs lost), Auburn Kmart (at least 40 jobs lost), Anniston Kmart (no word yet on how many jobs lost), Birmingham Eastwood Kmart (70 jobs lost).

California:   El Monte Sears (at least 40 jobs lost. Damien Arrula, El Monte’s economic development director, said the store manager had lied about what was going on: “The general manager of the store had just indicated to me that they were remodeling.”), two San Diego Sears (at least 80 jobs lost), Pleasant Hill Kmart (more than 50 jobs lost), Torrance Kmart,  Fairfield Kmart (63 jobs lost),  Lampert owned OSH taken over by Lowe’s home improvement in bankruptcy court, at least 17 of 99 stores to be closed down (935 jobs lost!), Rancho Cordova Kmart (97 jobs lost), recently revealed San Clemente Kmart/Sears/Kmart on Camino de Estrella (58 jobs lost), placed on an official hit list in 2011 the Oceanside Kmart on College Boulevard finally being shut down.

Colorado:  Broomfield Kmart (at least 40 jobs lost), Glenwood Springs Kmart (at least 40 jobs lost), Lone Tree Sears/Great Indoors, Longmont Sears (at least 40 jobs lost), Pueblos’ South Side Kmart (52 jobs lost),  Denver Kmart (number of jobs lost have not been made public at this time, but could be at least 40).

Connecticut:  Waterbury Big Kmart.

Georgia: Macon Sears (at least 40 jobs lost), Buford Kmart (at least 40 jobs lost), Douglasville Kmart (at least 40 jobs lost), Atlanta Kmart (at least 40 jobs lost), Columbus Kmart (at least 40 jobs lost), Jonesboro Kmart (at least 40 jobs lost), Cartersville Kmart (74 jobs lost).

Guam:  Sears Hometown Store.

Florida: Fernandina Beach Kmart (at least 40 jobs lost), Callaway Kmart (at least 40 jobs lost), Orange City Kmart (at least 40 jobs lost),  Deland Sears (at least 40 jobs lost), Stuart Sears (at least 40 jobs lost), West Palm Beach Sears (at least 40 jobs lost), Port St. Lucie Sears (at least 40 jobs lost), Crystal River Sears (at least 40 jobs lost), New Smyrna Beach Kmart (at least 40 jobs lost), Saint Augustine Kmart (at least 40 jobs lost), Pompano Beach Kmart (at least 40 jobs lost),  Jacksonville Kmart on 5751 Beach Boulevard (71 jobs lost), second Kmart in Jacksonville on 4645 Blanding Boulevard (83 jobs lost), Ocoee Sears (102 jobs lost), Pensacola Kmart on Airport Boulevard closed in 2011, Pensacola Kmart on Mobile Highway closed in February 2013 (69 jobs lost),  Pensacola Kmart on East 9 Mile Road will close in May (73 jobs lost), Hialeah Kmart (67 jobs lost), Bonita Springs Kmart (67 jobs lost), Mount Dora Kmart (100 jobs lost), Lake Mary Kmart, Panama City Beach Kmart (54 jobs lost).

Hawaii: Honolulu Sears (owned by GGP, 372 jobs lost!!!),  Kauai Sears (41 jobs lost),  Iwilei-Honolulu Kmart for lease (no confirmation of store closing).

Vacant bedroom/bathroom section.

One corner of the half vacant Chubbuck, Idaho, Sears. No official closing announcement was made.

Idaho: Lewiston Sears (at least 60 jobs lost).  No official announcement, but it’s painfully obvious the Chubbuck Pine Ridge Mall Sears going’ down. Or, maybe it’s preps for Shop within a Shop, or one of those domestic spy data storage centers?  On 07 November 2013, GGP sold off the Pine Ridge Mall for a paltry $9 million USD.

Ever since the Kmart bankruptcy, this pad site for sale sign has been seen in the Pocatello, Idaho, Big Kmart parking lot. The Kmart is the only building on the lot.

Ever since the Kmart bankruptcy, this pad site for sale sign has been seen in the Pocatello, Idaho, Big Kmart parking lot. The Kmart is the only building on the lot.

Indiana:  Anderson Sears (at least 40 jobs lost), Saint John Kmart (at least 40 jobs lost), Indianapolis Kmart (at least 40 jobs lost), Richmond Sears (49 jobs lost), South Anthony Kmart (70 jobs lost).

