September 22, 2018
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Sears closing its Bangor Mall store

Photo courtesy of Sears Holdings
Photo courtesy of Sears Holdings
The Bangor Mall Sears will be closed by April as the parent company, Sears Holdings, closes more than 100 Sears and Kmart stores.
By Lori Valigra
Updated:

The struggling Bangor Mall, which lost Macy’s last spring, is set to lose one of its three remaining anchors: Sears will close in early April.

Sears Holdings announced Thursday that Bangor’s Sears will be among more than 100 Sears and Kmart stores to be shuttered soon.

Last year, Sears Holdings closed a Sears on Whitten Road in Augusta and a Kmart in Bangor.

Sears’ departure from Bangor Mall will leave JCPenney and Dick’s Sporting Goods as its only anchors.

Macy’s closing brought the mall under scrutiny, which heightened last September, when news that its owner, Simon Property Group of Indianapolis, was likely to default on an $80 million loan taken out as collateral against the mall. It did subsequently default.

On Dec. 31 the mall lost its Build-A-Bear store. JB Robinson Jewelers closed earlier that week. And PacSun’s Bangor Mall location is holding a going-out-of business sale.

The mall’s appraised value fell dramatically to $28.9 million as of October 2017, according to figures the loan processor LNR supplied to data company Trepp. That’s down 77 percent from its $128 million valuation in 2007, when Simon Property took out the loan.

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