Sears to close Chicago flagship store on State Street - FOX 32 News Chicago

Sears to close Chicago flagship store on State Street

Posted: Updated:
CHICAGO (FOX 32 News) -

A Chicago institution is leaving the Loop. Sears will close its flagship store on State Street in April, due to poor performance.

The hometown retailer had a prime location, at what seems to be the center of downtown Chicago. But the Hoffman Estates-based company says it can no longer support the store's operating losses.

A Sears Holding Corp. spokesman made the announcement in an email on Tuesday, saying the store's operational performance "has been poor through much of its existence." The spokesman also said the closure is part of efforts to reduce expenses and transform the retailer's business model.

"They struggled with their identity," Fox Business Contributor Phil Flynn said. "Now you can order what you want and have it delivered to your door."

Sears moved to State and Madison in 2001 from another Loop location, receiving $13.5 million in tax increment-financing assistance from the city. The retailer re-dedicated itself to the urban consumer and to revitalizing State Street. Sears raised millions for the Chicago Neighborhood Campaign but could not post profits, especially after this past holiday season.

Those who did shop here have fond memories, and are sad to see a household name leave the State Street shopping district.

Sears officials say about 160 employees will lose their jobs. Employees can apply at other Sears or K-Mart locations. The retailer will begin liquidating the store's merchandise on Jan. 26.

Chicago Public Schools administration will move into the building this year but the store space is up for grabs.

The Associated Press contributed to this report.

Follow Us!

Share Your Photos & Video

  • Job ShopMore>>

  • 8/27 5th Management team member (Chicago)

    8/27 5th Management team member (Chicago)

    Wednesday, August 27 2014 1:00 AM EDT2014-08-27 05:00:08 GMT
    SeamCraft International, an industrial sewing company, has been creating custom cases, covers and pouches with quality and pride since 1976. We are seeking a full-time 5th member to our Management team.
    SeamCraft International, an industrial sewing company, has been creating custom cases, covers and pouches with quality and pride since 1976. We are seeking a full-time 5th member to our Management team.
  • 8/26 Restaurant Manager (Chicago)

    8/26 Restaurant Manager (Chicago)

    Tuesday, August 26 2014 1:00 AM EDT2014-08-26 05:00:12 GMT
    Grand Lux Cafe is always looking for talented, passion-driven managers to add to our team.
    Grand Lux Cafe is always looking for talented, passion-driven managers to add to our team.
  • 8/25 Staff Accountant (Naperville)

    8/25 Staff Accountant (Naperville)

    Monday, August 25 2014 1:00 AM EDT2014-08-25 05:00:15 GMT
    Connect Hearing is looking for a proven Staff Accountant ready to advance their career to join our Finance team to drive the regional financial statement preparation and analysis process for a company that's thriving in a down economy.
    Connect Hearing is looking for a proven Staff Accountant ready to advance their career to join our Finance team to drive the regional financial statement preparation and analysis process for a company that's thriving in a down economy.
Powered by WorldNow

205 N. Michigan Avenue
Ground Floor
Chicago, IL 60601
Station Operator: (312) 565-5532
Newsroom: (312)565-5533

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices