- Real Insight Marketplace
- Sears is closing several stores and selling 16 others in an online auction.
- The stores that are closing include Kmart and Sears locations in Chicago; Wilmington, North Carolina; Youngstown, Ohio; Brandon, Florida; and Saugus, Massachusetts.
- The properties for sale are in Missouri, Michigan, Ohio, Indiana, and Texas.
- They are advertised as sale-and-leaseback deals, meaning Sears would make rent payments to the winning bidders to remain in the space.
Sears is closing several stores and selling 16 others in an online auction.
The closing stores include Sears locations in Chicago, Wilmington, North Carolina, and Youngstown, Ohio, as well as Kmart stores in Brandon, Florida, and Saugus, Massachusetts.
Sears is also likely to close its store at Tacoma Mall in Tacoma, Washington. The owner of the mall, Simon Property Group, recently revealed plans to demolish the Sears store and replace it with several buildings, including a movie theater.
Most of the stores will close in May, June, or July, according to layoff notices filed by Sears.
The stores were not included in two previously announced rounds of mass closures scheduled for this year that affected a total of 166 stores.
Meanwhile, the company is selling a handful of other stores online through a partnership with Cushman & Wakefield, a real-estate services company, The Wall Street Journal reports.
- Real Insight Marketplace
The properties are advertised as sale-and-leaseback deals, meaning Sears would make rent payments to the winning bidders to remain in the space.
Some properties with flexible lease agreements could allow for the space to be redeveloped into self-storage, hotels, or residential units, according to The Journal. Depending on the terms of the lease, it’s possible that the Sears stores could shut down entirely or shrink to take up less space on the property, as the company has done with several other locations.
Sears declined to comment on the store closures and auctions.
Buyers have until May 1 to signal interest in the properties for sale. Later that month, interested buyers will be able to bid on them in real time in an online auction, according to Real Insight Marketplace.
The following Sears stores are for sale:
- Castleton Square Mall, Indianapolis, Indiana
- Southlake Mall, Merrillville, Indiana
- University Park Mall, Mishawaka, Indiana
- Twelve Oaks Mall, Novi, Michigan
- 330 Siemers Dr., Cape Girardeau, Missouri
- South County Center, Mehlville, Missouri
- Mid Rivers Mall, Cottleville, Missouri
- Battlefield Mall, Springfield, Missouri
- Great Northern Mall, North Olmsted, Ohio
- Richland Mall, Mansfield, Ohio
- SouthPark Mall, Strongsville, Ohio
- Parkdale Mall, Beaumont, Texas
- Deerbrook Mall, Humble, Texas
- San Jacinto Mall, Baytown, Texas
- Rolling Oaks Mall, San Antonio, Texas
- Plaza Paseo Mall, Pasadena, Texas