Sears announced Thursday that the longstanding Station Mall anchor store is expected to close after more than 43 years of operation as part of the parent company's plan to restructure the ailing business.
The Lafayette location is the only Louisiana store on the list. Sears will have closed almost half of its stores in the last five years, drawing down to about 1,180, including about 245 closings in the last year, Business Insider reported.
Headquartered in Toronto, Sears Canada had 94 department stores, 23 Sears Home stores and 10 outlets prior to the CCAA restructuring. The store will close in mid-September, according to its parent company Sears Holdings. "We continue to evolve to provide shoppers with more choices at their shopping mall", said Mary Mokwa, Southridge's general manager.
Business Insider reported that the list of stores set to close includes three in OH, three in NY, two in Texas and two in Maryland.
We have been strategically and aggressively evaluating our store space and productivity, and have accelerated the closing of unprofitable stores as previously announced.
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But he said there is no doubt that "this is one occasion when we ought to say he deserves to take a victory lap". FILE - In this June 9, 2017 House Minority Leader Nancy Pelosi , D-Calif., speakson Capitol Hill in Washington .
The 20 closings bring the company's total so far this year to 236, or roughly 17% of the stores it had in January.
A Kmart in York County will close in the near future, according to a report.
In April, Seritage, a developer that controls about 250 Sears Holdings properties across the US, said it was seeking new tenants to take over some of the space at five Sears and Kmart stores in Maryland. An auto center at the Galewood Sears will close in late July.
Sears is hardly the only retailer shuttering locations. 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.