New Sears-Kmart shutdowns revealed in the month of July, 2018.
Kmarts in Australia and New Zealand are not owned by Sears Holdings, and are not connected to Sears Holdings in anyway, but big news from Down Under as Australia’s first Kmart store is now for sale!
More proof the U.S. shutdowns are about control of commercial property as Warren Buffet loans Sears Holdings’ REIT division, Seritage Growth Properties, $2-billion USD!
Alabama: The taxpayers of Albertville taking the bull by the horns with the redevelopment of the vacant Kmart. City leaders approved a taxpayer $4.4-million USD debt-financing bond issue to partially pay for a $36-million plan to turn the Kmart into an amusement park (recreation center)! It should be noted that residents and tourists have been paying a special Kmart redevelopment sales tax ever since July 2017, and is reportedly bringing in more money than expected. On top of all that city leaders are still pushing for a $5-million bond issue to buy the property outright, making the taxpaying residents the official owners.
California: It’s official, the highly profitable Goleta Kmart (“The Goleta Kmart store for long has been one of the most profitable for the chain…”) shutting down, 146 jobs gone in October (to be replaced by a Target)! Local news media said the Kmart was a profitable store because of its location near University of California Santa Barbara (UCSB), yet no reason was given for why the store was being replaced by Target, other than the Kmart lease was not renewed by Sears Holdings. And for more proof the ‘big box’ shutdown epidemic due to online competition is bullshit, the OCRegister reported that Target opens in former Kmart in Anaheim.
Colorado: In Cañon City, the Sears Hometown Store was sold to local competitor Frank’s Appliance. The Arvada Kmart shutting down in September, it’s the last Kmart in the Denver metro area. Local news revealed that taxpayers will be forced to help fund redevelopment of the soon to be vacant Kmart property because it sits within the Ralston Fields Urban Renewal Project Area.
Florida: New development plans for the vacant Neptune Beach Kmart still has taxpaying residents up-in-arms. The plan still calls for apartments, hotel, parking garage, restaurants and brick-n-mortar shops (proving brick-n-mortar shut downs are not because of online shopping), it just reduces the number of apartment tenants compared to the previous plan. Residents have launched a “If It is Too Dense, It Makes No Sense” anti-gentrification campaign.
WJXT: Neptune Beach residents protest development at old Kmart
Illinois: Sears Holdings suddenly laid off 2-hundred corporate level employees, no reason given (speculation is it’s because of crashing sales)! The now former employees are getting severance, which means they won’t be counted in the nation’s official unemployment roles. In January, Sears Holdings laid off 220 people! The city of Sterling considering burdening local taxpayers by creating a TIF (Tax Incremental Financing) district to redevelop vacant commercial property, including a vacant Kmart.
Chicago Business Journal: Illinois wrench-making company loses $6M patent fight with Sears
Chicago Tribune: Sears seeks millions from Caribbean cruise robocall settlement
Indiana: More proof Sears-Kmart shutdowns aren’t about the so-called demise of brick-n-mortar shopping as the recently vacated Bloomington Kmart is about to undergo an estimated $250-million USD make-over. The developer says the vacated Kmart will be turned into a massive ‘pedestrian-friendly’ commercial center. Don’t be surprised if the developer gets taxpayer funding.
Iowa: The 60 years old Des Moines Sears store and Auto Center at the Merle Hay Mall shutting down between August and October, leaving Iowa with only one Sears store, the mall’s owner told local news media it was expected saying “This was the slowest iceberg hit. We’ve been talking about it for a long time.” The 40 years old Oelwein Kmart is shutting down, in October.
Kansas: Sears Holdings is now selling off its Overland Park service center, starting in September.
