Business

Sears opts to close store in Bangor

A SEARS sign hangs outside the department store at the Tri-County Mall, Wednesday, March 22, 2017, in Springdale, Ohio. Sears, once the monolith of American retail, says that there is "substantial doubt" that it will be able to keep its doors open. Sears has been a member of the retail dead pool for years, but until this week the company had not openly acknowledged its tenuous existence. (AP Photo/John Minchillo) John Minchillo / AP

By Associated Press

January 5, 2018

Less than a minute to read

BANGOR, Maine (AP) — Sears has announced it will close its store in Bangor, Maine.

The Bangor Daily News reports Sears Holdings announced Thursday it’s closing its location in the Bangor Mall in April. The move comes as the retailer closes more than 100 Sears and Kmart nationwide.

The decision leaves the Bangor Mall with two anchor stores; JC Penney and Dick’s Sporting Goods. Macy’s closed last year.

The mall was valued at $128 million in 2007. According to data company Trepp, the Bangor Mall’s value fell to $28.9 million in Oct. 2017. The mall’s owner, Simon Property Group, defaulted on an $80 million loan levied as collateral against the mall.

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Information from: Bangor Daily News, http://www.bangordailynews.com