TOLEDO, OH (WTOL) - Struggling retailer Sears Holdings, which runs Sears and Kmart stores, has announced it is closing 20 more stores across the United States, including a location in west Toledo.
Thursday's announcement comes in addition to the 245 closings already announced earlier this year, Business Insider said.
"We are sorry for the families in Toledo that are losing their jobs as part of the difficulties retail entities are facing throughout the nation. Last week's Federal Reserve report shows Toledo is outpacing the rest of the state in job growth and increases in income but we still have work to do. My administration works every day to expand economic opportunity for our citizens and so I am hopeful that former Sears workers will be able to find new jobs here in Toledo." - Mayor Paula Hicks-Hudson
Despite disappointment, some say they see hope for the future.
Customers shopping at Sears on West Central Avenue were shocked to learn the store will close mid-September. A spokesman for the company said the Auto Center will close even earlier, in late July.
"It's just a scary thought it really is," said Barbara Freeman, a Sears customer. "And a lot of stores in this town, in this community that are going under a lot of them and it is really scary."
The store will begin their liquidation sale on June 30. While most are sad to see the large retail store close, they aren't surprised by the news. Toledo City Council member Tom Waniewski of the 5th district says his concern is for the employees of the store.
"We knew that this was in some kind of challenges, so it doesn't come as a huge surprise to me," said Councilman Tom Waniewski. "But it's always difficult when you see another retail outlet, we just lost Andersons, so that's difficult. But hopefully this is a very busy area and someone will see to it that they'd like to go in there."
Abbell Associates has owned property in the area including the Westgate Shopping Center for 61 years. Their CEO told WTOL over the phone that this closing shouldn't impact their business.
"No I don't think it will affect it in any adverse way," said Liz Holland, CEO of Abbell Associates. "I think it was the only store in the market, it was a destination to the extent if you wanted to shop at Sears that was the only one you could go to, but I don't know that it attracted traffic to the other stores in the area."
Liz believes the owner of the building will redevelop the property for the benefit of others.
"We look forward to working with Seritage to help them be successful there and no we think it's all good," said Holland.
While Sears is not releasing how many employees the store has, city officials like Councilman Waniewski and Mayor Hicks-Hudson are hopeful they will find work elsewhere in Toledo.
In 2017's first quarter, Sears stores reaped revenues of $4.3 billion compared to $5.4 billion for the first quarter in 2016. Lampert blamed the lower revenue on fewer stores and an 11.9 percent decline in comparable store sales.
"We recognize that we need to accelerate our efforts to improve our operational performance and are moving decisively with our $1.25 billion restructuring program," said Edward S. Lampert, Holdings' Chairman and Chief Executive Officer, in a first quarter report released May 25.
According to the Business Insider, the closings will bring Sears' store count to about 1,180, down from 2,073 just five years ago.
Sears officials released this statement:
"We can confirm that we are making the difficult, but necessary decision to close the Sears store and Sears Auto Center at 3408 W Central Avenue in Toledo. The store will close to the public in mid-September and the Sears Auto Center will close in late July. Until then, they will remain open for customers. The store will begin its liquidation sale on June 30. We have been strategically and aggressively evaluating our store space and productivity, and have accelerated the closing of unprofitable stores as previously announced. We understand that members may be disappointed when we close a store, but our Shop Your Way membership platform, websites and mobile apps allow us to maintain these valued relationships long after a store closes its doors. As a result, we hope to retain a portion of the sales previously associated with this store by maintaining our relationships with the members who shopped this location. Our members and customers can also shop at our other Sears locations, which are listed at http://www.sears.com/stores.html. The number of associates is not publicly available. Those associates that are eligible will receive severance and have the opportunity to apply for open positions at area Sears or Kmart stores."
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