Illinois:  Alton Sears (at least 40 jobs lost), Melrose Park Sears parts and repair center (50 jobs lost), Zion Kmart (at least 40 jobs lost), Oak Lawn Kmart (at least 40 jobs lost), McHenry Kmart (at least 40 jobs lost), Peru Kmart (at least 40 jobs lost), Lombard Sears/Great Indoors (at least 40 jobs lost), Fairview Heights Kmart (81 jobs lost), Freeport Kmart (45 jobs lost), Pontiac Kmart (more than 47 jobs lost), Homer Glen Kmart (82 jobs lost), Streator Kmart (45 jobs lost), Lombard Kmart (70 jobs lost), Naperville Kmart (98 jobs lost), Calumet Sears (164 jobs lost), two Sears stores in Grand Crossing area of Chicago (247 jobs lost!), Mount Vernon Sears (68 jobs lost), Moline Sears (at least 60 jobs lost),  Homewood Kmart (185 jobs lost),  Belvidere Kmart (91 jobs lost),  Champaign’s Market Place Mall Sears (56 jobs lost), recently revealed Sterling Kmart (60 jobs lost).  58 Chicago area stores up for lease or sale.  By the way, Illinois elected officials gave Sears Holdings/Hoffman Estates a $150 million USD tax break to keep their headquarters in the state.  The tax break was not tied to any promise not to close stores.

Iowa:  Cedar Rapids Kmart on 16th Ave (at least 40 jobs lost), Davenport Kmart (at least 40 jobs lost), Burlington Kmart (50 jobs lost), Coralville Sears (94 jobs lost, this is a store sold to GGP earlier in the year), Cedar Rapids Kmart on Collins Road NE (56 jobs lost).

Kansas: Lawrence Sears (at least 40 jobs lost).

Kentucky: Middlesboro Sears (in September 2012 the Sears store re-opened under independent ownership, official grand re-opening scheduled for November), Winchester Kmart (back in May, Rankin Paynter bought out what was left of the inventory and gave it to charity), Hazard Kmart (at least 40 jobs lost), Lexington Fayette Mall Sears (114 jobs lost!).

Maine: Lewiston Sears (60 to 70 jobs lost), Presque Isle Sears (80 jobs lost).

Maryland: Ellicott Sears (at least 40 jobs lost), Gaithersburg Sears/Great Indoors.

Massachusetts: North Reading Sears Hardware store closed, lease not renewed.

Michigan: Novi Sears/Great Indoors, Brighton Sears Grand/Essentials,  Harper Woods Sears Full line, Monroe Sears Full line, Adrian Sears Full line, Washington Township Kmart, Chesterfield Kmart, Woodhaven Kmart, Flint Kmart (46 jobs lost), Gaylord Kmart (48 jobs lost), Sterling Kmart (58 jobs lost).

Minnesota: Willmar Kmart, Duluth Kmart, New Hope Kmart, White Bear Lake Kmart, Bemidji Kmart, Monticello Kmart, GGP owned Sears Auto Center in the Apache Mall closed (10 jobs lost), recently revealed the entire Sears store in the Apache Mall being sold off.

Mississippi: Jackson Sears Full line, McComb Sears Full line, Columbus Sears Full line, Gautier Sears (71 jobs lost), Waveland Gulfport Kmart (32 jobs lost), Pass Road Gulfport Kmart (52 jobs lost),  Pascagoula Sears at the Singing River Mall.

Missouri: Lee’s Summit Sears Grand/Essentials, Saint Louis Sears Full line, High Ridge Kmart (59 jobs lost).

Montana: Missoula Kmart (50 jobs lost).

New Hampshire: Nashau Sears Grand/Essentials, Keene Sears Grand/Essentials,  Portsmouth Kmart (30 jobs lost).

North Carolina: Cary Kmart (71 jobs lost), High Point Sears, Moorehead Sears, Rocky Mount Sears, Statesville Sears, Durham Kmart (79 jobs lost), Asheville Kmart (53 jobs lost),  West Smithfield Kmart (59 jobs lost), Winston-Salem Kmart (69 jobs lost), Hendersonville Kmart (58 jobs lost), South Ashville Kmart on Hendersonville Road, Raleigh Kmart (88 jobs lost), recently revealed Garner Kmart.

North Dakota: Jamestown Kmart (45 jobs lost).

New Jersey:  Lawnside Kmart (about 80 jobs lost), Howell Kmart (57 jobs lost).

New Mexico: Las Cruces Kmart (58 jobs lost).

New York: Depew (Lancaster?) Kmart (68 jobs lost), Colonie Kmart (72 jobs lost),  Fulton Kmart (51 jobs lost).

