A shopping cart sits in the parking lot of a Sears retail store on March 22, 2017 in Schaumburg, Illinois. Kmart and Sears, Roebuck, & Co. The parent company of Sears Holdings said there was “substantial doubt” about the company’s financial viability.
Scott Olson | Getty Images News | Getty Images
The last Sears department store in the retailer’s home state of Illinois is set to close its doors for good.
The store, located in Simon Property Group’s Woodfield Mall, is expected to close on November 14, the company confirmed to CNBC.
A spokesperson for TransformCo, the parent company of the department store chain, said it will explore ways to revitalize the space with another tenant because it also manages real estate.
“It is part of the company’s strategy to unlock real estate value and use it as best and as possible for the benefit of the local community,” Transformco said in a statement.
Sears Holdings, which also owns Kmart, filed for Chapter 11 bankruptcy protection in October 2019. Transformco then took Sears out of bankruptcy and has since closed dozens of remaining Sears and Kmart locations in the United States. .
The last Kmart location in Manhattan recently closed. It will be replaced by Wegmans Grocery Store.
A spokesperson for Transformco declined to confirm how many Sears and Kmart stores are still open.
Sears was founded in Chicago in the 1890s. Its business flourished for much of the 20th century, selling everything from houses to clothing. Sears was once the largest retailer in the country, with thousands of stores.
The company, which filed for bankruptcy in 2019, had around 700 stores, many of which were sterile.
Scott Carr, president of Transformco’s real estate division, said in a statement that the company plans to maximize the value of the Woodfield Mall property through the redevelopment.