Sears announces Southridge store closing

Posted June 24, 2017

Sears' Southridge closing was among 20 announced Thursday by the retail giant.

"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. The store will close to the public in mid-September and the Sears Auto Center will close in late July.

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

Door remains open for United Kingdom to stay in European Union , says Donald Tusk
But Mr Tusk, who grew up in Poland under communism, said: "I think you can feel this difference between illusions and dreams". They will be pursued in a normal way". "In a first step, we will deal with the most pressing issues".

The Sears store at Burnsville Center is on the list of closures. Kohl's and J.C. Penney will also benefit from the closures, (even though J.C. Penney is also shuttering underperforming locations), with J.C. Penney particularly benefiting from Sears closures due to their customer overlap.

But Sears, along with Macy's and J.C. Penney, are "future-proofing their offerings by closing stores", according to a new report from retail think tank Fung Global Retail & Technology. Most employees are part-time workers paid hourly.

Now, the company has been granted 30 days to restructure itself and has been authorised to obtain US$450m in debtor-in-possession financing, which is expected to provide the Sears Canada Group with sufficient liquidity to maintain business operations throughout the CCAA proceedings.

Russian defence minister's plane buzzed by NATO jet: Agencies
Pentagon spokesman Navy Captain Jeff Davis accused the Russian pilot of flying too fast and having "poor control" over his jet. The Pentagon and Russian Federation both said that interaction was carried out in a safe and professional manner.

The company acknowledged in March that there was "substantial doubt" it would survive on its own, though CEO Eddie Lampert has since blasted critics and said Sears is "fighting like hell" to carry on.

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. 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.

Squad video of Castile shooting expected to be made public
Sponsored Content - Download our Executive Briefing to learn how agency and industry experts are hoping to reduce insider threats. The charges included second-degree manslaughter and two counts of "intentional discharge of a firearm that endangers safety".