Sears promised to keep a certain number of people employed in Illinois to get tax breaks from the state and from Hoffman Estates. Will this BK negate those agreements ?
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Yep, same town, same district.
https://www.dailyherald.com/business/20190108/dist-220-restates-fears-about-redevelopment-of-former-att-campus
Off Topic but Hoffman Estates also has the vacant ATT they're going to give incentives to redevelop. Sound familiar?
Is that the same school district Sears has stiffed?
I guess I should have said "had" been rented to other companies... they've already lost what tenants they'd had.
https://www.chicagotribune.com/business/columnists/ct-biz-sears-hoffman-estates-headquarters-ryan-ori-20181011-story.html
"Even before the bankruptcy filing, Sears had courted tenants to lease blocks of the office space the retailer no longer needed. Although there have been outside tenants leasing space at times, in recent years the campus has been used only by companies affiliated with Sears Holdings."
HE has been gradually emptying out floors/buildings for years. Some of them have been rented to other companies.
Hasn't Hoffman Estates HQ been around since they had a couple thousand stores? Is the place mostly empty now or what?
WHERE HAVE YOU BEEN FOR THE LAST 3 YEARS??? The tax abatement agreement was violated years ago.
Sears can't afford to move anywhere and will liquidate in place....
They're property tax liens. Property liens run with the land. Sears can't get rid of them even in bankruptcy unless they give up HE land.
A number of corporate employees work remotely, at least part of the time. Remote employees can work from anywhere.
To QXI- you are absolutely right on the money. High probability they are going to move. Those still there at HQ have to ask themselves or be prepared.... are you ready to uproot your whole life for Sears? A similar thing happened to me about 25 years ago, my company moved to Salt Lake City Utah... a lot of folks went there and within 2 years they came back to Chicago. It's something one has to be prepared for. I did not go to Utah, I left that job... glad I did, saved me a lot of aggravation for my family.
if the agreements are no longer valid, it gives them less of a reason to move away
The agreement is with Sears Holdings. Eddie's new company will not be bound by that agreement since it is not Sears Holdings. In fact, it won't be bound with most of the old agreements although some are in fact worded in such a way to carry on to future companies, although those are usually disputed.
Sears already fell below those numbers years ago. The bankruptcy does not negate those, they're high priority claims.
Yes. Look for Sears to close down HE and move the headquarters to another location/state with lower taxes and cost of living expense(s) To cut costs Sears should move it's operation to smaller quarters in a building/location that they currently own.
Once the current store liquidations have been completed, Sears will no longer have a presence in Minnesota, Kansas, Kentucky, Mississippi, Montana, Nebraska, North Dakota, Oklahoma, or South Dakota, NO reason to operate such a large campus for such a small foot-print
There is no reason