Sears Holdings Corp. has completed the $270 million sale of 11 Sears mall stores to General Growth Properties, the company said Tuesday.
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The Hoffman Estates-based company announced plans in February to sell the stores in an effort to raise cash.
The retailer also said it would spin off its network of more than 1,000 hometown hardware stores and Sears outlets generating up to $770 million.
The stores will continue to operate as Sears locations into 2013 or 2014 with closing dates to be announced later this year, the company said in a statement.
In addition to Champaign, the stores sold were in Hawaii, Iowa, Texas, Florida, Minnesota, Washington, Oklahoma and Utah.
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