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SHLD Store Closures


krazeenyc
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Sears seems to be very popular probably due to all the volatility as well as the involvement of "super investors" Eddie Lampert and Bruce Berkowitz .  Maybe we can keep store closures in a different thread to minimize the size of difficult of finding info in that thread. We really just need to see how many stores are closing.

 

UPDATED 7 29 2014. 99 Total announced YTD. (102? TOTAL missed 3- 7/29/2014)

 

Here is a list of the store closures announced so far this year for Early Mar/April that are easily searchable on google.

 

Hutchinson Kansas Sears - Close Mid April 2014 - Lease not renewed. 1/3/2014

http://www.kake.com/home/headlines/Sears-store-to-close-in-Hutchinson-238639701.html

 

Portage Wisconsin Kmart to Close - Close Mid April 2014 - Lease not renewed 1/3/2014

http://www.wiscnews.com/article_df84f702-74bb-11e3-a37f-0019bb2963f4.html

 

2 Kmarts to Close Greenfield and Hales Corner Wisconsin

http://www.bizjournals.com/milwaukee/news/2014/01/07/kmarts-to-close-in-greenfield-hales.html

 

Fergus Falls Kmart to Close - Mid March 2014 - Lease not renewed 1/4/2014

http://www.fergusfallsjournal.com/2014/01/04/kmart-is-closing/

 

Bad Axe Kmart Store to Close - Mid April 2014 - Lease not renewed 1/3/2014 (Luke already posted this)

http://www.michigansthumb.com/articles/2014/01/03/news/local_news/doc52c71c36ba89f306120622.txt

 

Downtown Columbus Sears to Close Mid Mar/Apr 2014 - (Luke Posted this)

http://www.therepublic.com/view/local_story/Sears-ending-8-decade-run-in-c_1388896825

 

Montgomery Ill Kmart to close - Mid Mar 2014 Lease not renewed.

http://beaconnews.suntimes.com/business/24818246-420/kmart-in-montgomery-to-close.html

 

Columbiana Centre Sears to close Mid Mar 2014 Lease not renewed. (CBL Lease Buyout)

http://www.thestate.com/2014/01/09/3198579/shop-around-sears-to-close-harbison.html

 

Findlay’s Sears to Close - Mid Mar.

http://reviewtimes.com/breaking-news/2014/01/08/sears-store-at-findlay-village-mall-to-close-in-april/

 

Landover Mall Sears to Close - Mid Mar

http://nesbittrealty.com/2014/01/06/sears-to-close-landover-store-in-march/

 

Shawnee Sears to Close  MiD April

http://www.news-star.com/article/20140109/NEWS/140109743/1001/NEWS

 

Newport Kmart to Close - Mid April

http://www.fox19.com/story/24408737/kmart-to-close-newport-store-liquidation-sale-starts-friday

 

Decatur Sears to Close - Lease not renewed. Mid April 2014.

http://www.waff.com/story/24436789/sears-in-decatur-to-close

 

http://hutchnews.com/Todaystop/A1--hutch-sears-closing

Kmart Manhattan Kansas

The company also announced it was closing a Kmart in Manhattan, also in mid-April, which employs 67 people. Those were the only two Kansas stores listed.

 

http://www.businessinsider.com/sears-closing-chicago-flagship-store-2014-1

Sears Will Close Its Flagship Store In Chicago

 

Sears in Dubuque Iowa (Kennedy Mall) -- Lease not renewed. Closing Late April 2014.

http://www.kcrg.com/news/local/Sears-Closing-Dubuque-Kennedy-Mall-Store-in-Late-April-241382241.html

 

http://www.aikenstandard.com/article/20140122/AIK0101/140129828/sears-and-auto-center-to-close-in-april

The Aiken Mall’s Sears and Auto Center to close in April

 

Sears to Close Mattoon Store in Cross County Mall (Also April 2014 Closing)

http://jg-tc.com/news/sears-to-close-mattoon-store-in-late-april/article_b94b24df-31b4-5165-9993-00b8134aca4c.html

 

Xenia, Ohio - Kmart: http://www.daytondailynews.com/news/news/local/kmart-xenia-closing-city-disappointed/ncxLd/

 

http://www.cleveland.com/business/index.ssf/2014/01/kmart_closing_its_westlake_sto.html

30010 Detroit Rd Westlake Ohio OH 44145, Kmart, lease not renewed.

 

Mason City Kmart to Close Mid April.

