The Great Indoors chain of nine stores — including the only Colorado outlet in Lone Tree — is shutting down, parent company Sears Holding Corp. announced today.
“As the company continues to respond to current business conditions and advance our integrated retail strategy, we’ve made the decision to close the TGI format,” said company spokeswoman Kimberly Freely. No date has been set for any store closings, she said.
The Lone Tree store opened in 1998 as a mammoth showcase for appliances, furniture, bedding, lighting and kitchen and bath fixtures under one roof. The store was the first of its kind in a planned national roll-out of the concept.
When the Broomfield Great Indoors closed at the end of last year, it left a 155,000-square-foot hole in the FlatIron Marketplace retail landscape, and displaced 58 employees.
Freely said she did not know how many employees work at the Lone Tree store, but said “Eligible associates will receive severance and outplacement benefits, as well as the opportunity to (apply) for other positions within the company.”
Seth Hoffman, Lone Tree’s assistant city manager, said while the city is sorry to see the store go, “the real estate market in Lone Tree is strong and this may provide a great redevelopment opportunity.”
He said the lost sales-tax revenue to the city will have some impact, but sales at other area retailers — such as Costco, Sam’s, Nordstrom and Macy’s — have been strong and growing.
Sears, based in Hoffman Estates, Ill., also said today it plans to cut inventory by $580 million following the announcement in December that the company would close 100 to 120 stores after a dismal holiday sales season.
Penny Parker: 303-954-5224 or pparker@denverpost.com
