Sears Canada store closures expected to have little impact on RioCan

Sears Canada store closures expected to have little impact on RioCan

The move includes 18 Sears stores and two Kmart stores.

Sears stores have struggled with a consumer shift toward online shopping, tough competition from Wal-Mart Stores Inc. and Target Corp., and what analysts have decried as a cycle of underinvestment in stores, which many shoppers see as exhausted or lacking inventory, Crain's reported.

"Sears Holdings continues to actively manage our real estate portfolio to identify additional opportunities for reconfiguration and reduction of capital obligations", Sears said in a statement.

In an email, a Sears spokesman said the stores will close in mid-September and the Sears Auto Centers will close in late July. A list of the stores that the Company anticipates closing is included with this announcement.

The 20 closings bring the company's total so far this year to 236, or roughly 17% of the stores it had in January.

White House officials deny claim Trump seeking Mueller firing
Mueller has been widely respected by many in Washington from both sides of the aisle, but not everyone is a fan. Sanders' comment follows several days of speculation as to whether Trump was thinking about firing Mueller.

The Sears department store at the Westfield Shopping Center in Sarasota, located at 8201 S Tamiami Trail, is closing its doors for good.

Sears warned in March that there is "substantial doubt" about its ability to remain in business due to losses that have topped $10 billion since 2010, the last time it turned a profit. Sears Canada was spun off as an independent company from Sears Holdings in 2012.

"We are making progress with the fundamental restructuring of our operations that we initiated in February", Edward S. Lampert, chairman and CEO of Sears Holdings, said in a news release.

The company will not say how many employees will lose their jobs.

The company was spending about $11.2 million annually in rent on the 20 leases, according to Seritage, which was formed in 2015 in a sale-leaseback deal that provided Sears with financial aid and real-estate flexibility. Sears will also pay Seritage a termination fee equivalent to one year of the aggregate annual base rent, plus one year of estimated annual operating expenses.

Related Articles

  • UCLA Olympic lab penalized by world drug agency

    UCLA Olympic lab penalized by world drug agency

    He said tour officials saw how the blood testing was administered and whether the actual testing affected performance. Recreational drugs fell under the tour's private "conduct unbecoming a professional" disciplinary policy.
    Cuba rejects new US policy, saying pressure will not work

    Cuba rejects new US policy, saying pressure will not work

    The Directive also conceded that the blockade is an obsolete policy and that it should be lifted. Below is the full statement released Friday by the Cuban government.

    10 new planets that could have life discovered

    A Kepler mission scientist said, for the first time, there is at least one planet that nearly matches the Earth. Scientists with the mission expect that Kepler's K2 mission will continue until sometime in 2018.
  • Trump disputes Russian interference in 2016 election

    Trump disputes Russian interference in 2016 election

    Specifically, Johnson was questioned about whether the DHS helped the DNC after learning about possible Russian hacking. Russian Federation has repeatedly denied responsibility for any cyber attacks during the US presidential election.

    Names of jurors in Bill Cosby case are released

    On those two charges, the juror alleged, the two holdouts who believed Cosby was not guilty were "not moving, no matter what". In a statement read aloud after mistrial was announced, Cosby's wife of several decades, Camille Cosby, thanked the jurors.

    Top Tech Executives Head to the White House

    The council is made up of CEOs from Silicon Valley's most prominent companies, as well as over a dozen White House officials. In a statement the White House said that these withdrawals had not affected the meeting and it will still take place.
  • Farm loan waiver sparks speculation of early election, leaves oppn anxious

    Farm loan waiver sparks speculation of early election, leaves oppn anxious

    "Our government is committed to empower farmers through our policies, innovations and support, especially during acute drought", Siddaramaiah said.
    Global shares fall on Fed rate hike, plunge in oil prices

    Global shares fall on Fed rate hike, plunge in oil prices

    Weakening oil prices that may indicate commercial activity isn't strong enough to reduce a glut in energy products also hurts. Down Under, SPI futures were 1.34 percent lower at 5,805 compared to the S&P/ASX 200's Wednesday close of 5,883.904.

    Wind howling as final round at Erin Hills gets under way

    World number one Dustin Johnson, second-ranked Rory McIlroy and Australian world number three Jason Day all missed the cut. He had 310 yards to the hole when he hit 3-wood that could have led to big trouble if he went too far long or left.
  • Lakers great Magic Johnson picks successor in Lonzo Ball

    Part of the haul for the Los Angeles Lakers' trade with the Brooklyn Nets included the No. 27 pick in the 2017 NBA Draft . This past season, Hart led the Big East in points per game (18.1), player efficiency rating (28.1) and win shares (7.7).
    Joachim Low happy with Germany's win over Australia in Sochi

    Joachim Low happy with Germany's win over Australia in Sochi

    The Germans have recorded 8 wins and 2 draws over their last 10, and they are both healthy going into today's head-to-head.
    Putin: New sanctions will 'complicate' Russia-US ties

    Putin: New sanctions will 'complicate' Russia-US ties

    The bill would require a congressional review if President Donald Trump attempts to ease or end penalties against Moscow. They would target Russia's defense, intelligence, railway, mining and shipping industries.