Sears Holdings will keep its remaining stores in Tucson for now, but it will close its only store in Sierra Vista as part of a bankruptcy restructuring plan announced Monday to close 142 unprofitable Sears and Kmart locations.
After closing a Sears store at Park Place Mall in July, the company has a remaining Sears department store at Tucson Mall, a Kmart on East Broadway and a Sears Home Appliance Showroom in Marana.
Besides the Sierra Vista store at 2250 E. Mercado Loop, the company is closing four other Sears stores in Arizona, in Chandler, Mesa, west Phoenix and Yuma.
Liquidation sales at the stores planned for closure are expected to begin soon, Sears said.
The latest store cuts, which include 77 Sears stores and 65 Kmart stores, are in addition to the previously announced closure of 46 unprofitable stores, which the company said is expected to be completed by November.
In its Chapter 11 bankruptcy filing on Monday, Sears Holdings listed between $1 billion and $10 billion in assets while liabilities range between $10 billion to $50 billion.
Under Chapter 11, a debtor is protected from legal action while it works out a plan to repay creditors.
The company said Monday it has secured $300 million in financing from banks to keep the operations going through bankruptcy, and it is negotiating an additional $300 million loan from Lampert's ESL Hedge fund.
The company has struggled with outdated stores and complaints about customer service even for its once crown jewels: major appliances like washers and dryers.
That's in contrast with chains like Walmart, Target, Best Buy and Macy's, which have been enjoying stronger sales as they benefit from a robust economy and efforts to make the shopping experience more inviting by investing heavily in remodeling and de-cluttering their stores.
Photos: Tucson shopping in the 1950s, 60s, 70s, 80s
A sign offering cashews for only 50-cents and something about a $100 bill as shoppers hunt for deals at Tucson's first K-Mart at Broadway and Kolb in June, 1970. Tucson Citizen
Shoppers line up at Tucson's first K-Mart at Broadway and Kolb in June, 1970. Tucson Citizen
Shoppers hunt for deals at Tucson's first K-Mart at Broadway and Kolb in June, 1970. Tucson Citizen
Sale at the White House Department Store in Tucson, ca. 1930s.
Shoppers scour a Musicland store in El Con Mall, Tucson, for albums and casette tapes in December, 1980. Tucson Citizen
An aerial photo of El Con Mall in 1978. Cooper Aerial Surveys
Goldwater's in El Con Mall, Tucson, in 1978. An Arizona-original business, it was known for high-quality merchandise. Tucson Citizen
Opening day at Goldwater's in El Con Mall, Tucson, in 1978. It was the fifth store in the chain, built at a cost of $8 million. Tucson Citizen
Jacome's staffers tie Christmas bows in 1951. Reginald Russell photography
This is Tucson. Really. It was December, 1956, and downtown was exploding with development. Looking north from about Pennington east of Stone Ave. Background, upper left is the Arizona Land Title Building. In front of that, the Pima Savings and Loan building. Foreground, left, is J.C. Penney and right is Jacome's Department Store. At right, behind the steel, the Southern Arizona Bank Building. Then there's the two guys suspended from the crane.
The new Jacome's store grand opening in downtown Tucson in Sept, 1951. Reginald Russell photography
Mrs. Howard Cline, stewardess of the S.H. Kress Co's soda and lunch department, descends the escalator in the company's new store at 97 E. Congress, Tucson, in 1955. Tucson Citizen
Levy's new Antoine beauty along on the store's new third floor in downtown Tucson in March, 1956. Pink tiles covered the floor, the chairs were pink leather and all fixtures were in pink hues. Tucson Citizen
Levy's in downtown Tucson in March, 1956. Tucson Citizen
Myerson's White House store in downtown Tucson in February, 1958. Tucson Citizen
The new "women's division" at Myerson's in downtown Tucson in February, 1958. Tucson Citizen
Vickie Green, 4, plays with toys in the new "year-round" toy department at Jacome's Department Store in Tucson in September, 1957.
