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Sears will close its flagship store in the Loop later this year, The Chicago Tribune reports. The retailer will start a liquidation on Sunday; its doors will close for good on April 2.
A spokesman for the store cites the loss of "millions of dollars" as the reason for the closure (understandable), and says that it's all part of the company's larger strategy to stay afloat. As for the 160 employees of the State Street store, they'll be given severance packages and the opportunity to apply for jobs at other Sears and Kmart stores.
According to Crain's Chicago Business, which broke the news, the closing doesn't bode well for Sears. Target, which has a store just across the street is going strong. And, the overall retail market in the Loop is "strong." So, um, this could be personal, Sears.
· Sears to close flagship Loop location in April [The Chicago Tribune]
· Sears Closing Flagship Store in the Loop [Crain's Chicago Business]
· All Sears coverage [Racked National]