Can retail be rescued? Why so many U.S. stores are closing
Sears announced Wednesday that it would be shutting down unprofitable stores across the country — including its location at Crabtree Valley Mall in Raleigh.
Sears said in a release that it would be closing 46 “unprofitable” stores in total in November. The Crabtree Valley Mall store is the only location in Raleigh targeted for closure at this time, though the company said it continues to evaluate all of its locations.
The release also said that the Sears Auto Center at Crabtree Valley Mall would close in late September.
Sears associates will receive severance and will have the opportunity to apply for open positions at area Kmart or Sears stores, the company said.
The news comes only a few months after the company sold its property at Crabtree Valley Mall back to the mall’s owners.
The mall’s owners purchased the building from Sears for $20 million, in a deal that included a leaseback option for the struggling retailer. The company declined to say how long that lease would be at the time, however it did note it should have no impact on its operations.
But clearly the company has decided to go in a different direction now.
Brian Asbill, a spokesman for the mall, said that Crabtree Valley Mall has exciting plans for redeveloping the space that it will reveal at a later time.
“We proactively negotiated the purchase of this property in April, 2018 to be prepared in the event of an announcement such as this one,” Asbill said in a statement. The mall “will redevelop this area to create an exciting new environment benefiting consumers through the Triangle and beyond.”
There are still 10 Sears open within 30 minutes drive of Crabtree Valley Mall, according to Sears’ website.