CHICAGO (CBS) — The Sears department store in Woodfield Mall is slated to close in two months, as the department store’s parent company seeks to revive the shopping center’s struggling anchor space.
Transformco, which acquired Sears out of bankruptcy two years ago, said the Schaumburg store, which is the last full scale Sears retail location in Illinois, will close on Nov. 14, “in order to redevelop and reinvigorate the property.”READ MORE: Judge Bars Chicago Police Union President John Catanzara From Encouraging Officers To Defy City's Vaccine Mandate
“This is part of the company’s strategy to unlock the value of the real estate and pursue the highest and best use for the benefit of the local community,” the company said in a statement.READ MORE: Chicago Weather: Chilly Tonight, Sunny And Cool Weekend
The company said the goal is to maximize the value of the Woodfield Mall location with popular retailers, and they are in active negotiations with potential replacement stores.
“With redevelopment of this location focused primarily on retail use, we intend to reinvigorate and maximize the value of the real estate while enhancing the consumer experience with popular retailers that fit the regional draw of Woodfield Mall,” said Scott Carr, president of Real Estate for Transformco.MORE NEWS: Sky Cruise To 86-50 Win Over Mercury, Take 2-1 Lead In WNBA Finals
The announcement comes just one week after Woodfield Mall celebrated its 50th anniversary. Sears was one of the original anchor stores.