Sears to close almost 150 more stores, files for bankruptcy

Sears to close almost 150 more stores, files for bankruptcy

Sears to close almost 150 more stores, files for bankruptcy

Among the Sears assets that haven't already been pledged to lenders are its Kenmore brand, about 200 stores and its home improvement and services division.

Sears shares were trading down 14 percent in pre-market trading on Monday at 35 cents, giving the company a market capitalization of just $35 million.

The company has struggled with outdated stores and complaints about customer service even for its once crown jewels: major appliances like washers and dryers.

There will be a lot of people who won't have jobs on the back end of this move, as necessary as it might be, and a lot more who have to look at management's track record and assume the rest might be gone in the near future, too.

Many Sears locations are within struggling shopping malls.

The filing, ahead of the crucial Christmas shopping season, comes after rescue efforts engineered by chief executive and chairman Eddie Lampert have kept it outside the bankruptcy court - until now.

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The hedge fund is run by now former Sears CEO Edward S. Lampert, who is also the company's largest shareholder and has been attempting to keep the company afloat with his own money. This is in addition to the previously announced closure of 46 unprofitable stores that is expected to be completed by November 2018.

The retailer, for years called Sears, Roebuck & Co. and famous for its massive catalog, boomed in the decades after World War II along with a growing middle class.

Sears said it will sell assets and begin closing 142 unprofitable stores by year-end with the aim of reorganizing around a smaller platform of around 700 of its best stores. According to the Wall Street Journal, Sears has hired M-III Partners, a boutique advisory firm specializing in seeing companies through bankruptcies and restructuring, The company is also talking to lenders about providing it with debtor-in-possession financing, CNBC reported.

"If they don't value a customer, then they don't need my money", Roberts said. It has lost $11.7 billion since 2010, its last profitable year. 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. Sears and Kmart had some 3,500 locations when they merged under Lampert in 2005; now there are about 900 nationwide.

But many of Sears' problems were self-inflicted. We were treated decently, paid on time, and got reasonable discounts on good merchandise. But the onset of discounters like Walmart created challenges for Sears that have only grown.

The company has suffered, along with many other traditional retailers, from rising online competition from firms such as Amazon. Much of his focus has turned to Sears' online presence over upkeep on physical storefronts, many of which total thousands of square feet.

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