Sears reportedly eyes selling or redeveloping corporate headquarters

Big changes may be coming to Sears’ massive corporate headquarters, which sits on 273 acres in the Chicago suburb of Hoffman Estates.

Transformco, which acquired Sears and Kmart at a bankruptcy auction in 2019,  is considering a sale or a redevelopment of the Sears headquarters property, reported CNBC, as its retail portfolio continues to shrink. The company will begin to market the  property, which includes a 2.3 million sq-.ft- office, to potential buyers in early 2022, according to the report. It is also reviewing other redevelopment uses for the site.  (The news was first reported by The Chicago Tribune.)

According to Transformco spokesperson Larry Costello, many employees have been remote or using a hybrid approach to going into the office during the pandemic.

“These changes have reduced our needs for a corporate campus that was built 30 years ago for the needs of a more centralized business,” Costellosaid in an emailed statement to CNBC. “We are exploring development opportunities for the Hoffman Estates property that enhance its value for both associates based there and the broader Hoffman Estates community.”

In November, Sears closed the doors to its last remaining store in its home state,  at Woodfield Mall in Schaumberg, Ill. Transformco has been quietly — and steadily — closing Sears and Kmart stores since it acquired Sears Holdings. (At the time of the acquisition, the company had some 400 stores.).  The last Kmart store in Manhattan, in the city’s Greenwich Village area, closed its doors in June. Wegmans Food Markets will open its first store in Manhattan on the former Kmart site.

For the complete CNBC story, click here.