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Sears granted $14.8M state tax credit for 2016

The state of Illinois has granted department store operator Sears Holdings Corp. $14.8 million in tax credits for 2016, the Chicago Tribune reported Feb. 21, citing public records and Sears spokesperson Howard Riefs.

The two reportedly entered into a settlement agreement Dec. 15, 2017, with Sears agreeing not to seek incentives for 2017.

According to the Tribune, the development ends a monthslong dispute between the two that began when Illinois' Department of Commerce and Economic Opportunity suspended an incentive deal that made Sears qualify for tax breaks, saying that the company had fallen short of the employee requirement. Under the deal, which was signed in 2011, Sears needed to make in-state capital investments and retain at least 4,250 employees at its Hoffman Estates and Loop offices.

Sears had disagreed and said it met the benchmark as it still had 4,410 employees in April 2017, after its fiscal year 2016 ended, the newspaper said. The store operator reportedly fell below the minimum May 31, 2017.