The company has been in the Chicago area for decades, but the company now says expiring tax subsidies could hurt the company too much, so they are starting to look elsewhere.
At one time the Sears company was in the famous Sears Tower in downtown Chicago. For years the building held the record as the tallest in the world. Then, Sears moved to a huge complex of buildings located in nearby suburban Hoffman Estates, but the building downtown kept the name Sears. Then, a few years ago, the Sears Tower became Willis Tower and now Sears says it may be leaving the area.
According to media reports, Sears Holding Corp. is considering a move out of Chicago and out of the state of Illinois. According to reports from various media sources on the East Coast, the company is considering a move to the Washington D.C. area.
The problem comes down to taxes. The company has been given a number of tax breaks and incentives to stay in the state over the years, a fairly common practice in the state of Illinois. Now, however, those tax breaks are set to expire and the company says the new income tax laws enacted by Governor Quinn are too much.
Sources say that the company began sending out feelers and making inquiries about sites in the Washington D.C. area about two weeks ago. The company reportedly also considered sites in Georgia, New Jersey, North Carolina and Texas.
So far, these allegations are all rumors and Sears has yet to release an official statement or speak to anyone in the press.
Currently, the Sears company employs 6,200 people at its Hoffman Estates location.
Governor Quinn has announced that he is willing to work with companies whose tax subsidies are set to expire.
Source: http://www.huliq.com/10304/sears-considers-move-away-chicago-area
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