Sears, once the world’s largest retailer, has now officially filed for bankruptcy, while announcing plans to close another unprofitable Sears and Kmart stores.
There are two Sears stores in the Hudson Valley.
There are two Sears stores in Connecticut that are closing.
There are five Kmarts in New York that are closing.There are no Kmart closings in Connecticut.
Sears said the stores will close at the end of the year.Liquidation sales are expected to start soon.
The 142 store closings are in addition to the 46 unprofitable stores that are expected to be closed by November.
The 125-year-old company, which has not turned a profit since 2010, had a $134 million debt payment due Monday.
Eddie Lampert stepped down as CEO of Sears on Monday.He will continue to lead the board.
The future looked bleak for the once vibrant company despite changes in the way it does business.
The journey to running a member-focused company on a consistently profitable basis has taken a long time.The ever-increasing trend to online shopping has made it difficult for Sears to make a profit.
We have yet to achieve the results that we desire despite the changes we anticipated.
As online sales and chains such as Walmart continue to take over the market, Sears may not be able to stay in business.