Sears aims to close up to 150 stores in bankruptcy

Sears aims to close up to 150 stores in bankruptcy

The company, which once had 350,000 workers, has also shrunk its headcount 68,000 workers as of Monday's court filing, the AP reported.

Sears filed for bankruptcy protection when it was unable to afford a $134 million debt payment.

The company said the Sears retail sales channel accounts for about 10 percent of its major appliance revenue in North America and warned that the bankruptcy may have a "material impact" on future sales and earnings.

A New England Development spokeswoman said more specific plans will be finalized in the next few weeks, but that the closing of the longtime anchor highlights the need for the company to think creatively about what a mall will look like in the decades to come.

Simon Property Group, the largest USA mall operator, has 59 Sears Holdings stores in its malls, the most of any REIT, but its exposure to the bankruptcy is "de minimis", he said. "In our view, too much rot has set in at Sears to make it a viable business".

Kimco earned just 0.6 percent of its annualized base rent from the 14 Kmart or Sears stores in its portfolio of 460 open-air shopping centers. The company shuttered more than 2,600 stores over the past 13 years. While some retailers have failed to adjust to the new landscape, others like Best Buy have embraced the blending of physical and digital retail and found success.

Sears will close around 200 stores by the end of the year.

A trio of the company's top executives will now run the company.

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As for the 142 new store closures announced this week, Sears says, "Liquidation sales at these stores are expected to begin shortly".

Sears sold the 120,000-square-foot building a year ago to Northwood Investors, a Denver-based real estate firm, for $55 million.

Edward Lampert, chairman of Sears Holdings, said the insolvency filing would give the company the "flexibility to strengthen its balance sheet" and enable it to accelerate a strategic transformation.

1925 - The first Sears brick-and-mortar store opens in Chicago.

Lampert has been criticized for maintaining his distance from Sears as the company struggled, visiting headquarters only about once a year for the annual shareholder meeting. Three years later, Sears dumped the Craftsman brand, which it had sold exclusively.

"As a kid, everyone would talk about Toughskins from Sears", said Tammy Duke of Butner, who wore the jeans as a child.

Richard Sears had launched Sears Watch Co in 1886 to sell watches by mail. Today, refrigerators, washing machines and other appliances are sold under the name.

How many Sears stores are there now, and how many will still be in business by the end of 2018? The company's board has created an Office of the CEO, which will be responsible for managing day-to-day operations during this process.

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