Month: August 2015

Sears to layoff 31, close Melville facility

Sears Roebuck & Co. will close its carry-in repair office in Melville and layoff its 31 employees there, according to a
filing with the New York State Department of Labor.

The layoffs and closing of the Sears appliance repair office at 120 Spagnoli Road are scheduled for Nov. 22. A Sears
official did not respond to a request for comment on the Melville layoffs.

The chain closed more than 200 Sears and Kmart stores in 2014. Its parent company, Sears Holdings, has formed a
real estate investment trust called Seritage Growth Properties to extract value from its real estate holdings and
replenish its cash as it tries to turn around its slumping business.

Sears Holdings plans to sell and lease back about 235 properties, most of them Sears and Kmart stores, to the
REIT. The company expects $2.6 billion in proceeds. The transaction also includes the purchase of interest in its
joint ventures.

In April, Sears struck three real estate transactions, including getting $150 million from a joint venture with mall
operator Macerich. It also has deals with General Growth Properties and Simon Property Group.

In June, Sears Holdings reported that its revenue fell to $5.9 billion for its first quarter that ended May 2, 2015,
compared to $7.9 billion in the same period a year ago.

Sear Holdings said same-store sales fell by 10.6 percent during its quarter-to-date period that ended on July 25,
compared to the same period a year ago. That followed a drop of 11 percent in the first quarter.

Kimco Expands Incubator Program to LI

An innovative incubator program for aspiring entrepreneurs is expanding to include Long Island shopping centers.

The effort by New Hyde Park-based Kimco Realty, which debuted in California three years ago, offers fledging retail,
restaurant or service businesses one year of free rent at some of Kimco’s shopping centers, including six on Long

Those who qualify for the incubator program can set up shop in retail spaces of up to 2,500 square feet, including some pre-built restaurant locations, according to a company statement, though they must also pay reduced first year property charges.

The entrepreneurs can access Kimco retail business counselors and can extend their stays with an additional fouryear
lease option.

“At Kimco, small shops are an integral part of our neighborhood and community shopping centers, adding diversity,
value, and a local touch to our tenant mix,” Conor Flynn, Kimco president and COO said in the statement. “Providing
operational and financial support through the critical start-up incubation years is part of our commitment to
encourage small businesses, as well as women, minority and veteran-owned businesses, to open their doors and

The Long Island shopping centers where incubator space is available include the Market at Bay Shore, the
Centereach Mall, the Pathmark Shopping Center in Centereach, Hicksville Plaza, Manetto Hill Plaza in Plainview and
the Syosset Shopping Center, according to Kimco’s website.

Applicants for the program called Kimco Entrepreneurs Year Start must provide a business plan with specific goals
and objectives, and demonstrate adequate funding for their venture. An endorsement, certificate, degree, or letter
of completion from small business educational classes, or a college or university is also recommended.

Earlier this year, Kimco announced an alliance with NxLeveL Education Association to provide 30-hour educational
programs for start-up entrepreneurs and prospective business owners interested in opening their first retail store,
restaurant, or service operation.

A publicly-traded real estate investment trust, Kimco owns interests in 727 shopping centers comprising 107 million
square feet of leasable space across 39 states, Puerto Rico, Canada, and Chile.