Sears Holdings Corp is closing its downtown Chicago flagship outlet in April, the latest move by the retailer to cut the number of its stores as it relies more on online retailing.
The store has lost “millions of dollars” since opening in 2001, a Sears spokesman said on Tuesday. The closing will leave Sears’ namesake chain without a store in the downtown core of its hometown. Sears is based in suburban Hoffman Estates, Illinois. It has three other stores in Chicago.
In a blog post on Tuesday, hedge fund manager Edward Lampert, who is Sears’ CEO and top shareholder, said store closings are necessary because shoppers’ habits are changing as they buy more online.
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