Sears to close store at Crestwood Court mall

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Sears to close store at Crestwood Court mall
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  • Sears to close stores nationwide
  • Sears to close stores nationwide
  • Sears to close stores nationwide

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The Sears in the Crestwood Court mall is among dozens of stores across the country the retailer plans to shutter.

The Crestwood Court Sears store is one of 79 Sears and Kmart stores on a closure list released by Hoffman Estates, Ill.-based Sears Holdings today. Sears announced Monday that it would close up to 120 of its 4,000 Sears and Kmart stores due to weak sales, but it did not identify the locations until today.

The remaining store closure locations have not yet been identified, and a timeline for the closures was not released by Sears Holdings.

The company said each store on the closure list typically has between 40 and 80 employees.

Employees were told of the looming closure Thursday morning, said Sears spokeswoman Kim Freely. "When the (closure) date nears, associates will be notified of nearby openings at Sears and Kmart locations," Freely said. Some employees from closed stores will be eligible for severance.

Elsewhere in Missouri, a Sears Grand/Essentials store in Lee's Summit will close. No Illinois Sears or Kmart stores were on the initial list of closures released today.

Florida will be hit the hardest by the closing of Sears and Kmart stores, losing 11, according to the list.

Sears Holdings said it expects the closures to generate up to $170 million in cash from inventory sales.

Sears stores in the St. Louis area are located in Crestwood Court, South County Center, St. Clair Square, Alton Square Mall, Chesterfield Mall and Mid Rivers Mall. There are more than a dozen Kmart stores in the region.

In a press release this week announcing the store closures, the company said more closures may follow. The company said it will evaluate each store's performance going forward and "act opportunistically to recognize value from poor performing stores as circumstances allow" instead of its past practice of keeping marginally performing stores open. "While we worked to improve their performance, we no longer believe that to be the appropriate action in this environment," the company said in a statement.

The Sears at Crestwood Court is the last anchor department store at the mall at 109 Crestwood Plaza in south St. Louis County. In recent years, most national retailers have vacated the property, including  Macy's and Dillard's.

Three years ago, Crestwood Court's owner, Chicago-based Centrum Properties, offered artists low rent to fill vacant storefronts in the mall to create ArtSpace. Most of the ArtSpace tenants were recently told they must vacate the mall by the end of February to make way for a redevelopment of the property.

Centrum didn't return calls for comment on how the closure might affect its redevelopment plan.

Associated Press contributed to this report.

Read more from Lisa Brown, who covers banking, consumer products and legal affairs for the Post-Dispatch. Follow her on Twitter @lisabrownstl and the Business section @postdispatchbiz.

Copyright 2012 stltoday.com. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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