Sears Centre Arena Deal Likely Done In Good Faith Before Bankruptcy
Hoffman Estates, Ill., village officials said that they believe Sears' renewal of its naming-rights agreement for the Sears Centre Arena, which was approved last week, was "done in good faith, despite the company's filing for Chapter 11 bankruptcy" yesterday, according to Eric Peterson of the Chicago DAILY HERALD. Hoffman Estates-based Sears committed to "paying $600,000 per year" to keep the 11,000-seat, village-owned arena "under its original name through at least Aug. 31, 2022." The agreement "requires payment in full more than a year ahead of the period each $600,000 installment would cover," and likely "will be among the contracts Sears lists as its obligations in bankruptcy proceedings." Hoffman Estates Mayor Bill McLeod said that the bankruptcy "never came up during the renegotiation of the naming rights," adding that the Sears representatives assigned to the talks "likely weren't aware of the impending filing" (Chicago DAILY HERALD, 10/16).