The Sears division retailer within the Woodfield Mall in Schaumburg, a Chicago suburb, will shut on November 14.
Transformco, which acquired Sears Holdings after the corporate filed for chapter in 2018, confirmed its plans to redevelop the property.
“We intend to reinvigorate and maximize the worth of the true property whereas enhancing the buyer expertise with in style retailers that match the regional draw of Woodfield Mall,” mentioned Scott Carr, president of Actual Property for Transformco.
“That is a part of the corporate’s technique to unlock the worth of the true property and pursue the best and finest use for the advantage of the area people,” Larry Costello, Transformco’s public relations director mentioned in an announcement.
Sears will nonetheless have a presence in Illinois. There are 11 Sears Hometown Shops within the state, working primarily in small cities by impartial sellers or franchisees of Transformco associates.
The shops are usually between 6,000 to eight,000 sq. ft — far smaller than Sears department shops which had been every greater than 100,000 sq. ft — and promote primarily onerous items and home equipment. Transformco’s technique is to function extra shops just like the Hometown Sears.
There at the moment are 300 Sears and Kmart shops nonetheless open within the US, down from almost 700 in October 2018, when Sears declared chapter. At its peak, the corporate operated greater than 3,000 shops.
“I used to be shocked it wasn’t liquidated already,” mentioned Reshmi Basu, analyst with Debtwire and an skilled in retail bankruptcies. “Historical past exhibits a [second bankruptcy] for a retailer nearly all the time leads to liquidation.”
CNN’s Chris Isidore contributed to this report.