Sears Holdings, which owns Sears and Kmart chains, is expected to file for federal bankruptcy in NY early this morning, October 15. But the retail landscape is littered with brands that tried to reorganize in the bankruptcy process and liquidated their businesses instead, such as RadioShack, Toys “R” Us and Sports Authority.
The chain, which comprised 863 mall-based stores and an additional 1,200 retail locations in the year 2000, had 866 Sears and Kmart stores as of August 4 and expected to close 149 of them in the second half, according to a September 13 filing.
The closings are in addition to 46 locations the once-mighty retailer already planned to shutter, though it did not specify how numerous new closures would be Sears or Kmart stores, according to the Chicago Tribune. The company later became Sears, Roebuck and Co and began selling everything from homes to hardware, becoming the largest retailer in the country until Walmart replaced it in 1990.
The company already has commitments for $300 million of debtor-in-possession financing from its senior secured asset-based revolving lenders, according to the statement, and it’s negotiating a $300 million subordinated DIP financing with ESL.
At various times, Sears brands have included Allstate Insurance, Coldwell Banker real estate and Discover Card. Last month, Lampert said that Sears had been “significantly impacted” by paying more than $4.5 billion for its pension plans since 2005.
“If they dont value a customer, then they dont need my money”, said Roberts, who voiced her complaints on Sears Facebook page.
Some retailers beat Sears on price, Walmart in particular, while others beat Sears on quality. That was an enormous shift for people who lived on farms and in small towns and made numerous goods they needed on their own, including clothes and furniture.
The handwriting is on the wall: Sears appears to be nearing bankruptcy.
But many of Sears’ problems were self-inflicted.
Sears revealed Tuesday night that investor Bruce Berkowitz of Fairholme Capital Management dumped 142,000 shares of Sears in the last few days, for only 59 cents to 65 cents a share.
Sears’ stores helped reshape America, drawing shoppers away from the traditional Main Street merchants. For the healthy malls, landlords would welcome a Sears departure, allowing them to cut up the space and fill it with several smaller successful stores that combined would bring in higher revenue.
In addition, ESL is also exploring a stalking-horse bid to buy “a large portion” of the company’s stores in the bankruptcy process.
Will appliances purchased at Sears still be serviced by Sears Homes Service technicians? .
15 October 2018
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