Ohio: Chagrin Falls Kmart, Springfield Kmart, two Toledo Kmarts, Medina Kmart, Columbus Kmart, Columbus Sears/Great Indoors, Zanesville Sears (67 jobs lost), Trotwood Kmart (71 jobs lost), Austintown Sears auto parts and service on Interstate Boulevard,  London Kmart (no word on number of jobs lost),  Trotwood Sears (67 jobs lost).   Also, Van Wert Sears franchise bought out by Kirk Berryman, owner of Computer & Networking Technologies (CNT), who plans on moving the store to a new location.

Oklahoma: Oklahoma City Sears (98 jobs lost, GGP owned, GGP wants a $2 million sales tax rebate, claiming it’s needed to offset capital investments needed to bring the space up to the standards for potential new tenants).

Oregon: Roseburg Sears (at least 40 jobs lost), Tualatin Kmart Center (new property owner from California is tearing everything down for new shopping center, so far no indication the Kmart will be part of the new shopping center), Milwaukie Kmart (61 jobs lost), Coos Bay Kmart (25 jobs lost), Bend Sears (48 jobs lost).

Pennsylvania: Upper Darby Sears Full line, Pottstown Sears Full line, Pittsburgh Kmart, Wilkins Sears, Warminster Kmart (85 jobs lost), Shippensburg Kmart (46 jobs lost), Moon Kmart (143 jobs lost), Bethlehem Township Kmart (62 jobs lost).

South Carolina: Sumter Sears (at least 40 jobs lost), Orangeburg Sears (57 jobs lost), Columbia Kmart on Fort Jackson Boulevard in 2012, Columbia Kmart on Bush River Road in 2009, Columbia Kmart on St Andrews Road (66 jobs lost), Irmo Kmart (no info on how many jobs lost),  both Greenville Kmarts (140 jobs lost between the two),  Mount Pleasant Kmart (43 jobs lost).

Tennessee: Antioch Sears (at least 40 jobs lost), Cleveland Sears (at least 40 jobs lost), Oak Ridge Sears (at least 40 jobs lost), Hendersonville Kmart (at least 40 jobs lost), Morristown Sears (about 70 jobs lost), Clinton South Kmart, Franklin CoolSprings Galleria Sears (92 jobs lost), Memphis Hickory Ridge mall Sears (job loss data not revealed), 48 years old Nashville Kmart on Nolensville Pike to close by January 2014 (57 jobs lost).

Texas: Two Sears parts and repair centers closing in The Woodlands (117 jobs lost), rebuild center in Garland (58 jobs lost), Farmers Branch Sears/Great Indoors, Houston Sears Great/Indoors.

Utah:  Orem Kmart (no details reported).

Virginia: Norfolk Sears (at least 40 jobs lost),  Midlothian Kmart (at least 40 jobs lost), Richmond Kmart (at least 40 jobs lost), Lynchburg Sears (84 jobs lost), Fairfax Kmart (no word on how many jobs lost), Christiansburg Sears (59 jobs lost), Norfolk Kmart on East Little Creek Road (77 jobs lost), Manassas Kmart (71 jobs lost).

Washington: Walla Walla Sears Full line (in August 2012, it was reported that an independent owner of Sears Hometown stores will open a store in Walla Walla), Lacey Kmart (at least 40 jobs lost), Kelso Sears (47 jobs lost), Lakewood Kmart (59 jobs lost), Bellingham Sears (92 jobs lost),  Seattle Kmart (85 jobs lost), East Wenatchee Sears (59 jobs lost), Puyallup Kmart (51 jobs lost).

West Virginia: Oak Hill Kmart (59 jobs lost), Morgantown Kmart (100 jobs lost).

Wisconsin: West Baraboo Sears (at least 40 jobs lost, local village officials say the store generated 3% of local tax collections), Rice Lake Kmart (about 71 jobs lost),  Brookfield Kmart (56 jobs lost), Racine’s Regency Mall Sears (52 jobs lost)Fort Atkinson Kmart (51 jobs lost).

On top of that, Sears Holdings sold stores to General Growth Properties (GGP), of which it has been reported that most of those stores will be closed.

Here’s the list of 11 Sears stores now owned by GGP:

Iowa: Coral Ridge Mall (it’s official the Sears is closing, see above), and Mall of the Bluffs

Texas: The Woodlands Mall (this does not involve the two repair centers being closed by Sears)

Florida: West Oaks Mall

Utah: Fashion Place, and Provo Towne Centre (note the evil British empire way of spelling town & center. Due to a favorable lease agreement the GGP owned Provo Sears will continue to stay open under Sears Holdings management)

Oklahoma: Quail Springs Mall (it’s official, the Sears closed, see above)

Hawaii: Ala Moana Center (closed, see above)

Washington: Bellis Fair Mall (Bellingham store, see above)

Minnesota: Apache Mall  (see update above, GGP will close Sears store by 2014)

Illinois: Market Place Shopping Center (see update above, GGP closing store)

More Economic Decline: East Idaho’s Pine Ridge Mall, in Chubbuck, sells for paltry $9 million!

