That was the justification for the Illinois General Assembly giving CME and Sears a huge tax break a few weeks ago.
All the while the same General Assembly considers ways to cut public employee pensions.
Sears has been given a huge tax break for the past decade as incentive to stay in their suburban Hoffman Estates home. This has deprived the local school system, District 300, of needed financial support.
But news today that Sears has had terrible holiday sales and will close 150 KMart and Sears stores, throwing hundreds of employees out of work, suggests customers weren’t as gullible to Sears’ crap as Illinois politicians were.
(Reuters) – Sears Holdings Corp will close up to 120 stores in its Kmart and namesake chains, blaming poor sales of consumer electronics so far this holiday season and saying it would focus its energy on its better performing stores.