Sears Canada store closures expected to have little impact on RioCan

Cathy Doyle Winnipeg Sears pop-up shop

The Sears logo is seen on the side of a store March 24, 2005 in San Bruno, California.

The Sears store, at 4000 Jericho Tpke., will start liquidation sales on June 30 and close to the public by mid-September. The company's real estate investment trust, Seritage Properties, was notified of the plan and filed a notice with the Securities and Exchange Commission on Friday. The closings will bring the number of announced Sears closing to more than 260 this year in a series of three announcements.

"Sears Holdings continues to actively manage our real estate portfolio to identify additional opportunities for reconfiguration and reduction of capital obligations", Sears said in a statement.

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"We are making the hard, but necessary decision to close" the Sears and Sears Auto Center in on Shawan Road, and Sears in Hagerstown, Howard Riefs, a Sears spokesman, said in an email Friday. The announcement came after the Ontario Superior Court of Justice granted the department store chain temporary protection from creditors under the Companies' Creditors Arrangement Act (CCAA).

The only Chicago-area store among the 20 closing is on North Harlem Avenue in Galewood, Riefs said.

It said it plans to close 59 of its more than 200 stores, and to lay off 2,900 of its 17,000 employees as part of its restructuring efforts.

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The company was spending about $11.2 million annually in rent on the 20 leases, according to Seritage, which was formed in 2015 in a sale-leaseback deal that provided Sears with financial aid and real-estate flexibility.

In April, Seritage, a developer that controls about 250 Sears Holdings properties across the US, said it was seeking new tenants to take over some of the space at five Sears and Kmart stores in Maryland.

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