Sears Closing In Waterloo
A national retailer that's been in Waterloo for nearly 70 years is leaving the Cedar Valley.
Business Insider is reporting that Sears will be closing at Crossroads Center this spring. The store is expected to be shuttered by April.
The Sears store in Waterloo is among 39 that's being shut down across the country this year, company officials announced on Thursday (Jan. 4, 2018). It's the only Iowa location on a list that was released by Sears Holding Corporation, the parent company of both Sears and Kmart. The document also said that 64 Kmart stores were closing in the U.S., including Iowa stores located in Red Oak and Urbandale.
"Sears Holdings continues its strategic assessment of the productivity of our Kmart and Sears store base and will continue to right size our store footprint in number and size," the company said in a statement. "In the process, as previously announced, we will continue to close some unprofitable stores as we transform our business model so that our physical store footprint and our digital capabilities match the needs and preferences of our members."
According to Business Insider, Sears Holdings Corporation has been losing over $1 billion annually and continues to struggle. Company sales have fallen 45-percent since 2013 and have shown no signs of rebounding. The website reported that Sears is over $4 billion in debt.
Combined, there were nearly 3,500 Sears and Kmart stores across the country in 2011. When the affected locations go out-of-business in April, there will be about 940 remaining.
News of Sears' demise in Waterloo comes exactly one year to the day when the company announced Kmart's closure in the city. The Waterloo Kmart closed in April after nearly 50 years in business.
Sears -- formerly known as Sears, Roebuck & Company -- has had a store in Waterloo since the 1940s. The business was located downtown for several decades, before moving to its present site in 1969.
The Sears Auto Center at Crossroads Center closed in April.
Source: Business Insider