What's next for Sears?
Earlier this year, Sears threatened to leave Illinois if the state government could not give them a new tax break. Tuesday night the House voted against the legislation that would do so, so rumors of the company's departure from the Land of Lincoln are sure to resurface.
The Illinois tax break could become moot very quickly, however, if a 24/Wallst.com post got it's 2012 prognosticating correct.
Sears made that site's list of 'Ten Brands That Will Disappear in 2012.'
Each year, they makes a list of brands they believe will disappear by the next year, and some companies on last year's list, such as T-Mobile, proved to be correct.
According to 24/7 Wall St., since Kmart and Sears merged and became Sears Holdings the company has not been successful and has seen a net loss of $170 million. 24/7 Wall St. believes Sears Holdings will most likely consolidate the two brands and keep Kmart, which out performs Sears.
If the company does manage to survive, what are the chances it will remain in Illinois? The House and Senate have small differences between tax versions of the bill and will discuss and may vote again on legislation when they return to Springfield early next year.
Sears Spokesman Chris Brathwaite said he was disappointed the Illinois House and Senate could not reach an agreement.
"It is our hope that lawmakers will achieve a compromise very soon as our time-line for making a decision about our future by the end of the year has not changed," said Brathwaite.
The future is uncertain for Sears but Senate President John Cullerton said that he doubted Sears would leave the state. Cullerton said the House and Senate would work out a bill when they come back in session next year.
