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Sears closure delayed until 2014

By Kristen Consillio

POSTED:
LAST UPDATED: 01:57 p.m. HST, Mar 02, 2012


Sears Holdings Corp. said today it will close its store at Ala Moana Center in early 2014, not 2013 as was announced earlier.

The company, which announced a week ago it would close its flagship Hawaii store sometime next year, said it had originally misstated the date in the midst of a chaotic earnings season.

"Given the fact that it was earnings and just given the complexity of the amount of information flowing, it was missed," said spokeswoman Kimberly Freely. "It was a decision between the two companies."

Sears said last week that it had struck a deal with Ala Moana owner General Growth Properties Inc. to sell the venerable retail establishment and 10 other mainland stores for $270 million.

The department store chain said that other store closing dates are still being determined.

"This store is not the only store that might stay open until 2014. Some of the dates are moving and are not set in stone," she said.

Chicago-based General Growth is investing a total of $500 million to buy back Sears' lease to the 340,000-square-foot space and redevelop the site for a more profitable use.

The Sears store was one of the original tenants when Ala Moana opened in 1959.






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