Sears files for bankruptcy; will close another 142 stores

Modal Trigger					
				Getty Images

While the company said its Sears and Kmart stores will continue to operate as usual, another 142 unprofitable locations will be shuttered by the end of 2018. The struggling retailer has 687 Sears and Kmart stores, one-third the number it ran five years ago. According to Sears Holdings, there are plans to close the Prince Frederick Kmart. Sears posted a list of its closing stores online at https://searsholdings.com/docs/101518_store_closing_list.pdf.

According to a report, Sears filed for Chapter 11 bankruptcy on Monday.

In Kenneth City, the greater Tampa areas last Kmart is open on 66th Street N. Its owned by Seritage Growth Properties — a Sears Holdings spin-off created to turn dying Sears and Kmarts into thriving shopping centers.

By closing the under-performing stores, Sears anticipates cost savings as well as more than $40 million in cash. Lampert, who remains chairman, acknowledged in the statement that turnaround efforts so far have fallen short. A new Office of the CEO will be responsible for managing day-to-day operations.

Electrolux said Monday that it has actively planned for the bankruptcy and other contingencies at the same time that it seeks other outlets that can sell its goods. In 2004, the company was acquired by hedge fund manager Edward Lampert and merged with K-Mart.

The filing listed between $1 billion and $10 billion in assets, while liabilities range between $10 billion to $50 billion.

Leases with new tenants could easily double or triple the rent Sears or Kmart now pay, the REITs say. It's unclear which stores will close.

Sears, One-Time Face of American Retail, Files for Bankruptcy
Lampert bought Sears in 2004 and merged it with Kmart, in which he had a controlling stake, the next year. The company has more than 700 stores across the country, including at the Chautauqua Mall in Lakewood.

Meghan Markle and Prince Harry expecting first baby
Prince Harry and Meghan Markle , who Wednesday in May, are now in Australia for their first official tour as a married couple. The announcement came after the pair arrived in Sydney for the start of their first official royal tour .

NASCAR qualifying rained out at Dover
The Dawsonville, Ga. native led only 11 of the race's 400 laps but remained within striking distance throughout the entire race. But that was little consolation after Sunday's disappointment. "I can't control which way lug nuts fly", Harvick said.

Monday's bankruptcy filing was the latest step in a long slide for the once-storied retailer, which has been overtaken both by online retailers and more nimble brick-and-mortar competitors. Some, like Payless ShoeSource, successfully emerged from reorganization in bankruptcy court.

As the company files for Chapter 11 bankruptcy protection, Sears will be closing more than 142 stores across the country.

Keeping shelves full and sales stable could become a determining factor in avoiding liquidation and helping creditors determine whether they want to keep throwing money into the company.

This will absolutely be a hard task, given Sears hasn't turned a profit since 2011. Sears has suffered losses of more than $10 billion (€8.64 billion) over the last decade alone, as it struggled to come to terms with low-priced competitors and particularly e-commerce giants such as Amazon. The firm has closed hundreds of stores over the last decade, carries more than $5.6 billion in debt, has seen its stock price decimated and sold off several of its major brands in an effort to stay afloat.

The company, technically known now as Sears Holding Corp., was virtually synonymous with large scale retail sales for much of the last century.

Lampert and Mnunchin were roommates at Yale and Mnunchin joined Sears' board of directors in 2005.

Related news:

Hot News

isis-killer-beheading-video-story-top 'Rogue killers' might have killed Saudi journalist
Oct 16, 2018 - 04:30
The Saudi prosecutor has received instructions "to work quickly", so an announcement could happen within days, the Saudi official said.

isis-killer-beheading-video-story-top Chiefs come up short against Patriots
Oct 16, 2018 - 04:29
Until Sunday, New England was 0-6 when allowing that many points in a game, including the playoffs, in the Belichick era. Here's what it looked like in the end zone after Hill's score. "It took us right down to the last three seconds".

isis-killer-beheading-video-story-top Patisserie Valerie rescue package to avert financial collapse
Oct 15, 2018 - 17:17
The company has said this afternoon that the company's accounts and cash position were "mis-stated and subject to fraudulent activity".