Minnesota: Twin Cities Business Magazine: The Kmart the City of Minneapolis Wishes Would Go Away
Nevada: Las Vegas Kmart on Washington Avenue shutting down by the end of September. KLAS reported that the whole ‘big box’ shutdown epidemic due to online competition is bullshit after they interviewed local real estate agents, saying “Corporations will also pay to keep stores empty around them to cut down on the competition.” After 27 years the Elko Kmart shutting down, local news media said the store manager confirmed it, but gave no more info. It leaves Elko with only one ‘Big Box’ store.
New York: The last Queens-NYC (Middle Village) Kmart shutting down, 126 jobs gone by the mid-October, the property owner told local news media the lease was still good until January 2019!
North Carolina: Sears Holdings just renewed the lease on a vacant Kmart store, in Wilmington, that was shutdown in 2017! The sudden lease renewal put the kibosh on major redevelopment plans by GHK Cape Fear Development and Capstone Collegiate Communities. Sears Holdings rep Howard Riefs finally admitted the ongoing shutdowns are really part of a plan to stop competition and control available commercial real estate: “Controlling good real estate, long term, at attractive market rents provides the company with many opportunities.”
Ohio: The West Henderson Sears Hardware store shutting down by mid-August.
Oregon: Owners of the soon to be vacated Big Kmart property, in Portland’s Parkrose Heights, upset over the city’s sudden rezoning of the property (part of the city’s 2035 Comprehensive Plan) which now makes it impossible for the property owners to redevelop the land in connection with other commercial property they own nearby. Last month a Sears Hometown owner claimed her stores were profitable even though Sears Holdings forced them to shutdown, now Sears Holdings is suing her, accusing her of processing false refunds, unauthorized bank withdrawals and stealing dozens of snowblowers.
Pennsylvania: Century III Mall sheriff’s sale postponed for a second time
Casino eyed for Sears at York Galleria, as residents speak out against it
Texas: After only five months the Wichita Falls Sears Hometown suddenly shutdown, signage and merchandise seemingly removed in the dead of night, the landlord said the store owner still owes $11-thousand USD in rent! The city leaders of Abilene figuring out how to get local taxpayers to fork out more bucks (or cut construction costs) as the winning low bid on turning the vacant Kmart into a new police-state-ops-center (Municipal Services, Police Department, 9-1-1 Dispatch, Child Advocacy Center, Municipal Court) came in at just under $19-million USD, almost $1-million over the original taxpayer funded budget for the project. Local news media revealed that enforcing the law in Abilene has become so problematic that police/courts need a larger building to operate out of.
Utah: Is the City of Provo forcing taxpayers to turn the vacant Sears into a new city hall?
Virginia: The still open Alexandria Sears (at the dying Landmark Mall) is about to be sold to property developer Howard Hughes.
Washington: The Kent Big-Kmart shutting down in October, so that Sears Holdings can “focus on our best stores”.
Wisconsin: Taxpayers of Stevens Point getting royally raped of more than $3-million USD to buy several commercial properties, including a vacant Kmart! According to multiple local news reports, Stevens Point exalted leaders are also going to force taxpayers to pay an incentive of up to $2.1-million to any property developer who wants to take-on the Kmart location. Taxpayers of Portage being forced to pay for redevelopment of the long vacant Kmart. Exalted city leaders are creating a TIF (Tax Incremental Financing) district, and to add insult to injury they claim they have to use $20-thousand USD of existing ‘contingency’ tax funding to create the TIF! A property developer now claims the vacant Portage Kmart could see a six-fold increase in property value!
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Calgary Herald: Sears Canada retirees ask court for retailer’s remaining cash
Law360: Wrench Maker Can’t Save $6M IP Verdict Against Sears
Seeking Alpha: Sears amends credit agreement, takes new loans
TCPalm: Is Sears’ cashback promotion a good deal or big risk?
Reader’s Digest: The most hated store in America, and its not Walmart
The Casual Smart: Big Money Are Not Betting On Sears Hometown
Sears Kmart death spiral, June 2018: “THEIR YEAR OF DEMISE.”