 

http://globegazette.com/news/local/mason-city-kmart-to-close-in-april/article_b1914abe-4a3b-570a-9a0e-3f343f236d8f.html

 

Freedom Drive Kmart in Charlotte to close mid april

http://www.wsoctv.com/news/news/local/freedom-drive-kmart-close-april/ncxpb/

 

Winter Park Kmart to Close Mid March (this was announced 1/14)

http://www.bizjournals.com/orlando/morning_call/2014/01/kmart-store-in-winter-park-to-close.html

 

Kmart in FairOaks Mall to close in April Columbus, IN

http://www.therepublic.com/view/local_story/Kmart-in-FairOaks-Mall-to-clos_1390427720

 

Ellisville, Missouri - Kmart

http://www.stltoday.com/business/columns/consumer-central/article_a5fc77a8-5482-5469-89e5-77ed4c3b1b93.html

 

2 more Kmart stores closing in PHILLY - THE GALLERY & Orthodox St.

http://www.bizjournals.com/philadelphia/news/2014/01/23/kmart-will-close-two-philadelphia-stores.html

 

Kmart in Washtenaw to close in late April 2014.

http://www.mlive.com/business/ann-arbor/index.ssf/2014/01/kmart_store_in_washtenaw_count.html

 

Sears closing Galesburg store

http://www.galesburg.com/article/20140131/NEWS/140139914

 

Norwalk Kmart to Close Mid-May 2014 (Lease not renewed)

 

http://www.norwalkreflector.com/article/4088291

 

Fergus Kmart to Close Mid-March 2014 (Lease not renewed)

 

http://www.inforum.com/event/article/id/425308/

 

Alexandrea Kmart to Close Mid-March 2014 (Lease not renewed)

http://www.echopress.com/content/alexandria-kmart-store-close-soon

 

Kmart in Wise to Close (Mid April 2014) Lease not renewed.

http://m.tricities.com/news/article_581cd604-8aa0-11e3-939d-0017a43b2370.html?mode=jqm

 

Logansport Sears store closing in May

http://casscountyonline.com/site/content/logansport-sears-store-closing-

 

2 Kmarts to close in Albany Region - CLifton Park and Latham (Mid-May)

http://www.bizjournals.com/albany/news/2014/02/03/two-more-kmart-stores-closing-in.html

 

2 More Kmarts (Wisconsin) to close Mid-May 2014.

(Prarie View Road and Oak Ave) CHIPPEWA FALLS, Wis

http://www.weau.com/home/headlines/Mayor-Area-Kmart-to-close-243495761.html

 

Kmart Greenville to close (Mid May 2014?)

http://www.daytondailynews.com/news/news/local/kmart-close-greenville-store/ndCSd/

 

Oak Harbor Kmart to close (Late April 2014)

http://www.whidbeynewstimes.com/news/243372181.html

 

Another Kmart to close in Albuquerque (mid-May, lease not renewed)

http://www.abqjournal.com/349101/blogs/another-albuquerque-kmart-to-close.html

 

Newport News Kmart in Denbigh to close

http://www.dailypress.com/business/tidewater/dp-newport-news-kmart-in-denbigh-to-close-20140207,0,4248075.story

 

Kmart closing store in Murrells Inlet (Myrtle Beach) - close late April

http://www.myrtlebeachonline.com/2014/02/10/4016496/kmart-closing-store-in-murrells.html

 

Sears Closing Kyova Mall store.

http://www.wsaz.com/news/headlines/Sears-Reprtedly-Closing-KYOVA-Mall-Store-244713651.html

 

Kmart closing in East Cobb (Atlanta)

http://www.tonetoatl.com/2014/02/dont-ship-your-pants-kmart-east-cobb-is.html?showComment=1392316457937

 

Grand Island Kmart store to close (June)

http://www.theindependent.com/news/local/grand-island-kmart-store-to-close/article_14c8f21e-99ac-11e3-bfb6-001a4bcf887a.html

 

Klamath Kmart to close: 64 jobs lost (June)

http://www.heraldandnews.com/breaking/article_a2b99d4e-99a2-11e3-ab68-001a4bcf887a.html

 

Fort Payne Kmart to close (June)

http://times-journal.com/news/article_2b5ed024-99b7-11e3-8d86-0019bb2963f4.html

 

