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Sears will be auctioning 16 of its stores as the company struggles to stay afloat.Veuer's Maria Mercedes Galuppo has more. Buzz60

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In a symbolic milestone, Sears will soon close its last store in Chicago — the city the iconic retailer has called home or been closely connected to for 120 years.

The store, at 4730 W. Irving Park Road, will go out of business in mid-July with the liquidation sale of its merchandise starting on April 27.

The Chicago storefront is part of a batch of 265 Sears and Kmart locations that were purchased by the real estate investment trust Seritage Growth Properties in 2015, then leased back by the retailer. An investment firm owned by Eddie Lampert, Sears Holdings' CEO, has a significant ownership stake in Seritage.  

Sears, has closed hundreds of stores since the start of 2017 amid sluggish sales and the shifting tastes of shoppers who increasingly prefer to buy online or from rival retailers like Walmart and Best Buy.

Sears, once America's most famous retailer, continues to fail

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On Nov. 3, 2017, it was announced a total of 63 K-Mart
On Nov. 3, 2017, it was announced a total of 63 K-Mart and Sears stores have been targeted for closure to cut costs. Traffic passes by a Sears department store in Brooklyn's Flatbush, in New York. Sears, once the monolith of American retail, in March 2017 announced that there is "substantial doubt" that it will be able to keep its doors open.  Bebeto Matthews, AP
Forty-five Kmart stores and 18 Sears stores will be
Forty-five Kmart stores and 18 Sears stores will be closing in late January 2018, the company said Thursday. Hal Degraff, of Livonia, Mich., stopped by to take a photograph of the Livonia Kmart. He has shopped there for at least a dozen years and said that he will miss it.  Bill Bresler, USA TODAY NETWORK
Generations of Americans picked their holiday gifts
Generations of Americans picked their holiday gifts from Sears catalogues, first published in 1933. In 2017 Sears brought back its "Wish Book'' with a digital twist hoping to lure consumers back to the retailer of toys, appliances and apparel.  Sears, Roebuck and Co.
A shopper walks up to a Sears department store at the
A shopper walks up to a Sears department store at the Tri-County Mall, in Springdale, Ohio in this March 2017 file photo. Sears will no longer sell Whirlpool appliances, ending a business partnership that dates make more than 100 years.  John Minchillo, AP
A repairman installs a Whirlpool water heater at a
A repairman installs a Whirlpool water heater at a home in Los Angeles in this March 22, 2015, file photo. Sears will no longer sell Whirlpool appliances.  Richard Vogel, AP
Customers shop at a Kmart store on Aug. 24, 2017 in
Customers shop at a Kmart store on Aug. 24, 2017 in Elmhurst, Illinois. Sears Holdings Corporation, the owner of Kmart, said today it was planning on closing another 28 Kmart store including this Elmhurst location.  Scott Olson, Getty Images
A sign announcing the store will be closing hangs above
A sign announcing the store will be closing hangs above a Sears store on Aug. 24, 2017 in Chicago. Sears Holdings Corporation, which owns both Sears and Kmart, said it was planning on closing another 28 Kmart stores.  Scott Olson, Getty Images
Customers shop at a Sears store in Woodfield Mall July
Customers shop at a Sears store in Woodfield Mall July 20, 2017 in Schaumburg, Ill. Sears announced that it had agreed to sell Kenmore appliances on Amazon.com.   Scott Olson, Getty Images
Shoppers walk into Sears in Peabody, Mass., on May
Shoppers walk into Sears in Peabody, Mass., on May 17, 2012.  Elise Amendola, AP
Sears CEO Edward Lampert announcse the merger of Kmart
Sears CEO Edward Lampert announcse the merger of Kmart and Sears back on Nov. 17, 2004.  Gregory Bull, AP
A worker repairs the sign outside the Sears Grand store
A worker repairs the sign outside the Sears Grand store in Solon, Ohio, on Feb. 13, 2015.  Amy Sancetta, AP
This is a vintage Sears Roebuck & Co. in Rochester,
This is a vintage Sears Roebuck & Co. in Rochester, N.Y. The company that operates Sears, the department store chain that dominated retail for decades, warned March 21, 2017, that it faces "substantial doubt" about its ability to stay in business unless it can borrow more and tap cash from more of its assets.  Rochester Democrat and Chronicle via the USA TODAY Network
A crowd gathers for the grand opening of a Sears store
A crowd gathers for the grand opening of a Sears store on Chicago in 1932.   AP
