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Pendleton Pike Kmart, Anderson Sears on closing list

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Sears Holding Co. said it will close a Kmart store on Pendleton Pike in Indianapolis and a Sears department store in Anderson.

The stores are on a list of 79 closings the Hoffman Estates, Ill.-based retailer released Thursday afternoon. Sears on Tuesday said it planned to close from 100 to 120 of its Sears and Kmart stores, but did not reveal the actual store locations.

Sears did not say when the closings would take place.

The local Kmart is at 7201 Pendleton Pike and is the anchor tenant for Pendleton Plaza.

Indianapolis has four other Kmarts: at 2715 Madison Avenue; 7425 E. Washington St.; 5101 E. Thompson Road; and 6780 W. Washington St.

The Sears store set to close in Anderson is one of two anchor tenants for Mounds Mall, which opened in 1965 as one of the first enclosed shopping centers in Indiana. The mall also has a Carson's store.

Sears Holdings said additional closings would be announced when they are determined.

The only other Indiana store on the closing list is a Kmart in St. John, in the northwest part of the state.

Only 25 of the 79 properties on the closing list are full-line Sears stores. The list also contains 38 Kmarts, 14 Sears Grand/Essentials and two Sears Hardlines.

Florida will be hit the hardest by the closings, losing 11 stores. Ohio, Michigan and Georgia are not far behind with six store closures planned in their states. Tennessee, North Carolina and Minnesota are set to lose four stores each.

A spokeswoman for Sears Holding said each store employs between 40 and 80 people.

None of the closures announced so far are in Sears' home state of Illinois.

The projected closings represent only about 3 percent of Sears Holdings' U.S. stores. Sears and Kmart merged in 2005. The company now has about 3,560 stores in the U.S. That's up from 3,500 immediately after the merger.


 

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  1. PJ - Mall operators like Simon, and most developers/ land owners, establish individual legal entities for each property to avoid having a problem location sink the ship, or simply structure the note to exclude anything but the property acting as collateral. Usually both. The big banks that lend are big boys that know the risks and aren't mad at Simon for forking over the deed and walking away.

  2. Do any of the East side residence think that Macy, JC Penny's and the other national tenants would have letft the mall if they were making money?? I have read several post about how Simon neglected the property but it sounds like the Eastsiders stopped shopping at the mall even when it was full with all of the national retailers that you want to come back to the mall. I used to work at the Dick's at Washington Square and I know for a fact it's the worst performing Dick's in the Indianapolis market. You better start shopping there before it closes also.

  3. How can any company that has the cash and other assets be allowed to simply foreclose and not pay the debt? Simon, pay the debt and sell the property yourself. Don't just stiff the bank with the loan and require them to find a buyer.

  4. If you only knew....

  5. The proposal is structured in such a way that a private company (who has competitors in the marketplace) has struck a deal to get "financing" through utility ratepayers via IPL. Competitors to BlueIndy are at disadvantage now. The story isn't "how green can we be" but how creative "financing" through captive ratepayers benefits a company whose proposal should sink or float in the competitive marketplace without customer funding. If it was a great idea there would be financing available. IBJ needs to be doing a story on the utility ratemaking piece of this (which is pretty complicated) but instead it suggests that folks are whining about paying for being green.

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