Kmart to close Hunt Road location in Blue Ash (June)

http://www.wlwt.com/news/local-news/hamilton-county/kmart-to-close-hunt-road-location-in-blue-ash/24582348

 

Banning Kmart Store to Close Down After 23 Years in Business (June)

http://banning-beaumont.patch.com/groups/business-news/p/banning-kmart-store-to-close-down-after-23-years-in-business

 

KMART in Conover to close in June.

http://www.hickoryrecord.com/news/article_5a6cbfd6-9a82-11e3-89c9-0017a43b2370.html

 

Petoskey Kmart to Close  in June 2014

http://www.petoskeynews.com/news/business/kmart-store-to-close-in-june/article_16dcad54-8413-5f32-b487-985cad65eeaf.html

 

Sears to close Sodo store, ending long run in historic building

http://seattletimes.com/html/businesstechnology/2022962507_searslayoffsxml.html

 

East Greenbush Kmart to close in June

http://www.timesunion.com/local/article/East-Greenbush-Kmart-to-close-in-June-5257180.php

 

Another Capital Region K-Mart to close

http://wnyt.com/article/stories/s3335040.shtml

 

Another Kmart closing in South Jersey (Berlin)

http://www.courierpostonline.com/article/20140223/BUSINESS/302230058/Another-Kmart-closing-in-South-Jersey?nclick_check=1

 

Winchester Kmart Will Close in Late Spring

http://www.winchesterstar.com/article/022414breakk

 

Big Kmart closing in north Raleigh

http://www.bizjournals.com/triangle/blog/2014/02/big-kmart-closing-in-north-raleigh.html

 

Harrisonburg Kmart Will Close In June... home of my undergrad, go JMU Dukes!

http://www.dnronline.com/article/new_harrisonburg_kmart_will_close_in_june

 

87 to Lose Jobs as Middletown Kmart Sets Closing Date (June)

http://levittownnow.com/2014/02/24/87-to-lose-jobs-as-middletown-kmart-closes/

 

Business North: Grand Rapids Kmart to close (June)

http://minnesotabrown.com/2014/02/business-north-grand-rapids-kmart-close.html

 

Kmart On South Campbell In Springfield Closing This Summer (July)

http://www.jrn.com/ktts/news/Kmart-On-South-Campbell-In-Springfield-Closing-This-Summer-247863911.html

 

Sears closing its store in Slidell's North Shore Square mall (June)

http://www.nola.com/business/index.ssf/2014/03/sears_closing_its_store_in_sli.html

 

Kmart closing St. Johns store (June)

http://www.lansingstatejournal.com/article/20140318/BUSINESS/303180028/Kmart-closing-St-Johns-store

 

Sears closing it's Woodville Mall Store (July)

http://www.toledoblade.com/local/2014/03/18/Sears-to-shutter-its-store-at-former-Woodville-Mall.html

 

Kmart’s Marshall store closing this summer (July)

http://www.marshallindependent.com/page/content.detail/id/554466/Kmart-s-Marshall-store-closing-t---.html

 

Niceville shopping fixture will shut down this summer (July)

http://www.nwfdailynews.com/business/local-business-news/niceville-shopping-fixture-will-shut-down-this-summer-1.295713

 

Dover K Mart to close in July

http://delawarebusinessdaily.com/2014/04/dover-k-mart-to-close-in-july/

 

Conneaut Kmart to close its doors

http://www.starbeacon.com/local/x1984805996/Conneaut-Kmart-closing-in-June-43-to-lose-jobs

 

Dixie Highway Kmart will close in May

http://www.courier-journal.com/story/news/local/southwest/2014/04/11/dixie-highway-kmart-will-close-may/7589841/

 

Waynesboro Kmart to begin liquidation sale Thursday (June)

http://www.heraldmailmedia.com/news/local/waynesboro-kmart-to-begin-liquidation-sale-thursday/article_91868f5e-c581-11e3-ac27-0017a43b2370.html

 

Sears in Seaford to close; 30 losing jobs (July)

http://www.delawareonline.com/story/money/business/2014/04/14/sears-seaford-kmart-dover-close/7716665/

 

Rexburg Kmart to close its doors (July)

http://www.localnews8.com/news/rexburg-kmart-to-close-its-doors/25521306

 

Lapeer Kmart to Close

http://thecountypress.mihomepaper.com/news/2014-05-04/Front_Page/LAPEER_KMART_CLOSING.html

 