isis-killer-beheading-video-story-top Nick Kyrgios self-destructs again at the Rolex Shanghai Masters
Oct 15, 2018 - 17:17
Regardless, now ranked 38, Kyrgios will need to work hard to grab a seeding for next year's Australian Open in Melbourne . That's how it is for him and Nick plays his best tennis when he's fresh, when he's enjoying himself and he's engaged.

isis-killer-beheading-video-story-top German police free hostage, injure suspect in train station
Oct 15, 2018 - 17:16
The hostage-taker also suffered injuries, a police spokesperson said, adding that the man's motives were not yet known. Cologne train station has been cleared of passengers with local police reporting a hostage situation underway nearby.

isis-killer-beheading-video-story-top Usain Bolt Scores Two Goals In First Start As Pro Soccer Player
Oct 15, 2018 - 16:12
Bolt had arrived too unfit for A-League duty, and his previous outing in late August had been underwhelming. He's finally shown the world what he is capable of, but he clearly still has a long way to go.

isis-killer-beheading-video-story-top Trump congratulates Princess Eugenie on wedding
Oct 15, 2018 - 16:10
In the photo above, Eugenie and Brooksbank take a ride in the Scottish State Coach upon its return to Windsor Castle. Photographer Bramall said it was "an honour and a privilege" to be invited to photograph the couple.

isis-killer-beheading-video-story-top British man shot dead by hunter in the French Alps
Oct 15, 2018 - 15:28
He said the cyclist "couldn't be confused" with a game animal, as he "had a coloured helmet and a coloured mountain bike". The Briton was wearing brightly-coloured clothing and was easily identifiable, according to one source.

isis-killer-beheading-video-story-top Djokovic beats Coric to win Shanghai Masters crown
Oct 15, 2018 - 14:09
Coric didn't offer Federer a break point opportunity, while managing to break Federer's serve in the opening game of both sets. He is on a 17-match winning streak and is 26-1 in matches played since the start of Wimbledon.

isis-killer-beheading-video-story-top Maradona claims Messi ‘goes to the bathroom 20 times before a game’
Oct 15, 2018 - 13:59
His astonishing attack was made during an interview on Fox Sports . "I'd make him play as I want". Diego Maradona has criticised Lionel Messi as "not a leader" in a freakish interview in Mexico.

isis-killer-beheading-video-story-top Prince Harry and wife Meghan expecting a baby
Oct 15, 2018 - 13:29
It will begin with the couple meeting with the Governor-General Sir Peter Cosgrove and his wife, Lady Cosgrove at Admiralty House. Sources have been telling numerous news outlets that Prince Harry and Meghan were keen on starting a family as soon as possible.

isis-killer-beheading-video-story-top Ariana Grande, Pete Davidson Engagement Was 'Too Much, Too Soon,' Source Says
Oct 15, 2018 - 13:28
Grande has been going through a hard time since her ex-boyfriend Mac Miller died of an apparent overdose at 26 in September. Her manager Scooter Braun alluded to her in a speech at the gathering, saying Grande was going through a hard time.

isis-killer-beheading-video-story-top Here's how to stop the malicious message from bricking your PS4
Oct 15, 2018 - 13:11
Got a new message notification on PS4? Options for that setting include allowing messages from anyone, friends only, or no one. After the console crashes, users then "have to either rebuild the database in Safe Mode or factory reset the system".

isis-killer-beheading-video-story-top Global stocks tumble after Trump 'crazy' Fed comment
Oct 15, 2018 - 11:12
As far as the market selloff itself is concerned, Trump didn't seem too surprised. Strong profits could very well ease investor anxiety.

isis-killer-beheading-video-story-top Saudi Arabia says it will respond to any economic sanctions
Oct 15, 2018 - 09:58
FILE - Saudi Crown Prince Mohammed bin Salman waves as he meets with a visiting official in Riyadh , Saudi Arabia, April 11, 2017. The NTV channel said the delegation is composed of 11 people and had on Friday inspected the consulate in Istanbul.