Interior of the then new JC Penney on North Stone Avenue during opening day on September 19, 1957. The founder, JC Penney himself, was present for the new 62,000 square foot store. The store was located next to the Jacome's and Steinfelds department stores. Over the years all the buildings were torn down and replaced by the Joel Valdez Main Library. At the time Penney's had 1,700 stores in its chain. Tucson Citizen
Exterior of the then new JC Penney on North Stone Avenue during opening day on September 19, 1957. Note, a portion of the Pima County Courthouse is on the upper left side of the photo. The store was located next to the Jacome's and Steinfelds department stores. Tucson Citizen
J.C. Penney Company store in downtown Tucson in 1955. It's now the Chicago Music Store. Wong and Sheaffer Photography
Tucson's second Sears store at 5950 E. Broadway, a day before opening on Sept. 1, 1965. The property is now Park Place. Tucson Citizen
The Sears store on 6th Avenue in downtown Tucson in June, 1965. Tucson Citizen
This is a January 1955 photo of the S.H. Kress & Co. building at 97 E Congress St. It was demolished to make way for a more modern Kress building which would have the city's first escalator that descended to the basement selling floor, according to the Tucson Citizen. The photo shows signs of water damage. Tucson Citizen
Officials estimated nearly 35,000 people visited the new Montgomery Ward store in El Con Shopping Center on its first day of business in February, 1961. Tucson Citizen
Thousands of vehicles in the parking lot of the new Montgomery Ward store in El Con Shopping Center on its first day of business in February, 1961. Photo taken from the historic El Conquistador Hotel, which was demolished by 1968 to make way for mall expansion. Tucson Citizen
The new Woolworth's store during preparations for opening in January, 1958. The building was a block deep, extending from Congress Street through to Penington. The famous lunch counter had seating for 53 and a stand-up sandwich bar. Tucson Citizen
The Tucson Rodeo queen, Joan Moore, appeared at the 1958 opening of the new Woolworth's in downtown Tucson (at Pennington and Congress.) With the rodeo queen is Roy Miller, left, president of the Tucson Retail Trade Bureau, and Jack Bingham, right, the store's manager. Photo by Jack Sheaffer.
The new Woolworth's store during preparations for opening in January, 1958. The building was a block deep, extending from Congress Street through to Penington. The famous lunch counter had seating for 53 and a stand-up sandwich bar. Tucson Citizen
Customers wait for the doors to open for the first time at the Levy's store at El Con Mall on Sept. 15, 1969. Tucson Citizen
Customers inside the new Levy's store at El Con Mall on Sept. 15, 1969. Tucson Citizen
These bargain hunters outside the front of Myerson's at Wilmot Plaza were among 6,000 to 7,000 who showed up for the department store's close-out sale in 1978. Store officials allowed only about 500 customers in the store at a time. Despite waits up to 45 minutes, all got in, a spokesman said. Arizona Daily Star
Levy's first Tucson store on East Congress St. in Tucson in 1931. Western Ways photo by Peter Balestrero.
The Broadway department store at Park Mall, Tucson, in 1974. Tucson Citizen
This is a September 30, 1954 photo of the Albert Steinfeld and Company Wholesale Hardware Division building near the northwest corner of North Stone Avenue and West Pennington Street. By then the Steinfeld grocery store building next door was sold to the Jacome family and it was where they built their new department store. The three-story Steinfeld building, which was built in the early 1900s, was across the street from the Pioneer Hotel and near the present-day main library.
An estimated crowd of 12,000 people await the grand opening of Zody's Department Store at 5720 E. Broadway, Tucson, on Aug. 24, 1977. Eleven off-day Tucson Police officers kept the peace. Nearly 5,000 shoppers waited to see Debbie Reynolds cut the ribbon during opening ceremonies. The California-based company had 37 stores. It filed for bankruptcy in the early 1980s and had disappeared by 1986.
The windows are bare at the Aaronson Brothers Department Store, on East Congress Street at Sixth Avenue, after the one-time downtown anchor store closed shop around May 3, 1967. At the time, the building was owned by the Southeastern California Association of Seventh-day Adventists, according to the Tucson Citizen. Times were tough for other sections of East Congress and other downtown businesses as well.
Shoppers crowd around Penney's at El Con Mall, Tucson, in December, 1980. Tucson Citizen