07 November 2013 (12:40 UTC-07 Tango)/03 Muharram 1434/16 Aban 1391/05 Gui-Hai (10th month) 4711

Click the pics to make them bigger, and reveals info:

Related stories:

Pine Ridge quietly put up to be auctioned off in November! Merry Xmas! 

More Economic Decline: East Idaho shopping malls to close down? Pine Ridge quietly put up to be auctioned off in November! Merry Xmas!

17 October 2013 (18:21 UTC-07 Tango 16 October 2013)/12 Dhu’l-Hijja 1434/25 Mehr 1391/13 Ren-Xu (9th month) 4711

Reports that the Pine Ridge Mall in Chubbuck, Idaho, could soon be dead!  That’s if nobody bids on it.  A quietly announced auction, on Auction.com, for the entire mall is set for 05 November.

Illinois based General Growth Properties is refusing comment, but that’s because they are no longer the official owner.  Last year GGP turned the property over to its spinoff, Howard Hughes Corporation.  Texas based Howard Hughes seems to be the executioner for GGP, getting rid of money losing properties.

Some reports say Howard Hughes has taken over improperly valued GGP malls. The starting bid for the failed Pine Ridge Mall is a paltry $3 million USD!

If you’ve been following my economic reports out of the Chubbuck/Pocatello area, you know I used to work for mall owner GGP, and JPrice before that.

Auction.com talks up the mall, claiming it’s at 80% tenant capacity!  I find that hard to believe, because it was at 80% when I worked there, and that’s before losing two anchor stores!  Just check out my pics of the empty Sears!

Local TV news reports talked up the mall by naming anchor stores Sears and ShopKo.   I used to work property management there, and ShopKo is operating under a different contract, as if they are not part of the mall.  When I worked there ShopKo was responsible for all their own building maintenance, including parking lot trash pick up, landscaping and snow and ice removal during winter.

The newest anchor store is Herbergers, which is taking up residence in the old two story ZCMI then May Company then Dillards anchor location, yet it’s only a single story operation.

Also, there is conflicting info given by Auction.com and GGP.  Auction.com states there are 50 “unit” spaces at the mall, yet GGP’s website says 77 “Retail Stores”.

In 2009 GGP went bankrupt.  By 2010, 96 GGP malls emerged from chapter 11 bankruptcy, and according to bankruptcy news reports that included the Pine Ridge Mall.  However, in 2012 GGP got a a total of $7 billion in “property-level financings” to float dozens of its malls, according to GGP’s website.  Independent reports say the Pine Ridge Mall in Chubbuck, as well as the Grand Teton Mall in Idaho Falls, were included in that list of mortgage bailout refi loans (although I didn’t see them listed on the GGP site).

This year GGP reported in its 4th quarter report for 2012 that it “…disposed of approximately 3.2 million square feet of gross leasable area for $213 million.”, but they did not specify which properties were sold.

For the 3rd quarter 2012 GGP “…disposed of assets comprising approximately 2.7 million square feet of gross leasable area for $219.3 million.”

In the 2nd quarter 2012 GGP sold off their Foothills Mall in Colorado.

In 1st quarter 2012, 30 malls were transferred to Rouse Properties.  They also sold three properties for a total of $26.6 million.

“During 2011, GGP sold, or transferred to the mortgage holder, whole or partial interests in approximately 11.5 million square feet of gross leasable area for $879.7 million including property level debt of $752.1 million.”-GGP 4th quarter report for 2011

In 2011 it was also revealed that GGP had sold, or was selling off, most of its properties in Utah.

Here’s more of my reports:

A History Lesson in Economic Decline:

Idaho Sears closing down, without official notice?

Don’t forget to add the Sears stores bought by GGP to the closing list. 

GGP owns most of the malls in Idaho.

Mormon Mitt Romney……Destroyed jobs in Chubbuck, Idaho. 

What Economic Recovery? 372 employees just now told they will be out-o-work, I reported the Sears store closing weeks ago! Wake up people! I got more evidence of Sears’ demise!

“I was shocked. We knew the store was going to close sometime, but they kept telling us it wasn’t going to happen until later.”-unnamed Sears employee

19 February 2013, reports out of Hawaii saying that the employees at the Honolulu Sears were just told (on 18 February 2013) their store will shut down in June.  Local media sources say the June closing date is several months ahead of what they were told back in November. I reported on 31 January 2013, that the flagship money making Sears store was being closed soon.

