Sears shopping in Washington, DC, area for new headquarters
Sears Holdings Corp., which is considering moving its Hoffman Estates headquarters out of Illinois, is scouting the Washington, D.C. area for a more favorable tax climate, The Washington Post reports, quoting anonymous sources.
A Sears spokeswoman said Monday that the company has made no decisions about a move, and that such talk is speculation.
“Speculation about whether Sears will remain in Hoffman Estates is not fair to our associates, particularly so early in this process,” said retail spokeswoman Kimberly Freely.
In early May, the company confirmed reports it is considering a move out of state, with a spokesman saying, “
The Post reported that a relocation the size of Sears’ Prairie Stone campus headquarters — 2.4 million square feet housing 6,200 employees — would dwarf those of other relocations to the Washington, D.C. area, including Northrup Grumman’s move of 300 people into a 333,000-square-foot building in Falls Church, Va.
Sears’ Freely said: “Sears has a very long history here and we value our relationships with the village of Hoffman Estates and the state of Illinois.”
Sears will work with Illinois elected officials at the appropriate time, she said. Gov. Pat Quinn has said his Department of Commerce and Economic Opportunity has been reviewing a possible renewal for tax subsidies for the company. State and local incentives that Sears enjoys — created as an Economic Development Area — are to expire next year.
Sears is just the latest company eyeing a move. CME Group, the owner of the Chicago Mercantile Exchange and the Chicago Board of Trade, said it is considering options for moving. CME, like Caterpillar, has expressed concerns about the cost of doing business here.
Illinois, which raised the corporate tax rate to 7 percent from 4.8 percent in January, has given tax breaks totaling $272.7 million to smartphone maker Motorola Mobility, heavy-truck maker Navistar, daily-deal website Groupon and 66 others in the past year-and-a-half, according to state data.
Shopping In Washington Dc - News
Sears Holdings Corp., which is considering moving its Hoffman Estates headquarters out of Illinois, is scouting the Washington, DC area for a more favorable tax climate,
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Greenwich-based Starwood Capital Group isn't talking about its interest in Westfield's offering, but the Wall Street Journal reported that it is teaming with Madison Marquette, a Washington, DC-based owner and manager of retail property, to make a bid.
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