Sears will be closing the 200,000-square-foot anchor store in the Huntington Square Mall at 4000 Jericho Turnpike, along with 19 others across the country, according to a filing with the Securities and Exchange Commission.
The Sears logo is seen on the side of a store March 24, 2005 in San Bruno, California.
Sears Canada plans to close 59 stores and cut approximately 2,900 jobs under a court-supervised restructuring.
Sears Holdings will close another 20 USA locations, as the owner of Sears and Kmart stores continues to look for ways to control costs and stay afloat.
Two Sears and Sears Auto Center locations in Northeast Ohio will close their doors in what the company is calling "a hard, but necessary decision".
America's banks are really, really healthy
Overall, officials found that in the most severe scenario, companies would have suffered about US$383 billion in losses on loans. Almost nine years on, banking industry profits have been steadily rising and banks have been lending more freely.
Stores are closing at alarming rate.
Of the 14 Hometown stores closing, half of them are located in Alberta, including four in the Edmonton area. In addition, it shut down pharmacy operations at 92 Kmart stores as well as Sears Auto operations at 50 stores, although it kept the stores at those locations open.
Sears Canada Inc. and certain of its subsidiaries have been granted an order from the Ontario Superior Court of Justice under the Companies' Creditors Arrangement Act (CCAA). Sears and Kmart were once go-to department stores with Amazon-like levels of merchandise assortment and customer loyalty. Most employees are part-time workers paid hourly.
A spokesperson for Kmart's parent company, Sears Holdings told the paper on Friday that the store will close in September, and a liquidation sale will begin June 29.
Lampert's investment firm owns 43.5% of the limited partnership units of Seritage and controls 7.9% of its voting power.