The huge Sears store/auto center employees 372 people!

Local Hawaii media stuck with a Sears Holdings’ claim, back in November, that the store would stay open through 2013, closing in early 2014.  The problem is that Sears Holdings does not own the store!  They sold the store at the beginning of 2012 to General Growth Properties (GGP).  GGP has been closing down most of the eleven stores they bought (except for the one in Utah, because they cut a deal on the lease).

Hawaii media also stating that GGP revealed (also in November) that the Sears store would be turned into smaller retail spaces, get this, beginning in 2013, in direct contradiction to the Sears Holdings’ statement.

This is a clear case of store employees, and the local media, relying on info from the wrong ‘official source’.  They were relying on info from Sears Holdings which did not apply in this case because the store was actually owned by GGP (never mind the fact that Sears Holdings hasn’t been reliable, also I’ve worked for GGP at one of their Idaho malls and know what stupid corporate decisions they are capable of).

There have been growing complaints by customers that Sears/Kmart is not honoring their ShopYourWay rewards program. Also, growing reports that advertised items are not actually in stock, customers are then pushed to buy something else.  Is it the old bait-n-switch, or are they just not ordering new inventory?

Back in 2010 Sears Holdings sold $250 million USD worth of bonds to its own retirement plan.  Such a move is considered a desperate attempt by a company in trouble to raise cash, on paper anyway.

Recently Sears issued a $5 “Thank you” coupon.  If you bought $25 worth of stuff you got $5 off.  The problem was that the list of “restrictions” was so long many people didn’t bother.

Also, a man in Florida made the dumb move of taking his SUV to get an oil change at Sears (I worked in a Sears automotive shop in California back in the late 1980s, right before it was proven they were ripping people off on brake jobs).  He claims the Sears employee got in his SUV and then rammed it into a wall: “The Sears auto worker gets in the vehicle, literally, it looks like slams on the gas and hit a truck lift and a concrete wall with the vehicle. It was surreal. I didn’t believe it happened.”-Dan Lindeman

Sears refused to pay for damages: “He told me you just need to pay for these repairs out of your pocket and then sue us or you need to call your insurance company.”

The trusting victim, Dan Lindman, did what Sears told him; he and his insurance provider (Farmer’s) actually paid for repairing the damages caused by Sears!  At last check, Farmer’s said Sears made a payment offer but it was too low and Farmers rejected the offer.

Refusing to honor rewards points, selling bonds to their own retirement plan, issuing coupons with restrictions that make it almost impossible to use, and refusing to pay for damages caused by employees: Sure signs of a company going down.

Here’s my updated list of store closings since the end of 2011:

Arizona: Scottsdale Sears/Great Indoors, Chandler Sears/Great Indoors.

Alabama: Gadsden Kmart (50 jobs lost), Mobile Sears (at least 40 jobs lost), Auburn Kmart (at least 40 jobs lost), Anniston Kmart (no word yet on how many jobs lost).

California:   El Monte Sears (at least 40 jobs lost. Damien Arrula, El Monte’s economic development director, said the store manager had lied about what was going on: “The general manager of the store had just indicated to me that they were remodeling.”), two San Diego Sears (at least 80 jobs lost), Pleasant Hill Kmart (more than 50 jobs lost).

Colorado:  Broomfield Kmart (at least 40 jobs lost), Glenwood Springs Kmart (at least 40 jobs lost), Lone Tree Sears/Great Indoors, Longmont Sears (at least 40 jobs lost), Pueblos’ South Side Kmart (52 jobs lost),  Denver Kmart (number of jobs lost have not been made public at this time, but could be at least 40).

Georgia: Macon Sears (at least 40 jobs lost), Buford Kmart (at least 40 jobs lost), Douglasville Kmart (at least 40 jobs lost), Atlanta Kmart (at least 40 jobs lost), Columbus Kmart (at least 40 jobs lost), Jonesboro Kmart (at least 40 jobs lost), Cartersville Kmart (74 jobs lost).

Guam:  Sears Hometown Store.

