Sears to close East Northport store by September

by Marta Holmes June 24, 2017, 0:06
Sears to close East Northport store by September

MENTOR, Ohio- Sears is closing two of its stores in Northeast Ohio.

The Company will continue to take all necessary action to drive improvements in our organization to achieve our profitability objective with a greater focus on Best Members, Best Categories and Best Stores.

Meanwhile, Sears Canada Inc. said Thursday it plans to close 59 locations across Canada and cut approximately 2,900 jobs under a court-supervised restructuring.

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. It said it will begin liquidation sales next weekend and that the stores are expected to close by mid-September. There have been about 5,300 store closing announcements so far this year, according to Fung Global Retail & Technology, a retail think tank. Sears closed 240 stores previous year and 53 in 2015. Sears Canada filed for protection from its creditors under Canada's Companies' Creditors Arrangement Act, the equivalent of Chapter 11 bankruptcy, on Thursday.

Nebraska preliminary May jobless rate drops to 2.9 percent
The number of people employed in Norfolk fell by nearly an exact number (62) as the area's labor force did (60). The May unemployment numbers showed an increase of a tenth of a percentage point, increasing the rate to 5.0%.

The number of affected employees was not publicly available. However, Sears Holdings CEO Eddie Lampert and his ESL Investments hedge fund own an approximate 45% stake in the company.

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.

In April, Seritage, a developer that controls about 250 Sears Holdings properties across the USA, said it was seeking new tenants to take over some of the space at five Sears and Kmart stores in Maryland.


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