Sears closing stores in Mentor, Middleburg Heights

Posted June 24, 2017

The Sears logo is seen on the side of a store March 24, 2005 in San Bruno, California. Stores are expected to start liquidation sales by June 30 before closing in September.

MENTOR, Ohio- Sears is closing two of its stores in Northeast Ohio.

Department store retailer Sears Canada is to axe around 2,900 jobs and shutter 59 stores as part of a court-supervised restructuring of the business.

The Sears inside the Rhode Island Mall is the latest location to close.

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Headquartered in Toronto, Sears Canada operates 225 stores in all, including 95 department stores, 65 Sears Hometown stores and 23 Sears Home stores.

The published list doesn't include area locations in the Holyoke Mall, the Berkshire Mall in Lanesborough and the Eastfield Mall in Springfield, or the Kmart locations in Holyoke, Springfield and Palmer.

Sears and Kmart will be closing a number of stores in addition to previously announced closings, according to a Business Insider report.

The announcement came after the company was granted temporary court protection from creditors under Ontario's Companies' Creditors Arrangement Act this morning.

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The company plans to continue operating throughout the restructuring and said it intends to emerge as a leaner, more focused operation better able to compete in the hyper-competitive retail industry.

On June 13, Sears Holdings made the following company statement: Sears Holdings Corporation is created to deliver $1.25 billion in annualized cost reductions.

The company was spending about $11.2 million annually in rent on the 20 leases, according to Seritage, which was formed in 2015 in a sale-leaseback deal that provided Sears with financial aid and real-estate flexibility.

Lampert's investment firm owns 43.5% of the limited partnership units of Seritage and controls 7.9% of its voting power.

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