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It's a slow motion liquidation. The Chicago Board of Education is anticipated to take up the move on Wednesday. Location also was a consideration. Sears also has a network of smaller Hometown franchises in rural or small markets.
Sears and Alaris Income Growth Fund are the only two secured creditors. Retailers like Sears have found themselves under pressure in Canada amid an influx of new competition from the U.
State, employing software developers, project managers and technical architects. Sears's business has shrunk in recent years but its costs haven't declined at the same pace, Campbell said. It wasn't supposed to turn out this way. Officials say moving will save tens of millions of dollars over time.
At the time, it was lured back to a revived State Street after an year absence. Marty Stern, board chairman of the Chicago Loop Alliance, said he's not aware of any imminent plan by Sears to close its State Street store.
The key to stabilizing the business now is bringing costs in line with revenue, he said.
Those costs include building operations and maintenance. Tyrrell declined to say what it might be worth.
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