Posted Oct 10, 2017, 10:19 PM
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Join Date: Jan 2009
Location: Chicago, IL —-Austin, TX
Posts: 12,728
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Sears in Midtown Houston to close, property owner to begin planning future use
Quote:
Illinois-based Sears Holdings Corp. (Nasdaq: SHLD) will close a longtime Houston location early next year, which could open the doors for a new development.
The Midtown store, at 4201 Main St., will close in late January after a liquidation sale beginning Nov. 10, the Houston Chronicle reports.
Sears — like many brick-and-mortar retailers — has been closing several locations in recent years. Back in June, Business Insider and USA Today reported that two Houston-area stores were among the company’s growing list of closures. At the time, Sears had announced 265 nationwide closures year to date, per Business Insider.
The store’s 6-acre property has been owned by Rice Management Co., which is responsible for Rice University's endowment, for more than 75 years, according to a statement from Rice. Last week, Rice Management bought out the remaining 28 years of Sears’ 99-year ground lease and acquired another 3 acres from Sears, per the statement.
Now, Rice will begin exploring options for the 9.4-acre site, which includes the department store, its parking lots and a Sears Automotive Center, per the statement.
"The Rice Management Company will initiate a yearlong study to consider options that contribute to the ongoing revitalization of the surrounding community as well as the city's broader economic strength,”.
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