Sears To Close Stores and Lay Off Employees

In the next earnings report later this year, Sears will disclose the stores it will close, according to Business Insider. Seeking Alpha reported Sears would close more than 100 stores and lay off more than 5,500 employees.

Sears stated those numbers are not correct and notes it has 200,000 employees between its namesake and its Kmart brand. “While this has resulted in store closures where appropriate – decisions that we do not take lightly – we continue to have a substantial nationwide footprint with a presence in many of the top malls in the country," the company said. 

The company posted its ninth straight quarterly loss in August. Eddie Lampert, the CEO of Sears, said the company would close even more stores and cut costs in the coming months to fight the unacceptable losses. Sears has failed to compete with retailers like Wal-Mart, TJ Maxx and JCPenney. Between 1998 and 2010, the number of competitors within 15 minutes of any Sears rose from 1,400 to 4,300, according to Robin Lewis, co-author of The New Rules of Retail. 

 

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Nick Banks

Nick created Front Street Commercial Real Estate Group in 2002 and spent the first eight years developing and acquiring office and retail projects in South Florida as well as North Central Florida. In 2010 the focus of the firm was shifted to primarily serve third party clients and perform brokerage, property management and mortgage banking functions. Nick has personally developed and acquired nearly 200,000 square feet of office and retail properties in markets throughout Florida. Prior to founding Front Street, Nick was the Director of Finance and Dispositions for Stiles Corporation in Fort Lauderdale where he financed and sold over $500 million in commercial real estate. Before joining Stiles, Nick was an Associate Director at GE Capital Real Estate where he sourced over $200 million in financing throughout Florida. Nick is a graduate of the University of Florida with a degree in Finance and a concentration in Real Estate. He serves as a board member and current vice-chair for the United Way of North Central Florida where he also chairs the Development Committee. Nick is actively involved with the Gainesville Area Chamber of Commerce where he serves as a board member and committee member for the Council for Economic Outreach. He is also a recent graduate of Leadership Gainesville which is a year long leadership program hosted by the Chamber. He is a member of Grace United Methodist Church where he has served as finance chair and as a member of the leadership council. Nick serves as an advisory board member of the University of Florida Bergstrom Center for Real Estate Studies. Nick was recently named chair of the Gainesville committee for the North Florida chapter of Urban Land Institute (ULI). He is a licensed real estate broker in the State of Florida and is a long time member of the International Council of Shopping Centers.

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