But Sears likely wants to keep the Springfield store because it owns the space and nearly 13 acres at the Upper Valley Mall, said German Twp. planning and zoning director George Degenhart last month.
“Some of the stores that they closed probably drive more traffic than we do,” Degenhart said. “This is a property management decision, not a retail decision.”
Lampert has made several moves to save Sears from its decade-long decline. The most recent attempt to buy the retailer that filed for bankruptcy in October comes at a cost of $950 million in cash, a credit bid of $1.8 billion and several other cash deals.
“Sears is an iconic fixture in American retail and we continue to believe in the company’s immense potential to evolve and operate profitably as a going concern with a new capitalization and organizational structure,” ESL said.
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If the bid is approved ESL and its partners plan to operate the “right-sized network” of large and small retail stores along with digital initiatives to help Sears reach potential.
If more than one bid is received, the company will go up for auction in mid-January.
“Sears like many of those kind of chain stores are facing increased competition from online retailers and a lot of brick and mortar stores are having a hard time making it,” said Bill Even, economics professor at Miami University. “The things that people used to get at Sears they can get fairly easily online.”
The Dayton Mall store has already closed and the Fairfield Commons Mall and Piqua stores will close Sunday and in February respectively.
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