The Sears store at 150 Pearl Nix Parkway in Gainesville is one of nearly 500 stores nationwide that could be sold as part of the retail chain’s bankruptcy filing.
Sears, which filed for Chapter 11 bankruptcy in October, will announce by Dec. 15 whether it has an interested buyer in the stores, according to a notice filed earlier this month in the U.S. Bankruptcy Court Southern District of New York.
A potential owner can “submit a bid for all or some” of the stores, including “on a liquidation basis,” the document states.
Gainesville’s store is the only Sears location in Georgia on the list.
Chicago-based Sears Holdings has said it is moving forward with “a series of actions to position the company to establish a sustainable capital structure, continue streamlining its operating model and grow profitably for the long term.”
“Our goal is to emerge as a member-centric company, reorganized around a smaller platform of profitable stores, with the capital needed to allow us to prosper in the future.”
Sears Holdings’ loyalty programs, including the Shop Your Way membership program, and the Sears and private-label credit card rewards programs, will continue, the retailer has said.
Gainesville’s Sears has been a longtime anchor at Lakeshore Mall off Pearl Nix Parkway and Dawsonville Highway.
For years, it was connected to the mall. That changed in 2013, when construction of Dick’s Sporting Goods created a gap between Dick’s and Sears and the rest of the mall.
“For this location, and generally around the country, Sears occupies incredible real estate locations, with a brand that has seen better days,” said Tim Evans, the Greater Hall Chamber of Commerce’s vice president of economic development.
“Whether the store and the retail business remains a going concern, I’m not going to speculate on that.”