Chicago suburb hopes to keep Sears Holding Co.

AP News
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Posted: May 09, 2011 5:56 PM
Chicago suburb hopes to keep Sears Holding Co.

The mayor of the Chicago suburb of Hoffman Estates says the town has been talking to Sears Holding Corp. for the past year about new tax breaks to keep the retailer's headquarters in place. The company has about 6,200 employees in Hoffman Estates.

Tax breaks that are part of reason Sears is located in Hoffman Estates are due to expire next year. Mayor Bill McLeod says the state and the city are working to put together a new deal.

McLeod said the company is worth millions of dollars in property taxes and other revenue in Hoffman Estates every year. Sears left its Chicago headquarters for Hoffman Estates in the 1990s.

Sears spokesman Chris Brathwaite said the company owes it to employees and shareholders to "consider options and alternatives."