“a sweeping redevelopment”: Sears Kmart death spiral, August 2017

In Canada, owners of Sears Hometown stores are planning a legal battle for compensation as a result of Sears Canada going bankrupt busted and dead.

CBCnews: Sears Canada chairman steps down so he can bid to buy retailer

Bloomberg: Sears Hit With Second Lawsuit Over Company Stock in 401(k) 

PlanSponsor: Sears Holdings Puerto Rico Savings Plan lawsuit

California: Sears Holdings just sold its store and Auto Center at the northeast end of South Coast Plaza to the owners of the plaza.  the selling price was not disclosed. When asked if the Sears store and Auto Center were shutting down South Coast Plaza owners stated “We look forward to continuing that relationship with Sears…”  It’s been revealed that Sears Holdings notified Bishop Police that local Kmart employees had stolen at least $50-thousand USD worth of merchandise in the past few months.  After police investigated six people were arrested.

Idaho: A major screw-up resulted in the closing Coeur d’Alene Kmart getting a big shipment of ‘blank’ American Apparel-Supreme branded t-shirts.  Shoppers were able to re-sell the t-shirts on ebay, until Kmart realized what was going on and removed the labels from the remaining inventory.   

Michigan:  Taxpayers in the township of Georgetown might take a loss on the vacant taxpayer owned Kmart property.  Township leaders were planning on spending $180-thousand taxpayer dollars to improve the property, but a developer wants to buy the land.  In 2014 Georgetown taxpayers were forced to pay $1.6-million USD for the vacant Kmart, reports say the developer has offered much less than that, $1.5-million for three properties altogether.   In Norton Shores, a Kmart property that’s been vacant since 2004 (before the Eddie Lampert take-over) has finally been put up for sale, asking price is $4.2-million USD: “We’ve been trying for years to get them to fix it up or sell the building. Out of nowhere, last week, they listed it.”-Gary Nelund, mayor of Norton Shores

Minnesota: A local man who is willing to spend $3-million USD on turning a vacant Kmart into an indoor shooting range was blown-off by the West Saint Paul city council: “I started laying out some numbers and it was like, ‘OK, thank you, Mr. O’Keefe.’ I was basically cut off. As far as I’m concerned, I went to the city council and they didn’t give me an opportunity to present or show them any numbers.”-Chris O’Keefe

New York:  Proof they got money.  Sears Holdings-Seritage Growth has promised the city of Olean that if a new tenant is not found by Winter for the soon to be shutdown Kmart, then Seritage will “continue upkeep, heating it and performing needed repairs” until a new tenant is found.

North Carolina: It’s been revealed that back in July Sears Holdings sold its store in Wilmington to the new owners of the Independence Mall (Rouse Properties), for $10-million USD.  The Wilmington Sears store (at the Independence Mall) is still active and not on any shutdown list, however, Rouse Properties is planning “a sweeping redevelopment” of the entire mall.

Utah: The Cedar City Sears Hardware and Appliance Store suddenly announced it was shutting down, local news media indicated it was the fault of Sears Holdings, not the franchise owner.