From today's Democrat & Chronicle:
Todd Clausen, @ToddJClausen 10:55 p.m. EDT April 21, 2016
The last remaining vestige of the former Medley Centre, now desolate and largely deserted — even by one former owner — will close later this year.
Sears — the sole remaining retailer at what was once the Irondequoit Mall — will close in July, a spokesman from Sears Holding Corp. revealed Thursday. The Ridgemont Plaza Kmart at 3049 W. Ridge Road in Greece will close at the same time.
The closings are part of a larger announcement released Thursday that the Illinois-based company will close 68 Kmarts and 10 more Sears stores across the country this summer.
"The decision to close stores is a difficult but necessary step as we take aggressive actions to strengthen our company, fund our transformation and restore Sears Holdings to profitability," Edward S. Lampert, chairman and chief executive officer, said in a statement. "We're focusing on our best members, our best categories and our best stores as we work to accelerate our transformation."
Sears Holdings Corp., the parent company of Sears and Kmart, announced earlier this year that it would close several stores after reporting sluggish holiday sales for both big box retailers.
The company reported a $580 million loss in the quarter ending on Jan. 30. Revenue came in at $7.3 billion, down from $8.1 billion a year earlier.
►MEDLEY CENTRE TIMELINE
Sears Holdings Corp. operated nearly 1,700 Sears and Kmart stores at the end of last year. Only two stores operated by the company will close in the Rochester area. The company did not provide details on job losses.
Some of Sears' woes were related to unseasonably warm weather that pushed down the demand for cold-weather equipment and apparel, Lampert told investors earlier this year.
Competition from online merchants that don't have to collect sales taxes was another drag on sales. Higher minimum wage costs also hurt performance, Lampert said.
Sears and Kmart weren't the only ones with disappointing holiday results. J.C. Penney, Macy's and Kohl's all reported lower sales earlier this year.
►A NEW FUTURE FOR MEDLEY CENTRE
Sears was an anchor store at the former Irondequoit Mall when it opened in March 1990. The mall cost Wilmorite Inc. $80 million to build. Roughly 80,000 people visited the mall during its grand opening weekend.
The mall property has undergone several tenants, owners and name changes over the years. It's currently known as Medley Centre.
Still, Sears kept its doors open even as other retailers closed operations on the property. McCurdy's, Macy's, Bon-Ton, JCPenney and Steve & Barry's were some of the anchor retailers that left.
Medley Centre was purchased for $100,000 by Angelo Ingrassia earlier this year during an auction at a Monroe County Sheriff’s Sale. The sale was held to satisfy a civil judgement against former mall owners Bersin Properties LLC for more than $400,000 owed to local engineering firm Passero Associates.
Ingrassia has yet to publicly announce plans for the mall in Irondequoit.
Irondequoit Supervisor David Seeley said he's talked to Ingrassia about moving forward on the property.
"I've asked him to share both his vision and commitment in redeveloping the site, something he has expressed a willingness to do in the coming weeks," Seeley said. "He doesn't want to provide something that's unrealistic or unattainable, which was the problem we ran into with the previous owner."
He said word of Sears closing its Medley Centre location came as little surprise.
"It's amazing to me that Sears was able to stay open for as long as it did," he said. "It is almost a symbolic blow to a great property. I think it provides almost a fresh start, wipes the slate clean.
"I think what's clear is it's never going to be entire retail again. It's not going to be entirely a mall. I think you are going to see a mixed use component to it."
Sears said affected workers would have an opportunity to apply for open positions at other area stores. Some displaced employees will receive severance packages, the company said.
The stores slated to close will begin liquidation sales later this month.
"We are committed to treating these associates with respect and compassion during this process," Lampert said.
TCLAUSEN@Gannett.com
