Sears

Sears could close hundreds of stores in the coming months as it nears bankruptcy.
Mall owners are increasingly looking to attract gyms, off-price retailers, and grocery stores to the spaces left by dead department stores, according to a recent report by the commercial real-estate company JLL.
Dead Sears stores have been replaced by Planet Fitness gyms, AMC movie theaters, Dick’s Sporting Goods stores, and off-price stores like Burlington Coat Factory, according to the report.

Shoppers could soon see new gyms, movie theaters, and sporting-goods stores replacing closed Sears stores.

Sears is nearing bankruptcy ahead of a looming debt repayment deadline, and lenders are reportedly pushing the company to liquidate its business.

In the event of a liquidation, Sears could close all its remaining stores, which include about 500 Sears stores and 360 Kmart stores. Even if a liquidation is avoided, and the company instead files for Chapter 11 bankruptcy protection, it could still close hundreds of stores.

The closings could leave many of Sears’ roughly 90,000 employees without jobs and dump a glut of empty retail space onto the market.

In the past, retail landlords might look for new department-store tenants, such as Macy’s or JCPenney, to replace Sears.

But mall owners are increasingly looking to attract gyms, off-price retailers, and grocery stores to the spaces left by dead department stores, according to a recent report by the commercial real-estate company JLL.

Sears stores, in particular, are being replaced by Planet Fitness gyms, AMC movie theaters, Mariano’s food stores, and off-price chains like Burlington Coat Factory, the report found. Sears has already closed hundreds of stores in recent years.

Here’s what could replace your local Sears if it closes, based on the report:

SEE ALSO: Sears is closing more stores, with some layoffs starting 2 days before Christmas

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Source:: Business Insider

      

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