Sears, which at the end of its fiscal year had about
Sears, which at the end of its fiscal year had about 140,000 employees, said that it expects to continue to try to generate cash from real estate sales and borrowing.  Rochester Democrat and Chronicle via the USA TODAY Network
An early Sears catalog.
An early Sears catalog.  AP
A "Black Friday" advertisement for Sears is seen on
A "Black Friday" advertisement for Sears is seen on an iPad in Annapolis, MD Nov. 16, 2014.   Jim Watson, AFP/Getty Images
The Sears store at Eaton Centre in Toronto, Canado
The Sears store at Eaton Centre in Toronto, Canado Oct, 29, 2013.   Frank Gunn, AP
The Sears at the Chambersburg Mall in Scotland, Pa.
The Sears at the Chambersburg Mall in Scotland, Pa. closed it's doors in January 2015.   Markell DeLoatch, AP
The Sears at the Chambersburg Mall in Scotland, Pa.
The Sears at the Chambersburg Mall in Scotland, Pa. closed it's doors in January 2015.   Markell DeLoatch, AP
Craftsman tools sold by Sears at this Bethel Park,
Craftsman tools sold by Sears at this Bethel Park, Pa., store.  Gene J. Puskar, AP
This is a Sears-Roebuck in Rochester, N.Y.
This is a Sears-Roebuck in Rochester, N.Y.  Rochester Democrat and Chronicle via the USA TODAY Network
Founded in 1886, Sears was built around its famous
Founded in 1886, Sears was built around its famous catalog that was so complete that entire houses could be ordered -- delivered in pieces to be built on a site.  Rochester Democrat and Chronicle via the USA TODAY Network
This is a Sears-Roebuck in Rochester NY.
This is a Sears-Roebuck in Rochester NY.   Rochester Democrat and Chronicle via the USA TODAY Network
Women crowd the counters of one of the first Sears
Women crowd the counters of one of the first Sears retail stores in 1925.   AP
Five year old Kathy Diviney receives a sucker after
Five year old Kathy Diviney receives a sucker after talking with Santa Clause at the Sears Department store in downtown Nashville Dec. 13, 1966.   The Tennessean via the USA TODAY Network
This ad is from a 1908 Sears, Roebuck and Company catalog.
This ad is from a 1908 Sears, Roebuck and Company catalog.   Journal & Courier
Sears is under financial pressure and has warned it
Sears is under financial pressure and has warned it may fail. But it has seen many better days. Here, Sears store associates in Schaumburg, Ill. help customers shop more than 1,000 doorbuster deals on Thanksgiving Day in 2015  Jean-Marc Giboux, AP Images for Sears
A shopper leaves the Kmart store in Burbank, Calif.,
A shopper leaves the Kmart store in Burbank, Calif., Kmart is part of Sears Holdings  KEVORK DJANSEZIAN, AP
A bronze plaque hangs near the entrance of Sears' flagship
A bronze plaque hangs near the entrance of Sears' flagship store in the Loop in Chicago  Scott Olson, Getty Images
Craftsman tools are offered for sale at a Sears store
Craftsman tools are offered for sale at a Sears store  Scott Olson, Getty Images
Appliances are on display at a Sears store in Berlin,
Appliances are on display at a Sears store in Berlin, Vt.  Toby Talbot, AP
A Sears store is seen in Coral Gables, Florida.
A Sears store is seen in Coral Gables, Florida.  Joe Raedle, Getty Images
Oakland’s Uptown Station, seen in a photo illustration,
Oakland’s Uptown Station, seen in a photo illustration, is a former Sears store  Gensler

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    But  the shuttering of the last Sears in Chicago is especially poignant. The city has been tied to the retailer's identity since it first moved its headquarters there from Minnesota in 1887 and later put its stamp on the city's skyline with the Sears Tower, the tallest building in the world when it became Sears' corporate base in 1973.

    "Although we are disappointed by this last store closure in Chicago, by no means does this change our commitment to our customers and presence to Chicago’s residents,'' the company said in a statement.

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    Sears raised $100 million in new funding and forecast a smaller loss in the fourth quarter, sending its shares higher. Newslook

    Sears, which also owns Kmart, has struggled financially in recent years, laying off scores of employees, borrowing hundreds of millions of dollars and dealing with credit downgrades. But in its most recent earnings period, the company reported a profit thanks to a boost by the new federal tax law.

    The retailer says it will continue to streamline operations and promote its Shop Your Way loyalty membership program, among other moves, to help it regain its relevance and footing.

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