Transform SR Brands LLC

It’s not over yet for the embattled Sears Holdings, which is streamlining its operations on the heels of what appears to be a brutal fourth quarter.    The long-struggling retailer on Friday announced a comprehensive restructuring that will cut at least $1 billion in operating costs a year. The plan involves reducing corporate overhead (although Sears did not specify, job cuts are likely), closer integration of the Sears and Kmart operations and improving its merchandising, supply chain and inventory management.

The Iowa-based Von Maur department store chain will be installing a 90,000-sq.-ft. location at PREIT’s Woodland Mall in Grand Rapids, Michigan, in a space to be vacated by Sears. A 2019 opening is planned.   A 145-year-old, family-owned chain of 31 stores in 14 states, Von Maur’s offerings aspired to the high end with brands like Eileen Fisher, Coach, and Tommy Bahama.  

Sears Holding Corp.’s chairman and CEO Eddie Lampert and the company's board settled a lawsuit alleging that the chief executive benefited from a spin-off deal.   The lawsuit was brought on behalf of Sears and against Lampert, other Sears directors and Seritage Growth Properties, the real estate investment trust established to acquire 235 of the struggling chain’s best stores, reported Reuters.  

Off-price giant TJX Cos. stands to gain traffic from the planned shutterings of select Macy’s and Kmart stores this year.    A study by Foursquare indicates that T.J. Maxx will gain traffic from Kmart store closings, while Marshalls will benefit from Macy’s closings, reported Boston Business Journal. Both banners are owned by TJX Cos.  

This summer, Mall of America will buy into the escape fantasy craze with the addition of The Escape Game, an hour-long experience that the Nashville-based provider of the technology says presents sophisticated content designed to challenge even the most ardent gamers.   In the group experience, players can choose adventures that include a Mars mission, a covert mission to intervene with terrorists, a prison break, and a museum heist. The 3,300-sq.-ft. space will be located on level 3 of the huge mall in Bloomington, Minnesota, near Sears.

Dick’s Sporting Goods will be relocating one of its stores in the Harrisburg, Pennsylvania, metro to space formerly inhabited by Sears at PREIT’s Capital City Mall.  

CBL has worked out sales-leaseback deals with Sears Holdings to take ownership of five Sears department stores and two Auto Centers located at company malls in the Southeast. The deal was consummated for $72.5 million.  

Over the last decade, the retail industry has evolved substantially. E-commerce continues to outpace brick-and-mortar strategy, dramatically changing the way consumers shop. Accommodating new consumer preferences requires brands -- from corporate executives to field managers to in-store associates -- to communicate, and regularly evaluate the in-store customer experience.