Sears Holdings Corp announced Tuesday that it plans to close down its flagship location in Chicago as the company moves toward more online retail.
According to Crain's Chicago Business, the struggling Hoffman Estates-based retailer will start its liquidation sale at the location on Jan. 26 and shut its doors in April.
Reuters notes that Sears reported a 9.2 percent decline in comparable sales for the holiday season. The retailer also operates Kmart stores.
The company’s CEO Edward Lampert, has pointed out that times and consumer’s habits have changed to online retail, which is what Sears will rely more on going forward.
The retailer is the latest company to fall victim to the poor sales trend that has affected other retail chains including J.C. Penney Inc Co. that announced it would be closing several of its 1,100 department stores.
Sears has about 2,000 retail stores between the company’s namesake and its Kmart stores.
The company, as well as many others, faces another hurdle once they shift to more online shopping and that is trying to compete with Amazon and other giant online retailers.