IV Mall owner explains strategy in wake of announced Sears closings

The indoor entrance to the Sears store at the Imperial Valley Mall as seen Monday. Sears Holdings, which has declared Chapter 11 bankruptcy, announced the El Centro store, as well as its Yuma store, will close by year’s end. PHOTO TOM BODUS

CHATTANOOGA, Tenn. — The owner of Imperial Valley Mall on Tuesday provided an update on its redevelopment efforts related to Sears stores in its portfolio.

CBL Properties, owner and manager of shopping centers in 26 states across the United States, issued the announcement in response to Sears Holdings’ announcement of Chapter 11 bankruptcy on Monday and plans to close 142 “unprofitable” stores — not including 46 other stores that had already been marked for closure — by year’s end.

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