Florida: Fernandina Beach Kmart (at least 40 jobs lost), Callaway Kmart (at least 40 jobs lost), Orange City Kmart (at least 40 jobs lost),  Deland Sears (at least 40 jobs lost), Stuart Sears (at least 40 jobs lost), West Palm Beach Sears (at least 40 jobs lost), Port St. Lucie Sears (at least 40 jobs lost), Crystal River Sears (at least 40 jobs lost), New Smyrna Beach Kmart (at least 40 jobs lost), Saint Augustine Kmart (at least 40 jobs lost), Pompano Beach Kmart (at least 40 jobs lost),  Jacksonville Kmart on 5751 Beach Boulevard (71 jobs lost), second Kmart in Jacksonville on 4645 Blanding Boulevard (83 jobs lost), Ocoee Sears (102 jobs lost), Pensacola Kmart on Airport Boulevard closed in 2011, Pensacola Kmart on Mobile Highway closed on 03 February 2013 (69 jobs lost), Hialeah Kmart (67 jobs lost).


Hawaii:
Honolulu Sears (owned by GGP, 372 jobs lost!!!).

Idaho: Lewiston Sears (at least 60 jobs lost).

Indiana:  Anderson Sears (at least 40 jobs lost), Saint John Kmart (at least 40 jobs lost), Indianapolis Kmart (at least 40 jobs lost).

Illinois:  Alton Sears (at least 40 jobs lost), Melrose Park Sears parts and repair center (50 jobs lost), Zion Kmart (at least 40 jobs lost), Oak Lawn Kmart (at least 40 jobs lost), McHenry Kmart (at least 40 jobs lost), Peru Kmart (at least 40 jobs lost), Lombard Sears/Great Indoors (at least 40 jobs lost), Fairview Heights Kmart (81 jobs lost), Freeport Kmart (45 jobs lost), Pontiac Kmart (more than 47 jobs lost), Homer Glen Kmart (82 jobs lost), Streator Kmart (45 jobs lost), Lombard Kmart (70 jobs lost).  Naperville Kmart (98 jobs lost). By the way, Illinois elected officials gave Sears Holdings/Hoffman Estates a $150 million USD tax break to keep their headquarters in the state.  The tax break was not tied to any promise not to close stores.

Iowa:  Cedar Rapids Kmart (at least 40 jobs lost), Davenport Kmart (at least 40 jobs lost), Burlington Kmart (50 jobs lost), Coralville Sears (94 jobs lost, this is a store sold to GGP earlier in the year).

Kansas: Lawrence Sears (at least 40 jobs lost).

Kentucky: Middlesboro Sears (in September 2012 the Sears store re-opened under independent ownership, official grand re-opening scheduled for November), Winchester Kmart (back in May, Rankin Paynter bought out what was left of the inventory and gave it to charity), Hazard Kmart (at least 40 jobs lost).

Maine: Lewiston Sears (60 to 70 jobs lost).

Maryland: Ellicott Sears (at least 40 jobs lost), Gaithersburg Sears/Great Indoors.

Michigan: Novi Sears/Great Indoors, Brighton Sears Grand/Essentials,  Harper Woods Sears Full line, Monroe Sears Full line, Adrian Sears Full line, Washington Township Kmart, Chesterfield Kmart, Woodhaven Kmart, Flint Kmart (46 jobs lost).

Minnesota: Willmar Kmart, Duluth Kmart, New Hope Kmart, White Bear Lake Kmart.

Mississippi: Jackson Sears Full line, McComb Sears Full line, Columbus Sears Full line.

Missouri: Lee’s Summit Sears Grand/Essentials, Saint Louis Sears Full line.

Montana: Missoula Kmart (50 jobs lost).

New Hampshire: Nashau Sears Grand/Essentials, Keene Sears Grand/Essentials.

North Carolina: High Point Sears, Moorehead Sears, Rocky Mount Sears, Statesville Sears, Durham Kmart (79 jobs lost), Asheville Kmart (53 jobs lost),  West Smithfield Kmart (59 jobs lost), Winston-Salem Kmart (69 jobs lost).

New Jersey:  Lawnside Kmart (about 80 jobs lost).

New Mexico: Las Cruces Kmart (58 jobs lost).

New York: Depew Kmart (68 jobs lost).

Ohio: Chagrin Falls Kmart, Springfield Kmart, two Toledo Kmarts, Medina Kmart, Columbus Kmart, Columbus Sears/Great Indoors, Zanesville Sears (67 jobs lost), Trotwood Kmart (71 jobs lost).   Also, Van Wert Sears franchise bought out by Kirk Berryman, owner of Computer & Networking Technologies (CNT), who plans on moving the store to a new location.

Oklahoma: Oklahoma City Sears (98 jobs lost, GGP owned, GGP wants a $2 million sales tax rebate, claiming it’s needed to offset capital investments needed to bring the space up to the standards for potential new tenants).

Oregon: Roseburg Sears (at least 40 jobs lost), Tualatin Kmart Center (new property owner from California is tearing everything down for new shopping center, so far no indication the Kmart will be part of the new shopping center), Milwaukie Kmart (61 jobs lost).

