CHAMPAIGN — The Sears store at Champaign's Market Place Shopping Center is slated to close sometime in 2013, Sears Holdings Corp. announced this morning.
The store is among 11 Sears locations being sold to General Growth Properties for a total of $270 million.
"The stores will continue to operate as Sears locations in 2013 with final closing dates to be determined and announced later this year," the company stated in a news release.
The transaction with General Growth Properties — which owns Market Place Shopping Center — is expected to close in the next 45 to 60 days, the company said.
Sears Holdings spokeswoman Kim Freely said the store at Market Place has been there since 1975 and has about 150,000 square feet. She would not disclose the number of employees and could not say when a closing date might be announced.
The transaction involves six stores that Sears owns and five that it leases. All are part of existing General Growth properties.
The Champaign store is a leased store. The other four leased stores are in Honolulu; Rochester, Minn.; Bellingham, Wash., and Council Bluffs, Iowa.
The six properties owned by Sears that are being sold are in: Coralville, Iowa; The Woodlands, Texas; Ocoee, Fla.; Murray, Utah; Oklahoma City; and Provo, Utah.