Sears said today it will sell its Ala Moana Center store to the mall’s owner and close the venerable retail establishment sometime next year.
The sale is part of a move by Sears to sell 11 stores in nine states to General Growth Properties for $270 million, the retailer said. The transactions are expected to close in 45 to 60 days, the company said.
Sears will continue to operate the stores into 2013. Final closing dates will be announced later this year.
The Sears store was one of the original tenants when Ala Moana opened in 1959.
The chain, led by billionaire Eddie Lampert, has faced slumping sales as consumers turn elsewhere for goods such as clothes and appliances. Investors have long speculated that Lampert’s long-range plan could be to unlock the value of the company’s massive real estate holdings. The company reported a fourth-quarter net loss of $2.4 billion.
No comments:
Post a Comment