Sears

Sears: A Legacy Retailer in Terminal Decline and Strategic Real Estate Pivot Founded in 1892 and headquartered in Hoffman Estates, Illinois, Sears (Transform SR Brands LLC) is a former global retail powerhouse that has transitioned into a real estate holding and brand management entity. Since its 2018 bankruptcy and subsequent acquisition by Transformco (controlled by Edward Lampert), the brand has undergone a massive liquidation of its physical footprint. Entering 2026, Sears operates a skeleton fleet of only five full-line stores in the United States, down from over 3,500 at its peak. The brand’s 2026 strategy—as articulated by Transformco real estate executives—is to transition from a "retailer with real estate" to a "real estate operating company," focusing on the redevelopment of its remaining parcels into multi-family housing and data centers. While the Sears Home Services division and the Shop Your Way loyalty program remain active and potentially profitable, the physical department stores are largely characterized as "liminal spaces" with outdated inventories and minimal staff. For landlords and developers, Sears is no longer a viable retail anchor but rather a redevelopment opportunity, often requiring significant lease buyouts or legal navigation of Transformco’s asset monetization strategies.