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