Sears Eyeing Texas, Ohio for New Headquarters

Sears could be relocating their world headquarters to Texas.

Leaders from the company visited both Austin and Columbus, Ohio, as potential sites for its new headquarters.

The company is looking for tax incentives to justify moving the company, and potentially thousands of jobs, from Illinois. 

In January, the state of Illinois raised it's corporate income tax rate 46 percent to 7 percent from 4.8 percent, the Plain Dealer reported.  The state also raised its personal income tax from 3 to 5 percent.

The company has been based in the Chicago area since it was founded in 1886.  In 1993 they moved from the 110-story Sears Tower in downtown Chicago to a business park in the suburb of Hoffman Estates.

Reports say the company hopes to make a decision by the end of the year.

One of Sears' main competitors, J.C. Penney, is based in Plano.