Sears to sell or redevelop its massive corporate office in Chicago

Sears to sell or redevelop its massive corporate office in Chicago

An indication marks the doorway to the headquarters campus of Sears Holding in Hoffman Estates, Illinois.

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The beleaguered department-store chain Sears is contemplating a sale or a redevelopment of its huge company headquarters in suburban Chicago, as its retail footprint retains dwindling.

Transformco, the mum or dad firm of Sears and Kmart, mentioned it can start to market the 273-acre property within the suburb of Hoffman Estates, Illinois, to potential consumers early subsequent 12 months. It is also contemplating different redevelopment makes use of for the positioning.

It is unclear what number of Sears and Kmart workers have been understanding of the company workplace, however as of 2017 it housed greater than 4,000 staff, in line with firm filings.

Transformco spokesman Larry Costello mentioned many workers have been working distant or a hybrid mixture of workplace and residential throughout the pandemic.

“These adjustments have decreased our wants for a company campus that was constructed 30 years in the past for the wants of a extra centralized enterprise,” Costello mentioned in an emailed assertion.

“We’re exploring growth alternatives for the Hoffman Estates property that improve its worth for each associates based mostly there and the broader Hoffman Estates group,” he mentioned.

Transformco is managed by former Sears Chief Government Eddie Lampert, who acquired the chain and 425 of its shops out of a 2019 chapter public sale.

Right this moment, there are greater than 300 giant and small format Sears and Kmart shops nonetheless in operation in the US, Costello mentioned.

Sears was at one level the largest retailer within the nation, with greater than 3,500 places. Shops have been shuttered and others redeveloped in recent times as the corporate fell out of favor with customers. Simply final month, Sears closed the doorways to its final retailer in Illinois.

The property in Hoffman Estates, which features a 2.3-million-square-foot company workplace, has been Sears’ headquarters since 1992.

The Chicago Tribune first reported on Sears’ plans.

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