Kmart store near Lambeau Field closing; 80 workers affected

http://fox11online.com/2014/05/30/kmart-store-near-lambeau-field-closing/

 

Sears in Laguna Hills to Close - (Mall Owner buying out Sears)

 

http://www.ocregister.com/articles/laguna-612692-mall-hills.html

 

Grand Blanc Kmart to close (mid-July)

http://grandblancview.mihomepaper.com/news/2014-05-08/News/Kmart_to_close_midJuly.html

 

Northport Kmart to close this year; liquidation to start soon (September)

http://www.tuscaloosanews.com/article/20140610/NEWS/140619978

 

Local Kmart store abruptly closes; dozens of employees out of work (immediately)

http://www.10news.com/money/local-kmart-store-abruptly-closes-dozens-of-employees-out-of-work-061114?autoplay=true

A Sears Holding Corp. representative told 10News the store located at 5405 University Avenue was "closed to the public, effective Wednesday, June 11" because "another retailer has signed a contract to take over our lease ..."

 

Kmart closing Metro East store, Collinsville (September)

http://www.topix.com/city/collinsville-il/2014/06/kmart-closing-metro-east-store

 

Kmart closing stores in High Point, Boone (September)

http://www.wxii12.com/news/kmart-closing-stores-in-high-point-boone/26461248#!X3NgX

 

Kmart to close Albany (Oregon) store, lay off 64 workers (September)

http://www.kval.com/news/local/Kmart-to-close-Albany-store-lay-off-64-workers-262956641.html

 

Kmart closing Gretna store, laying off 94 workers (September)

http://www.theneworleansadvocate.com/news/9483665-171/kmart-closing-gretna-store-laying

 

Sanatoga K-Mart Store Signs Announce Its Closing (late August)

http://sanatogapost.com/2014/06/22/sanatoga-k-mart-store-signs-announce-closing/

 

Kmart store to close in Hemet

http://www.pe.com/articles/kmart-696714-store-hemet.html

 

Oakdale Kmart to close in September

http://finance-commerce.com/2014/07/oakdale-kmart-to-close-in-september/

 

K-Mart in Sand Springs to close

http://www.fox23.com/news/news/local/k-mart-sand-springs-close/ngcFR/

 

2 more metro Detroit Kmarts closing (October)

http://www.freep.com/article/20140710/BUSINESS/307100159/2-more-metro-Detroit-Kmarts-closing

 

 

Cleveland-area Kmart shutting its doors permanently (October)

http://www.crainscleveland.com/article/20140711/FREE/140719950/cleveland-area-kmart-shutting-its-doors-permanently

 

Kmart to close in Winona (October)

http://www.weau.com/home/headlines/Kmart-to-close-in-Winona-266801431.html

 

Madisonville Kmart to Close in October

http://surfky.com/index.php/news/local/hopkins/50356-madisonville-kmart-to-close-in-october

 

K-Mart Store in Everett, WA Closing

http://myeverettnews.com/2014/07/13/k-mart-store-everett-wa-closing/

 

Winter Haven Kmart to Close in October

http://www.theledger.com/article/20140714/NEWSCHIEF/140719601

 

Southgate Kmart will close

http://thenewsherald.com/articles/2014/07/09/news/doc53bc87e2a67e8189355105.txt

 

Evergreen Way Kmart to close in September

http://www.heraldnet.com/article/20140715/BIZ/140719381/Evergreen-Way-Kmart-to-close-in-September-

 

Sears plan in Fort Collins to idle 67 workers (September)

http://www.bizjournals.com/denver/morning_call/2014/07/sears-plan-in-fort-collins-to-idle-67-workers.html

 

Last Kmart in Brevard to close in September

http://www.floridatoday.com/story/money/business/2014/07/23/last-kmart-brevard-close-september/13041571/

 

Kmart to close in Milford, Massachusetts (October)

http://www.milforddailynews.com/article/20140729/NEWS/140726803/1994/NEWS

 

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http://www.cleveland.com/business/index.ssf/2014/01/kmart_closing_its_westlake_sto.html

 

30010 Detroit Rd Westlake Ohio OH 44145, Kmart, lease not renewed.

 

Article mentions one more kmart but does not disclose location.

 

For retailers it makes sense to immediately close loss making stores just after the holiday season. So I am not sure this speed of store closings will be retained through the year.

