Sears to shutter Chicago flagship
Home & Textiles Today Staff -- Home Textiles Today, January 22, 2014
Hoffman Estates, Ill. -- Sears Holdings Corp. will close its Chicago flagship, part of an effort to reduce its stores and cut costs.
According to published reports, the 2 N. State St. location has been losing money since opening in 2001 and the closing means a loss of Sears' presence in the downtown area of Chicago - the retailer's hometown.
A blog posted Tuesday by Edward Lampert, ceo, said the retailer is intensifying a shift toward online buying and away from store locations. "We very often need less space to serve our members better and we may need fewer locations as well," he wrote.
The retailer recently forecasted a fourth-quarter loss and said sales fell during the holiday period.
In other news from Sears, the retailer said it plans to hire 6,500 veterans and military spouses in 2014, building on the more than 6,000 veterans and spouses it hired in 2013.
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