Sears closing in July - KATC.com | Continuous News Coverage | Acadiana-Lafayette

Cathy Doyle Winnipeg Sears pop-up shop

The Sears store in the Acadiana Mall in Lafayette is among 20 US locations that the company announced Thursday it would shut down. The Initial Order also authorizes the Sears Canada Group to obtain debtor-in-possession financing in the aggregate principal amount of C$450 million, with the company's existing ABL lenders, with Wells Fargo Capital Finance Corporation acting as administrative agent, and the company's existing term loan lenders, with GACP Finance Co., LLC acting as administrative agent. Under the act, Sears Canada has 30 days to restructure, a process that includes cutting about 2,900 jobs from retail stores and from their corporate head office in Toronto.

With sales declining TravelBrands negotiated what's now known as the Amended Sears Agreement to reduce its advertising commitments; adopt more flexible store hours; reduce the annual percentage of gross revenue payable as royalties; reduce its minimum annual commission payments by 27%; and reduce annual lease payments for common area charges by 13%.

The company was spending about $11.2 million annually in rent on the 20 leases, according to Seritage, which was formed in 2015 in a sale-leaseback deal that provided Sears with financial aid and real-estate flexibility. Kmart stores across the country will be part of those store closings.

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The Sears department store at the Westfield Shopping Center in Sarasota, located at 8201 S Tamiami Trail, is closing its doors for good.

Sears Canada is looking to reinvent itself. The specific timing of the store closings has not yet been finalized. It marked the first time a national travel brand had developed a home-based market with a specific focus on experienced agents.

It said it hopes to exit court protection as soon as possible in 2017.

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