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http://www.cleveland.com/business/index.ssf/2014/01/kmart_closing_its_westlake_sto.html

 

30010 Detroit Rd Westlake Ohio OH 44145, Kmart, lease not renewed.

 

Article mentions one more kmart but does not disclose location.

 

For retailers it makes sense to immediately close loss making stores just after the holiday season. So I am not sure this speed of store closings will be retained through the year.

 

According to the terms of their revolver they cannot close stores at this pace throughout the entire year. (they are limited to a specific number annually).  The timing of the store closures are likely due to what kind of incentives or penalties Sears gets when they leave (in conjunction with the performance of the store). In one case last year, Sears announced that they were closing a store and suddenly a week later (presumably due to the mall giving them an incentive to stay -- speculation) they reversed course and agreed to stay.

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"According to the terms of their revolver they cannot close stores at this pace throughout the entire year. (they are limited to a specific number annually)."

 

-ve covenant allows for 250 per quarter and 500 TTM (iirc prior revolver was 100)

 

Even then the collateral agent will waive that covenant.

 

Spin

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A developer that is redeveloping the Foothills mall is buying Sears' owned store 66,000 Sq ft (Apparently it was quite a battle to get Sears out -- they wanted Sears out since it's an upscale store).  They are paying Sears for the property + they are building Sears another smaller property ($815K) in another location (they'll lease the land to Sears -- Sears will own the building.  What's interesting is the size of the new store 10K sq ft. Interesting!! 10,000 Sq Ft Sears store (not SHOS).

 

OBV. this Foothills store will close sometime soon -- just unknown when it will be.

 

http://www.coloradoan.com/article/20140123/BUSINESS/301230103/Sears-tight-lipped-about-new-Foothills-store

 

 

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A developer that is redeveloping the Foothills mall is buying Sears' owned store 66,000 Sq ft (Apparently it was quite a battle to get Sears out -- they wanted Sears out since it's an upscale store).  They are paying Sears for the property + they are building Sears another smaller property ($815K) in another location (they'll lease the land to Sears -- Sears will own the building.  What's interesting is the size of the new store 10K sq ft. Interesting!! 10,000 Sq Ft Sears store (not SHOS).

 

OBV. this Foothills store will close sometime soon -- just unknown when it will be.

 

http://www.coloradoan.com/article/20140123/BUSINESS/301230103/Sears-tight-lipped-about-new-Foothills-store

 

Nice find!  I like this quote in particular...

The deal is raising interest from New York investment company Stone House Capital Management, LLC, which is researching whether to invest in Sears.

 

“We do see a lot of value in some of the ... brands Sears has,” including Land’s End, said Julian Tatz of Stone House Capital Management. “Retail looks like it’s not going to really turn out too well, but we’re looking at the whole picture, not only retail.”

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Bad Axe Kmart Store to Close - Mid April 2014 - Lease not renewed 1/3/2014 (Luke already posted this)

http://www.michigansthumb.com/articles/2014/01/03/news/local_news/doc52c71c36ba89f306120622.txt

 

This article says the store closing didn't have its lease renewed. It also mentions the owner is Fort Dodge Realty associates of Hoffman Estates, Ill.

 

It seems like an odd coincidence to me that the owner of the store is headquartered in the same small city on the outskirts of Chicago as SHLD. Anybody know whether this is actually a SHLD subsidiary, and they're just saying lease renewal for PR/employee reasons?

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A developer that is redeveloping the Foothills mall is buying Sears' owned store 66,000 Sq ft (Apparently it was quite a battle to get Sears out -- they wanted Sears out since it's an upscale store).  They are paying Sears for the property + they are building Sears another smaller property ($815K) in another location (they'll lease the land to Sears -- Sears will own the building.  What's interesting is the size of the new store 10K sq ft. Interesting!! 10,000 Sq Ft Sears store (not SHOS).

 

OBV. this Foothills store will close sometime soon -- just unknown when it will be.

 

http://www.coloradoan.com/article/20140123/BUSINESS/301230103/Sears-tight-lipped-about-new-Foothills-store

 

Nice find!  I like this quote in particular...

The deal is raising interest from New York investment company Stone House Capital Management, LLC, which is researching whether to invest in Sears.

 

“We do see a lot of value in some of the ... brands Sears has,” including Land’s End, said Julian Tatz of Stone House Capital Management. “Retail looks like it’s not going to really turn out too well, but we’re looking at the whole picture, not only retail.”

 

This is weird. Why would a hedge fund start to talk about a potential position before he decides to load up?

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