Home Realestate Sears to sell or redevelop its massive corporate office in Chicago

Sears to sell or redevelop its massive corporate office in Chicago

by Enochadmin

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

Getty Pictures

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

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

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

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

“These adjustments have lowered 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 improvement alternatives for the Hoffman Estates property that improve its worth for each associates based mostly there and the broader Hoffman Estates neighborhood,” he mentioned.

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

As we speak, there are greater than 300 massive and small format Sears and Kmart shops nonetheless in operation in america, Costello mentioned.

Sears was at one level the most important retailer within the nation, with greater than 3,500 areas. Shops have been shuttered and others redeveloped lately as the corporate fell out of favor with shoppers. 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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