Hoffman Estates officials counting on Sears staying

Hoffman Estates government and business leaders said they're confident about Sears Holdings Corp.'s continued presence in the community, despite news the company needed a $400 million short-term loan from CEO Edward Lampert.

"I think I'm pleased that Lampert is loaning them money," Hoffman Estates Mayor Bill McLeod said.

McLeod noted that the 15-year agreement Sears signed in 2012 to keep its headquarters in Hoffman Estates means the company would forfeit a significant amount of money if it were to abandon the village before the deal expires.

Keith Evans, chairman of the Hoffman Estates Chamber of Commerce & Industry, said Sears' importance as a corporate citizen would make its absence deeply felt. A departure would have profoundly negative effects on local restaurants, hotels and other businesses, as well as Sears employees living in the area.

"There would be a multiplier effect if we lost Sears," Evans said. "Would it be a blow to the community? Definitely."

Evans, who's also a commissioner and past president of the Hoffman Estates Park District, worked on the tax deal in 2012 that led Sears to stay put in the village. He said the stores and shops that have sprung up near Sears' headquarters are, perhaps, the most direct effect it's had on the local economy.

The company also is an active member of the chamber, reaching out to the community in ways such as its involvement in next month's chamber fashion show at Woodfield Mall in Schaumburg.

While any company of Sears' size would almost automatically have a seat on the local chamber's board of directors, many would be content simply to hold the title and write a check, Evans said. But Sears representatives on the chamber board have always taken their commitment to the community seriously, he said.

And they've been doing it while continuing to operate in one of the toughest industries in today's economy, Evans said.

"They were expecting to be profitable by now and they're not yet," he said. "In order to turn the corner, you have to stop bleeding. It's a very tough business, very competitive, and (shoppers) don't even need to leave (their) house anymore.

"Maybe there's a solution for that. I don't have the expertise in that," he added. "But they're a great corporate citizen. The chamber of commerce loves them. The park district loves them."