Thursday, October 25, 2012

Sears to Stay at Provo Mall

Sears officials announced Tuesday that Sears has negotiated a real estate deal with mall owner General Growth Properties Inc. Sears has sold its property to the GGP and in turn will lease it back.

According to store general manager Julie Santa Cruz the public outcry was bigger than she has experienced at any other Sears locations.

Earlier this year GGP announced an agreement for the acquisition of 11 Sears anchor pads within its portfolio for $270 million. It was anticipated that Sears would close sometime in the early part of 2013. Sears was a successful business in Provo and economic concerns were never part of the earlier decision to close.

Scott Hansen, mall general manager said he would like to dispel other rumors floating in the public that JC Penney and Dillard's are leaving. "I would also like to say that we don't want anyone to be confused. JC Penney, Dillard's nor Sears are leaving. In fact, JC Penney and Dillard's have just done major remodels and they are beautiful." Daily Herald