Sears is filing for bankruptcy.
Washington Prime Group, which owns the Westshore store (the last Sears remaining in Tampa), negotiated to terminate Sears lease early and has taken ownership of the space with plans for something new.
The retailer said that it would close 142 Sears and Kmart stores across the country, locations it considers among its worst performing.
The company's Sears and Kmart stores, and its online and mobile platforms, are open and continue to offer a full range of products and services to members and customers. That leaves four traditional Sears open in the region: stores in Westshore and New Port Richey, and ones in Brooksville and Brandon.
While local customers are disappointed their Kmart is closing, a majority of those leaving the store on Monday were more upset about the pharmacy within the store closing.
A New England Development spokeswoman said more specific plans will be finalized in the next few weeks, but that the closing of the longtime anchor highlights the need for the company to think creatively about what a mall will look like in the decades to come. Another said he wasn't looking forward to making the switch to a new pharmacy. "I really like the pharmacy here and I feel bad for those people losing their jobs".
Mall owners have grown increasingly creative in recent years as old-line anchors such as Sears, Macy's, and JC Penney have closed stores at a rapid clip. At the time, that location had 64 employees.
The Sears in East Cambridge will soon close.
15 a series of actions to position the company to establish a sustainable capital structure, continue streamlining its operating model and grow profitably for the long term.
Simon Property Group, the largest US mall operator, has 59 Sears Holdings stores in its malls, the most of any REIT, but its exposure to the bankruptcy is "de minimis", he said. According to county records, US Realty 87 St. Joseph Associates and Garden Commericial Properties owns the property of the former Kmart store on the South Belt Highway. The University Mall in Tampa owns its Sears property, which closed earlier this year.
Nearby stores at 7836 State Ave.in Kansas City, Kansas, and 7100 N.W. Prairie View Road in Kansas City, Missouri, are also closing. And the company also has sold off a string of valuable assets, such as its Craftsman tool line, to stay afloat. Like many Kmarts, the local store now carries a line of home appliances and bedding that traditionally was sold in Sears locations.
1913 - Sears launches the Kenmore brand of sewing machines.
There is a Sears Hometown store in Atchison, Kansas. He has so far not disclosed whether he has turned a profit or loss since he invested in Sears following years of complex financial engineering at the company.
"Over the last several years, we have worked hard to transform our business and unlock the value of our assets", said Edward S. Lampert, chairman of Sears Holdings. In 2017, it sold the brand to Stanley Black & Decker Inc.in a $900 million deal.