Business

Ready to sell or redevelop its large corporate office in Chicago

A sign marks the entrance to Sears Holding’s headquarters campus in Hoffman Estates, Illinois.

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Besieged department store chain Sears is considering selling or redeveloping its large corporate headquarters in suburban Chicago, as its retail footprint shrinks.

Transformco, the parent company of Sears and Kmart, said it will begin marketing the 273-acre property in the suburb of Hoffman Estates, Illinois, to potential buyers in early 2022. It is also looking into it. other redevelopment purposes for this site.

It’s unclear how many Sears and Kmart employees worked out of corporate offices, but as of 2017, it had more than 4,000 workers, according to company records.

Transformco spokesman Larry Costello said that many workers have teleworked or used a hybrid method to get into the office during the pandemic.

“These changes have reduced our need for a corporate campus built 30 years ago for the needs of a more centralized business,” Costello said in a statement sent to the company. by email.

Costello added: “We are exploring development opportunities for Hoffman Estates property to enhance its value for both its affiliates based there and the broader Hoffman Estates community.

Transformco is controlled by former Sears CEO Edward Lampert, who acquired the department store chain and its 425 stores following a bankruptcy auction in 2019.

Today, there are more than 300 Sears and Kmart stores large and small still operating in the United States, Costello said.

Sears was at one time the largest retailer in the country, with more than 3,500 locations. Many of those stores have closed, and others redeveloped, in recent years due to the company’s unpopularity with consumers. Just last month, Sears closed for its last surviving store in Illinois.

The Hoffman Estates property, which includes a 2.3 million square foot corporate office, has been Sears’ headquarters since 1992.

Chicago Tribune first reported about Sears’ plan.

https://www.cnbc.com/2021/12/17/sears-to-sell-or-redevelop-its-massive-corporate-office-in-chicago.html Ready to sell or redevelop its large corporate office in Chicago

Emma James

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