Pennsylvania: Upper Darby Sears Full line, Pottstown Sears Full line, Pittsburgh Kmart, Wilkins Sears, Warminster Kmart (85 jobs lost).

South Carolina: Sumter Sears (at least 40 jobs lost), Orangeburg Sears (57 jobs lost), Columbia Kmart on Fort Jackson Boulevard in 2012, Columbia Kmart on Bush River Road in 2009, Irmo Kmart (no info on how many jobs lost).

Tennessee: Antioch Sears (at least 40 jobs lost), Cleveland Sears (at least 40 jobs lost), Oak Ridge Sears (at least 40 jobs lost), Hendersonville Kmart (at least 40 jobs lost), Morristown Sears (about 70 jobs lost).

Texas: Two Sears parts and repair centers closing in The Woodlands (117 jobs lost), rebuild center in Garland (58 jobs lost), Farmers Branch Sears/Great Indoors, Houston Sears Great/Indoors.

Virginia: Norfolk Sears (at least 40 jobs lost),  Midlothian Kmart (at least 40 jobs lost), Richmond Kmart (at least 40 jobs lost), Lynchburg Sears (84 jobs lost).

Washington: Walla Walla Sears Full line (in August 2012, it was reported that an independent owner of Sears Hometown stores will open a store in Walla Walla), Lacey Kmart (at least 40 jobs lost), Kelso Sears (47 jobs lost), Lakewood Kmart (59 jobs lost), Bellingham Sears (92 jobs lost),  Seattle Kmart (85 jobs lost).

West Virginia: Oak Hill Kmart (59 jobs lost).

Wisconsin: West Baraboo Sears (at least 40 jobs lost, local village officials say the store generated 3% of local tax collections), Rice Lake Kmart (about 71 jobs lost).

On top of that, Sears Holdings sold stores to General Growth Properties (GGP), of which it has been reported that most of those stores will be closed.

Here’s the list of 11 Sears stores now owned by GGP:

Iowa: Coral Ridge Mall (it’s official the Sears is closing, see above), and Mall of the Bluffs

Texas: The Woodlands Mall (this does not involve the two repair centers being closed by Sears)

Florida: West Oaks Mall

Utah: Fashion Place, and Provo Towne Centre (note the evil British empire way of spelling town & center. Due to a favorable lease agreement the GGP owned Provo Sears will continue to stay open under Sears Holdings management)

Oklahoma: Quail Springs Mall (it’s official, the Sears will be closed, see above)

Hawaii: Ala Moana Center (will be closed, see above)

Washington: Bellis Fair Mall (Bellingham store, see above)

Minnesota: Apache Mall

Illinois: Market Place Shopping Center

What Economic Recovery? Don’t forget to add the Sears stores bought by GGP to the closing list. All part of REIT plan to change the way you shop, and they blame you the shopper!

“….those with high occupancies, solvent anchor tenants, good population density and access to affluent shoppers, as stable, low-risk, income-producing assets and will pay up for them today. Poor quality malls, on the other hand, are either not trading or selling at a steep discount, and perhaps are scheduled for demolition or conversion.”-Ryan McCullough, Property and Portfolio Research

21 October 2012

Back in February 2012, it was announced that General Growth Properties (the largest mall owner in the U.S., and also struggling) bought eleven Sears owned and leased anchor stores at various GGP malls throughout the United States.

According to a Wall Street Journal article, the overwhelming majority of the $270 million USD paid for those 11 Sears stores, is going towards just one store at the GGP mall in Honolulu, Hawaii.

Even though the Hawaii Sears store was the jewel of the deal, GGP wants to shut it down: “General Growth intends to eventually raze the store and build in its place several smaller shops, which deliver more rent in aggregate than department stores.”-Wall Street Journal, 23 February 2012

Other reports say all 11 Sears stores bought by GGP will be closed by the end of 2013: “The stores will continue to operate as Sears locations into 2013 with final closing dates to be determined and announced later this year.”-RetailTraffic, 23 February 2012

So the purchase of Sears owned and leased anchor stores, by GGP, was not an effort to save those stores, but part of bigger plan to shut down big department stores (except for WalMart of course).

According to a 03 October 2012 article by CoStar Group (a commercial real estate information company), what’s happening with Sears and Kmart is part of a much bigger plan to drastically change up shopping malls and plazas in the United States: “I don’t think we’re overbuilt, I think we’re under-demolished……there are projects that are not going to lease. Retail has a finite lifespan and once you reach that lifespan, you can put up all the signs you want, and charge as low rent as you want, but that doesn’t make tenants want to take the space.”-Daniel Hurwitz, DDR Corp (formerly Developers Diversified Realty Corporation)

Big corporate retail property owners are also known as Real Estate Investment Trusts (REIT), for tax reasons.  GGP, as are other mall/plaza owners, is a REIT.

