Sears files for bankruptcy after years of turmoil

by Ben Pena October 16, 2018, 4:37
Sears files for bankruptcy after years of turmoil

Sears Holdings announced plans Monday to close 142 unprofitable stores as part of its Chapter 11 bankruptcy. Even now he's not giving up, reportedly fending off pressure from banks for a liquidation and insisting instead on a reorganization and restructuring that will allow Sears and Kmart to, as a Sears Holdings press release put it, "save the Company and the jobs of tens of thousands of store associates". The company has plans to shut down 142 more stores in addition to the spots they've already closed.

As of August, the 132-year-old company had 506 locations, including 482 full-line department stores, as well as 360 Kmart stores, according to a public filing. In May, the company said it had identified 100 more unprofitable stores in the US and would close 72 of them in the near future.

She said a refrigerator her mother bought at Sears broke after two years and it still hasn't been fixed for nearly a month with no help from the retailer.

How many Sears stores are there now, and how many will still be in business by the end of 2018? The company will remain in business during the proceedings. Kimco shares rose 1.1 percent and Macerich stock rose 0.95 percent. Paula Rosenblum, co-founder of Retail Systems Research, wrote in Forbes that Lampert would emerge from a Sears bankruptcy as the least-sympathetic victim and perhaps the largest beneficiary.

Workers at the company now face an uncertain future although given the travails of recent years, that is nothing new - having employed more than 300,000 people a decade ago, the company's workforce is now down to 68,000.

Brookfield now will have to find a new use for Natick's Sears, but when the retailer downsized its Natick Mall store by about one-third earlier this year, restaurant chain Dave & Buster's quickly filled the void.

"We're still here", said Bill Becker, owner of Jasper's Sears Hometown store.

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According to court documents, the Jasper store is one of two Kmarts closing in Indiana.

Sears had been drowning in debt and reportedly could not afford a $134 million repayment that had been due on Monday. There are now five Sears stores in the state; however, three are set to close.

A Sears store in Wilmington, Del.

As a result of the bankruptcy, company CEO Eddie Lampert has stepped down.

While local customers are disappointed their Kmart is closing, a majority of those leaving the store on Monday were more upset about the pharmacy within the store closing. Lampert partially spun off the company from its parent in 2012 and was Sears Canada's biggest shareholder.

Plenty of people denounce the labor conditions and market dominance of Walmart and Amazon without doing anything about it. Sears Holdings actually attempted to compete in that retail landscape. A corporate representative said the store will close near the end of the year but did not provide an exact date. It doesn't expect any Sears-related impact to its current earnings guidance.

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