Sears explores moving out of Prairie Stone Business Park in Hoffman Estates, Illinois

Struggling retailer Sears is considering moving out of its Illinois headquarters in the Prairie Stone Business Park in the city of Hoffman Estates, a northwestern suburb of Chicago.
In 1992, Sears moved out of its namesake building, the Sears Tower, once the world’s tallest building, to Hoffman Estates lured by various incentives and tax breaks.  These breaks are set to expire next year, prompting the discussion.

Sears is one of the largest employers in Hoffman Estates, a city of 54,000, and employs people who live over a wide range of Chicago’s suburbs. It provides about 8 percent of the town’s property tax revenue while anchoring a business park that makes up close to 20 percent of that tax base, said Village Manager Jim Norris, one of those who’s involved in the discussions.

Other states must be positioning themselves as possible contenders but Sears also has to weigh the benefits of such a disruption vs. the cost of a move.

To read the full article and learn more about the tax incentive debate Click Here.

For a look at the Sears office in the Prairie Stone Business Park Click Here.

The Sears Tower is now known as Willis Tower.

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