Sears Pulls Out Of New York City In Flurry Of Store Closings

Sears is closing another landmark store just days after reports indicated it was shuttering its last location in its home state of Illinois.

The parent company of the retailer, Transformco, has been quietly closing Sears and Kmart locations since buying it out of bankruptcy in 2019 in a $5.2 billion deal with Eddie Lampert’s hedge fund ESL.

Now the latest spot to close is in New York City – a store that has been open since 1932, according to WCBS Radio out of New York.

According to the news outlet, the Brooklyn-based store is sporting signs that read, “Everything Must Go!” “Huge Inventory Blowout” and "Nothing Held Back!”

The City reported that the store will be closing its doors for good on Nov. 24. There is also a Kmart in the basement of the building, which is also slated to close, the news outlet said.

“This location has potential for redevelopment within a variety of asset classes,” Scott Carr, president of real estate for Transformco, told The City. “We intend to reinvigorate and maximize the value of the real estate to meet the needs of the Brooklyn market.”

The Sears store is the last in New York City.

The retailer is located in a 100-foot, Art Deco-style tower that was designated a historic landmark in 2012, which protects it from being demolished.

Sears is also closing its Schaumburg, Ill., store in the Woodfield Mall on Nov. 14 with plans to redevelop the site for a new tenant, according to CNBC.

Sears Holdings filed for bankruptcy in October 2018. Just 35 Sears stores are still open, and 22 Kmart locations remain.