A recent Puget Sound retail report shows more former Sears sites are set to become something else, as the Wall Street Journal reported the retailer could be headed to bankruptcy before next week.
With repayment of $134 million due Monday, the retailer was preparing a bankruptcy filing, the Journal reported Tuesday.
Meanwhile, commercial real estate company Marcus & Millichap’s Second Half 2018 Retail Report for Seattle, released Oct. 2, said former Sears sites in Shoreline and Overlake will undergo transformation.
“Plans are also in the works for two shuttered Sears stores in Shoreline and Overlake, with the hope of turning the sites into major mixed-use projects, including retail, residential and other components,” the report said.
The two sites would join Tacoma’s former Sears site when it comes to reinvention. The local Sears could face demolition as soon as the new year, according to documents filed with the city. The permits are under review.
The project, announced earlier this year, calls for a new movie theater, restaurants and retail for the site.
Last week, cities elsewhere in the United States were receiving layoff notices that showed some Sears/Kmart stores closing days before Christmas and not included in the retailer’s previous closure lists.