Sears closing store in Acadiana Mall

Sears closing store in Acadiana Mall

Sears closing store in Acadiana Mall

This is being justified as a pivot in the industry and follows a year of changes to Sears Canada aimed at restoring the standing of the American Sears spinoff, shares of which have also fallen as it controls a major stake in the Canadian offshoot.

The latest 20 are among the 235 locations Sears sold to its real estate investment trust spinoff, Seritage Growth Properties, in 2015.

The store at Skyview Power Centre, 13304 137 Ave., will be one of the 15 Sears Home stores closing in Canada.

Going-out-of-business sales will begin by June 30 and the stores wil clsoe by the middle of September. Sears has almost halved its store footprint since 2012, from 2,019 then to fewer than 1,200 this year, once all planned closures are made.

Sears Canada was granted court protection from creditors on Thursday and announced plans to close 59 locations across the country and cut approximately 2,900 jobs under a court-supervised restructuring.

Sears warned in March that there is "substantial doubt" about its ability to remain in business due to losses that have topped $10 billion since 2010, the last time it turned a profit.

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Sears is paying base rent of $11.2 million on the 20 locations and will pay rent until it vacates the space by October, the SEC filing said.

These closures come in addition to the closing of 226 stores - 164 Kmart stores and 62 Sears stores- already announced this year, according to research firm Fung Global & Retail Technology, which tracks retailers' closings.

On Thursday, Sears Canada, a separate company that Sears spun off in 2012, filed for bankruptcy protection.

Riefs said in his email the number of affected employees is not publicly available.

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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