According to the CoStar article, REITs claim that traditional malls/plazas/stores only do well in areas with high population and a relatively high level of income for the people who live there.  Does that leaves most of Idaho out?

Foothills Plaza, Pocatello, Idaho. What'll happen when the WinCo moves from here to their new location in the Alameda Plaza?

GGP owns malls in Idaho Falls, Chubbuck, Boise and Coeur D Alene, plus Alameda Plaza (aka Old Fred Meyer store) in Pocatello (some hope there is that it’s now the site of the new bigger WinCo store).  Boise might be the only area of Idaho that meets REIT description of a successful commercial area; Boise is a “lifestyle & power center”.

pine ridge mall

Fading Pine Ridge Mall, Chubbuck, Idaho. Some hope, this anchor store is the new home to upscale Herbergers (never heard of them).

According to CoStar Group data, regional malls, power centers and community center properties averaged a vacancy rate of 50.6%!  But the bigger malls did not enjoy less vacancy; super-regional malls averaged 54.5% vacancy!

The problem, according to most vulture REIT crony capitalists is location, location, location.  Most retail operations are now located in parts of the country where personal incomes are down, hence shopping is down (in a round-a-bout way the vulture capitalists are blaming you the shopper, never mind the fact that vulture crony capitalism is what’s causing most people to lose jobs or see their incomes go down).

“When you have tenants looking for space and nothing new being built, and we’re sitting at mid-90% occupancy levels, it’s hard to argue we’re overbuilt when they’re scrambling to find 10,000 square feet.”-Daniel Hurwitz, DDR Corp

What Hurwitz is saying is that there’s plenty of empty stores for rent, but retail tenants don’t like what is available.  Those potential tenants are basing their preferences on what they perceive to be what shoppers want.

To make matters worse, the closing down of Sears, Kmart, The Gap and Office Max stores will add another 15 million square feet of available store space to the flooded commercial real estate market!

Moody’s Investors Service pointed out that malls located in lifestyle & power centers continue to make profits, while malls outside those areas are losing money and will continue to lose money. Also, it’s probably not worth trying to rebuild those malls located outside of lifestyle & power centers: “Renovating or reconfiguring an underperforming mall may cost many millions……What’s more, should the location lose its viability for retail altogether, the value to revert to land less demolition cost will produce an even greater loss.”-Tad Philipp, Moody’s

In other words, these vulture REIT crony capitalists don’t think things are going to improve for areas outside the lifestyle & power centers anytime soon.

As I quoted Ryan McCullough at the beginning of this article,  new retail businesses need to be located where there’s a lot of people, and those people have high levels of income.    So what we’re seeing, with the closing down of many iconic U.S. retail businesses, is part of the bigger plan of those Mitt Romney style vulture crony capitalists who are simply, in their minds, following the big revenue money from the big income consumer (rich people living in those lifestyle & power centers).

Here’s the list of 11 Sears stores now owned by GGP:

Iowa: Coral Ridge Mall, and Mall of the Bluffs

Texas: The Woodlands Mall

Florida: West Oaks Mall

Utah: Fashion Place, and Provo Towne Centre (note the evil British empire way of spelling town & center)

Oklahoma: Quail Springs Mall

Hawaii: Ala Moana Center

Washington: Bellis Fair Mall

Minnesota: Apache Mall

Illinois: Market Place Shopping Center

 

What Economic Recovery? Sears to sell off stores to GGP. GGP owns most of the malls in Idaho. Sears loses $3 billion in 2011

On February 23, 2012, Sears Holdings announced that they will sell off eleven stores to major mall owner General Growth Properties (GGP).

sears chubbuck

Sears at the struggling Pine Ridge Mall in Chubbuck, Idaho

GGP owns most of the malls in Idaho (Idaho Falls, Boise, Chubbuck and Coeur D’Alene), and they have Sears stores, but, none of the eleven to be sold off are in Idaho.  This means that it’s possible they might make the next round of closings.

The eleven stores to be sold to GGP (for a total of $270 million, to be finalized in April 2012) include one in Hawaii, two in Utah, two in Iowa, one in Washington, one in Texas, one in Illinois, one in Oklahoma, one in Florida and one in Michigan.

Also on February 23, Sears Holdings reported a net loss of $3.1 billion for the year 2011!