Sears to Stay in Illinois
HOFFMAN ESTATES and SPRINGFIELD, Ill.-Sears Holdings Corp. said it will maintain its headquarters in Hoffman Estates, Ill., now that Illinois Governor Pat Quinn has signed a bill that will give the retail holding company tax breaks and incentives.
The breaks, according to press reports, include the extension of a credit Sears had been receiving, along with breaks on taxes and a property-tax cut. In a statement released after the signing of the bill, Sears said, "We applaud the governor for his leadership and recognition of Sears' contributions to our state--thousands of jobs and hundreds of millions of tax dollars. We look forward to remaining in Illinois and building on our long and rich history here."
Sears has had its corporate headquarters in Illinois since its founding, as Sears, Roebuck and Co., in 1886.
The bill also provided similar breaks for CME Group, owner of the Chicago Mercantile Exchange, another long-standing Illinois business. Estimates put the total value of the breaks in the hundreds of millions of dollars.