Mall At Steamtown Auction Postponed To Allow Bidders More Time

An auction for the foreclosed and still struggling Mall at Steamtown was postponed three weeks to give potential bidders more time to prepare bids, an agent involved in the upcoming online auction said.

The failure of retired department store chain owner Al Boscov’s past partnership to pay off the loan that led to the foreclosure does not disqualify him from bidding or being part of a bid, said Lynn DeMarco, contact agent for the Shopping Center Group LLC of New York City, which is facilitating the auction along with auction.com.

“This is an open auction, so anybody can bid,” Ms. DeMarco said Tuesday.

The auction, originally scheduled for Monday through today, was postponed to June 22 to 24. Bidding requires proof that bidders are viable and can come up with the money to fulfill their bids. Bidders will submit bids through the auction.com website in a fashion similar to an eBay auction. Bidders can see the highest bid as the auction unfolds. When the deadline for bids passes, the high bidder gets the mall, assuming the bidder has the money, Ms. DeMarco said.

Read more:

http://thetimes-tribune.com/news/mall-at-steamtown-auction-postponed-to-allow-bidders-more-time-1.1892390

Boscov: Steamtown Mall Nearing Foreclosure

Map of Pennsylvania highlighting Lackawanna County (Photo credit: Wikipedia)

The Mall at Steamtown is on the verge of foreclosure, department store magnate Al Boscov disclosed to The Times-Tribune on Wednesday.

The mall ownership group, Steamtown Mall Partners LP, recently defaulted on a lump sum mortgage payment and a property foreclosure action is expected to be filed by Friday in Lackawanna County Court, Boscov told the newspaper’s editorial board.

The mall will continue to operate and shoppers should notice no difference at the Lackawanna Avenue retail complex during foreclosure, he said. All of the mall’s tenants but one, a store whose lease was up, have decided to stay.

Reiterating his personal commitment to the mall and to downtown Scranton, Boscov, chairman and chief executive of Boscov’s department store, said the mall’s ownership believes the foreclosure process will help the property emerge as a financially healthier operation.

Read more:  http://citizensvoice.com/news/boscov-steamtown-mall-nearing-foreclosure-1.1645780

Upper Darby’s Shopping District Losing More Than Sears

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The shopping district in Upper Darby, PA is losing more than their Sears store.  In addition, Marshall’s is closing January 14^th (but being replaced with Ross); the Turf Club has already closed and left a large empty building and Fashion Choice Jewelry is closing.  The vacant Sears store will leave two large empty buildings in the shopping district.

Sears has been a fixture and an anchor store in the Upper Darby shopping district for 30 years.  We here inPottstown can feel your pain.  Sears has been around Pottstown far longer.

The main reason for the closing is the economy (poor performance).  Since 2008 sales at Sears in Upper Darby have dropped 50 percent.  I would say the Pottstown Sears store is in the same boat.  Compared to Boscov’s and Kohl’s the Sears store is empty.  I could barely shop in Boscov’s last week because it was so crowded.

Sears employees losing their jobs can apply for positions in other stores, take severance, if they qualify, or be furloughed.

Pottstown And Upper Darby Sears Stores Closing

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Sears Holding Corporation just released their store closing list and two area Sears stores are on the chopping block.  The Coventry Mall and 69th Street Sears stores are closing.  No Kmart stores will be closed in Pennsylvania and no other Sears store in Pennsylvania will close, other than Pottstown and Upper Darby.

The Sears store at Coventry Mall predates the mall.  Originally Sears was in downtown Pottstown and moved across the river into North Coventry Township as a stand alone store.  When the mall was built in 1967, Sears was connected to the mall.  The Sears store is last surviving original anchor store at Coventry Mall. 

Sears retail stores have been in decline for several decades.  Sears was the nation’s largest retailer until the 1980’s but has declined considerably since then.  In 2005 Sears merged with Kmart.  Kmart purchased Sears and Kmart Holding Corporation changed its name to Sears Holding Corporation.

Sears built and owned what is still the tallest building in the United States, the Sears Tower in Chicago.  In 1993, Sears sold their skyscraper and moved into an office park setting in Hoffman Estates, IL.