Sears is closing several North Carolina stores after filing for bankruptcy

16 October, 2018, 04:37 | Author: Elaine Woods
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In fiscal 2017, its revenue was US$16.7 billion, including US$13.4 billion in merchandise sales.

It comes after the strain on the company's cash flow meant it was not be able to meet a $134m debt payment. Sears sold the 120,000-square-foot building previous year to Northwood Investors, a Denver-based real estate firm, for $55 million.

It ditched Lands End in 2014.

Lampert's ESL also is in talks to purchase "a large portion of the company's store base", and other company assets will be put up for sale in the coming months, Sears said in a news release. In 2004, the company was acquired by hedge fund manager Edward Lampert and merged with K-Mart. "Sears never quite established a distinct identity there". Until they come up with a reason to exist in the marketplace, Sears won't last for much longer. In the fiscal second quarter ended August 4, net losses in the quarter swelled to $508 million, or $4.68 per share, compared with a loss of $250 million, or $2.33 cents per share in the same quarter a year ago.

Saunders of GlobalData Retail spared no criticism of Sears in his analyst note, listing failing after failing of the company.

These companies, such as Toys "R" Us, RadioShack, Payless Shoes, etc. -which used to employ millions of Americans-have had to either make significant cuts to appease shareholders, or close up shop entirely. Sales have plunged 60% since then.

The company has announced so many different store closures and liquidation sales in 2018 that it's been hard to keep an official Sears store closing list.

With the bankruptcy, about 150 of the company's department stores could be closed, Reuters said late last week.

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"The Company and certain of its subsidiaries have filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of NY", a statement by Sears Holdings Corporation said.

Sears was once the nation's largest retailer and its largest employer. Walmart Inc., Target Corp., Kohl's Corp., and Inc. are all trying. It evolved into Sears, Roebuck and Co. and launched a successful catalog.

The Sears catalogUE eventually sold products ranging from hardware and automobiles to kits for building an entire house. 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.

Washington Prime Group, which owns the Westshore store (the last Sears remaining in Tampa), negotiated to terminate Sears lease early and has taken ownership of the space with plans for something new. "But they don't care about their customers anymore".


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