Tuesday, February 17, 2015

K-Mart in the Schuylkill Mall to Close

The Republican Herald is reporting that on Tueday morning employees of the K-Mart in the Schuylkill Mall were informed that the store would be closing later this year.

Mall Manager, Elaine Maneval, had the following comment

"We have valued Kmart as a tenant at Schuylkill Mall for many years, and are obviously disappointed that they will not be extending their lease at the end of its current term, which is Oct 2015. Candidly, this is not a big surprise, as Kmart and Sears have been realigning their corporate strategy, and as a company, now operates fewer than ½ the stores that existed (3500) when the companies merged, with approximately 200 stores closing in 2014.

In anticipation of this potential closure, the Landlord engaged CBRE|FAMECO to pursue replacement tenant(s) in the event Kmart did not extend their lease, effectively trying to get in front of the decision, proactively, rather than reacting to the official notice provided today. This is also our first notice that Kmart has formally decided to close their store at Schuylkill Mall."

Earlier story regarding the space being up for lease

Link to story in the Republican Herald

**Story updated at 3:30pm to add comment from Elaine Maneval

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