Ontario Sears Building One Of 16 Being Auctioned Off Online

Ontario Sears Building One Of 16 Being Auctioned Off Online

  • 4/12/2018 4:14:46 PM
  • Kelly Stobie
  • Local News

ONTARIO, OH - Sears is looking to cash in on what is perhaps its most valuable asset: real estate.

The struggling retailer is partnering with online auction platform "RealINSIGHT Marketplace" to sell sixteen profitable store locations.

The Sears store located at the Richland Mall in Ontario is among those stores set to be sold. The two-story department store location as well as its separate one-story auto center is up for bid. The building was established in 1969 and renovated in 1992.

Interested parties can place their online bids up until 8 p.m. on May 1st.

Sears has faced financial struggle and sagging sales for years, but many of the locations sit on prime real estate. So far, about 200 investment groups have expressed interest in the stores. Fifteen of the stores are attached to malls.

Some of them have agreements that would allow them to be developed as hotels, residences, or self-storage spaces.

 

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