Sears to close last store in its home state of Illinois
It's the end of an era for Sears in Illinois.
The retailer, founded in Chicago in the 1890s, is shuttering its store at the Woodfield Mall in nearby Schaumburg, CNBC confirmed Thursday. This is the last Sears still open in the company's home state. The store is set to close its doors on Nov. 14.
A spokesperson for Sears' parent company, Transformco, told CNBC they will still manage the space, and are in the process of finding a new tenant. "This is part of the company's strategy to unlock the value of the real estate and pursue the highest and best use for the benefit of the local community," Transformco said in a statement.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Transformco acquired Sears after it filed for Chapter 11 bankruptcy protection in October 2018. In August, there were still 34 stores in operation, down from around 700 when Sears filed for bankruptcy protection.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Catherine Garcia is night editor for TheWeek.com. Her writing and reporting has appeared in Entertainment Weekly and EW.com, The New York Times, The Book of Jezebel, and other publications. A Southern California native, Catherine is a graduate of the University of Redlands and the Columbia University Graduate School of Journalism.
-
Congress starts clock on TikTok ban in foreign aid bill
Speed Read Lawmakers believe that the app poses a national security threat
By Peter Weber, The Week US Published
-
Pros and cons of universal health care
Pros and Cons A medical system that serves everyone comes with its own costs, and they're not only financial
By Rebecca Messina, The Week UK Published
-
Today's political cartoons - April 24, 2024
Cartoons Wednesday's cartoons - war on the big screen, politicians on the stock market, and more
By The Week US Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published
-
Disney and DeSantis reach detente
Speed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
By Peter Weber, The Week US Published
-
Visa and Mastercard agree to lower swipe fees
Speed Read The companies will cap the fees they charge businesses when customers use their credit cards
By Peter Weber, The Week US Published
-
Reddit IPO values social media site at $6.4 billion
Speed Read The company makes its public debut on the New York Stock Exchange
By Peter Weber, The Week US Published
-
Housing costs: the root of US economic malaise?
speed read Many voters are troubled by the housing affordability crisis
By Peter Weber, The Week US Published
-
Feds cap credit card late fees at $8
speed read The Consumer Financial Protection Bureau finalized a rule to save households an estimated $10 billion a year
By Peter Weber, The Week US Published