Sears Selling Off Stores
After posting the largest quarterly loss in more than nine years, Sears Holdings Corp. has decided to sell 11 store sites and separate some of its smaller businesses. The company hopes to raise up to $770 million. Sears plans to separate several divisions includeing their Hometown outlet stores as well as some of their hardware stores. The separation of these divisions should raise between $400 and $500 million, while the sale of the 11 sites is expected to generate about $270 million.
Sears Roebuck and Co. got its start as a mail order catalog in the 1880s. Their first retail store openedin 1925 in Chicago. Sears held the title of the largest retailer in the U.S. until the 1980s. Sears Holdings Corp. is a retail conglomeration that was formed in 2005 when Sears, Roebuck and Co. merged with Kmart Holdings Corp. The conglomerate runs 4,000 retails stores under a variety of names, including Sears, Sears Grand, Kmart, Big Kmart and Lands’ End. The company’s headquarters are located in Hoffman Estates, Illinois.