•   
  •   
  •   

OffbeatSears to shut 40 more stores early next year

23:30  08 november  2018
23:30  08 november  2018 Source:   cnbc.com

The $6 billion blunder that killed Sears

The $6 billion blunder that killed Sears Would $6 billion in cash have kept Sears out of bankruptcy? require(["medianetNativeAdOnArticle"], function (medianetNativeAdOnArticle) { medianetNativeAdOnArticle.getMedianetNativeAds(true); }); It sure wouldn't have hurt. Sears' ability to stay in business is in doubt after the company filed for bankruptcy protection this month. Yet Sears spent $6 billion buying back its own shares since 2005 in a futile effort to help support its stock price. The stock plunged more than 99% in value, from a high of $143.

Another 40 Sears stores closings (SHLD) have been announced by the company, which include the closing of nine Kmart stores in the coming months. The chain has reduced the size of its store counts by half within the last five years . The company had about 1,002 stores as of early February

After shutting down more than 5,000 stores in 2017, there have been nearly 5,000 store closures announced so far this year . Sears Holdings has filed for Chapter 11 bankruptcy and will close 142 unprofitable Sears and Kmart stores near the end of 2018.

Sears to shut 40 more stores early next year© Provided by CNBC LLC New Dave & Buster's location in Wayne, New Jersey takes over the second story of a Sears location at Willowbrook Mall. Sears Holdings said Thursday it plans to close 40 more stores early next year as it continues to slim its business and seeks to stymie losses under bankruptcy protection.

The new closures are in addition to the 142 unprofitable stores the department store chain is already expected to close toward the end of 2018. When it filed for bankruptcy in early October, the company had roughly 700 Sears and Kmart stores still open for business. It's shuttered hundreds of locations over the years, including spinning about 240 stores off in 2015 to form real estate entity Seritage.

Doubts About Sears Survival Drive Off Bids on Claims

Doubts About Sears Survival Drive Off Bids on Claims Sears Holdings Corp. suppliers who are deciding whether to keep shipping goods to the retailer are seeing warning signs from the market for bankruptcy claims. In a bankruptcy case, administrative claims from firms that help keep the business running are among the first to be paid, and these IOUs can become a tradable asset. Suppliers can sell them at a discount to cash out, thus avoiding the risk that the company will run out of money. The buyers are betting that the claims eventually will be honored and return more than they paid.

Sears Holdings, parent company of Sears and Kmart stores , told its employees Thursday that it will be closing more than 100 additional stores this year . That consists of 64 Kmart stores and 39 Sears stores , all of which are expected to shut between early March and April.

Sears is closing at least 42 stores , including 33 Sears stores and nine Kmart stores . Sears has cut its store count in half in the last five years . UPDATE: Sears announced May 31 that it will close another 63 stores . Sears has not publicly announced many of the store closings slated for this summer.

The company said liquidation sales at the 40 locations set to close in February will start late next week. (See a full list below.) The accompanying Sears Auto stores will also be shut, according to the company.

Here are the 40 new stores Sears plans to shutter in February of 2019:

Kmart 26471 Ynez Road Temecula CA

Kmart 3443 W Addison Chicago IL

Kmart 3250 Clear Lake Road Springfield IL

Kmart 18 Elm Plaza Waterville ME

Kmart 805 New York Ave Huntington NY

Kmart 7101 Roosevelt Blvd Philadelphia PA

Kmart 1901 Lincoln Hwy North Versailles PA

Kmart Castro Perez Ave (Pr 122) San German Puerto Rico

Kmart 100 Ave. San Patricio Guaynabo / San Juan Puerto Rico

Kmart Betamces 400, Las Catalinas Mall Caguas Puerto Rico

Kmart 6077 S Packard Avenue Cudahy WI

Sears, chairman, lenders seek bankruptcy loan breakthrough: sources

Sears, chairman, lenders seek bankruptcy loan breakthrough: sources Sears Holdings Corp is in discussions with Chairman Eddie Lampert and lenders on a deal to expand a bankruptcy financing package that would help it avoid liquidation, people familiar with the matter said.

The retailer has shut more than 150 Sears and Kmart stores .CreditCreditAndrew Seng for The A Sears spokesman said stores that are in the process of being closed, like the one in Phillipsburg, are not a One cost-cutting measure is closing stores . Sears announced earlier this month that it was

Sears Holdings, parent company of Sears and Kmart stores , told its employees Thursday that it will be closing more than 100 additional stores this year . “We will continue to close some unprofitable stores as we transform our business model so that our physical store footprint and our digital

Sears Airport Way Fairbanks AK

Sears 4604 E Cactus Road Phoenix AZ

Sears La Cumbre Plz Santa Barbara CA

Sears 470 Lewis Ave Meriden CT

Sears 801 N Congress Ave Boynton Beach FL

Sears 3342 Nw Federal Hwy Us#1 Jensen Beach FL

Sears 2300 E 17Th St Idaho Falls ID

Sears Marquette Mall Michigan City IN

Sears 7103 Democracy Blvd. Bethesda MD

Sears 5575 B Drive N Battle Creek MI

Sears 1740 Bonita Lakes Circle Meridian MS

Sears 1001 Barnes Crossing Road Tupelo MS

Sears 3320 Silas Creek Pkwy Winston Salem NC

Sears 3404 W 13Th St Grand Island NE

Sears 4355 Grand Canyon Dr Las Vegas NV

Sears 3065 Route 50 Saratoga Spgs NY

Sears 21182 Salmon Run Mall Watertown NY

Sears 987 E Ash St Piqua OH

Sears 1665 State Hill Road Reading / Wyomissing PA

Sears 344 Stroud Mall Stroudsburg PA

Sears 2197 Dave Lyle Blvd Rock Hill SC

Sears Southland Mall Memphis TN

Sears 401 Northgate Mall Chattanooga TN

Sears 198 Foothills Mall Maryville TN

Sears 1720 Old Fort Pkwy Murfreesboro TN

Sears 750 Sunland Park Dr El Paso TX

Sears Longview Texas Mall Longview TX

Sears 10101 Brook Road Glen Allen / Richmond VA

Sears 2500 Milton Ave Janesville WI

Bankrupt Sears wins court approval for plans to sell stores.
Sears Holdings Corp won U.S. bankruptcy court approval on Thursday to move forward with plans to stay in business and sell itself, even as it continues to evaluate offers to liquidate its business. The 125-year-old retailer, which filed for Chapter 11 bankruptcy last month, faces opposition to its plan to sell from some creditors, who argued in court papers that Sears would be squandering hundreds of millions of dollars by pursuing a sale instead of winding down its business.

—   Share news in the SOC. Networks

Topical videos:

This is interesting!