Thursday, November 07, 2019

Illinois tax break beneficiary Sears Holdings to close one-third of stores in latest round of shutdowns

Despite decades of local and state tax breaks, Sears Holdings, which runs Sears and Kmart stores, filed for bankruptcy two years ago.

Most famously, shortly after a massive state income tax hike signed into law in 2911 by Gov. Pat Quinn, a Democrat, Sears threatened to move its headquarters out of Illinois. So Quinn gave the retailer, which was ailing even then, another tax break. A few years later Sears Holdings lost that break because it fell below the minimum employee amount agreed to by the state.

Today Sears announced it will close one-third of its stores in the latest round shutdowns early next year.

Merry Christmas and Happy New Year.

Illinois can't do anything right.

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