RTTNews | Sep 17, 2021 08:44AM EDT

08:44 Friday, September 17, 2021 (RTTNews.com) - Department store chain Sears is closing down its last store located in its home state of Illinois, CNBC reported. The company, which was founded in Chicago in 1892, plans to shut the shop, located in Simon Property Group's Woodfield Mall, on November 14.

Sears' parent company, Transformco, which also manages the real estate, said it plans to maximize the value of the Woodfield Mall property and will look for ways to revive the space with another tenant.

Transformco had acquired Sears Holdings, the parent of Kmart and Sears, Roebuck, & Co., in a bankruptcy auction in February 2019 after the retailer filed for Chapter 11 bankruptcy protection in October 2018.

Since then, the company, which merged with discount chain Kmart in 2005, has closed down majority of Sears and Kmart locations across the United States.

As of August 16, 2021, there were 34 Sears stores operating, compared to around 700 when Sears filed for bankruptcy protection.

Over the last few years, slowing foot traffic amid the ever-increasing online competition from industry majors and the changing consumer habits forced many retailers to close their stores and seek bankruptcy protection. The retailers' struggles had worsened in recent times amid the ongoing coronavirus pandemic.

Read the original article on RTTNews ( https://www.rttnews.com/3226557/sears-to-shutter-it-last-store-in-home-state-of-illinois.aspx)

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