Could This Be the End? Sears Files for Bankruptcy
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Have you heard the news?
Sears, the major retailer originally founded as Sears, Roebuck, and Co. in 1893, announced that they have filed for bankruptcy. 😮 Sadly, the company has been struggling for years, but the final stroke was a $134 million debt payment that was due October 15th – which could not be paid.
Sears plans to close these 142 unprofitable stores near the end of the year, in addition to the 46 previously announced stores that are expected to be completed by November 2018. Liquidation sales at the newly announced closure stores are expected to begin shortly, so be sure to watch for signs if your store is on the closure list.
While many Sears and Kmart stores are closing, approximately 687 profitable stores and its online and mobile platforms – employing over 65,000 workers – will remain open for business. Sears will also continue to honor Shop Your Way Rewards and credit card rewards programs for members.
The company dates its history back to 1886 when Richard W. Sears, a railroad agent in Minnesota, received a box of errant watches and then sold them to other agents. Sears grew into one of the nation’s largest corporations, redefining the American shopping experience in the process.