Sears closes another 20 stores

NEW YORK — Sears is closing another 20 stores as the ailing retailer tries to turn around its business.

Real estate investment trust Seritage, which owns the 20 real estate properties, confirmed the closings— 18 Sears stores and two Kmart stores — in a government filing Friday.

In 2015, Sears Holdings Corp. sold 235 Sears and Kmart store locations to Seritage as part of an agreement in which Sears leases the stores back from the real estate company. Under the agreement with Seritage, if a store is unprofitable, Sears Holdings has the option to exit the lease by making a payment equal to one year’s rent.

“We have been strategically and aggressively evaluating our store space and productivity, and have accelerated the closing of unprofitable stores as previously announced,” Sears Holdings spokesman Howard Riefs said in a statement emailed to The Associated Press.

Riefs said the stores will close in mid-September. Liquidation sales will begin by the end of June.

The closures come in addition to the closing of 226 stores — 164 Kmart stores and 62 Sears stores— already announced this year, according to research firm Fung Global & Retail Technology, which tracks retailers’ closings.

On Thursday, Sears announced the opening of its first Sears Appliances & Mattresses concept store, located in Pharr, Texas. The company said the store builds on the success of the Sears Appliances store that opened in Fort Collins, Colorado, last year.

Shares of Sears Holdings, which is based in Hoffman Estates, Illinois, ended Friday up 13 cents, or almost 2 per cent, to $6.95.

Just Posted

Class size only part of the problem say Central Alberta teachers

Though the Alberta auditor general’s report points out that classroom sizes continue… Continue reading

RV and gem shows on at Westerner Park

Rock and roll in Red Deer

Red Deer’s River Bend upgrades officially open

Major upgrades to the River Bend Golf and Recreation Area are officially… Continue reading

Fire permit season begins in March

Earlier springs in last few years prompted Alberta government to move up fire permit season

Influenza claims two more in Central Alberta

Since flu season began four months ago 16 have died in Central Alberta

Updated: Red Deer gets WHL Bantam Draft and Awards Banquet

WHL will holds its draft and awards ceremony in Red Deer for next three years

How to keep local news visible in your Facebook feed

Facebook has changed the news feed to emphasize personal connections. You might see less news.

New execution date set for Georgia’s ‘stocking strangler’

ATLANTA — A man known as the “stocking strangler,” who was convicted… Continue reading

Man says he kicked Chevy Chase in self-defence in dispute

SOUTH NYACK, N.Y. — A New York man says he kicked Chevy… Continue reading

Supporters of Tina Fontaine’s family march in Winnipeg to support her family

WINNIPEG — Hundreds marched through the streets of Winnipeg on Friday in… Continue reading

Alberta judge cleared in case where sex assault victim was shackled and jailed

EDMONTON — An Alberta judge has been cleared of misconduct in the… Continue reading

Ottawa vows legislation allowing firms to settle corporate corruption

OTTAWA — The Canadian government is vowing to introduce legislation for corporate… Continue reading

‘Lost Tapes’ series examines Malcolm X through rare footage

ALBUQUERQUE, N.M. — Malcolm X was reviled and adored during his lifetime… Continue reading

Woe, Canada: Germany ousts Canada 4-3

GANGNEUNG, Korea, Republic Of — Germany has knocked Canada out of the… Continue reading

Most Read


Five-day delivery plus unlimited digital access for $185 for 260 issues (must live in delivery area to qualify) Unlimited Digital Access 99 cents for the first four weeks and then only $15 per month Five-day delivery plus unlimited digital access for $15 a month