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from the and-isn't-it-ironic?-don't-you-think? dept.
Arthur T Knackerbracket has found the following story:
Sears, the one-time titan of American retail, filed for bankruptcy ahead of a $134 million debt payment due Monday and announced that it will close 142 stores.
For years, Sears has contended with the threat that it would become the latest big-name retailer to fall to online competition and crushing debt. The icon once known for its pristine catalogs, and more recently known for decrepit showrooms and a controversial chief executive, saw its stock price plunge last week after reports that it had hired an advisory firm to prepare a bankruptcy filing ahead of the Oct. 15 payment.
Early Monday morning, Sears announced it had filed for Chapter 11 bankruptcy -- which would allow it to reorganize and possibly reemerge from bankruptcy with some part of the business intact -- and received commitments for $300 million in debtor-in-possession financing to carry through the bankruptcy period while it restructures its debt and reorganizes its business.
[...] Sears will close 142 unprofitable stores near the end of this year, with liquidation sales at those stores expected to begin soon. It was not immediately clear where those stores are located or how many jobs would be affected. Those store closings are in addition to 46 others that were expected by next month.
[...] It has also already sold off many of its brands, including Craftsman tools, and hasn't turned a profit since 2010. Many of its most valuable properties have been sold off, with the other half leased and offering little cost savings from rent restructurings since Sears already pays below market rents.
-- submitted from IRC
(Score: 0) by Anonymous Coward on Wednesday October 17 2018, @02:10AM
Our local Sears is closing in mid-December, this was announced a couple of weeks ago. We generally had good luck there, finding knowledgeable sales people and competitive prices with Home Depot, Lowes and other "big box" stores nearby. Earlier this year I even had a dehumidifier repaired by Sears under warranty, came back with a tag that said the leak had been fixed and refilled with refrigerant. It's a little sad since I've been shopping there since it opened c.1970. Have even earlier memories of their big catalog and Christmas catalog which were so much fun for a kid to browse.
The writing had been on the wall for years as staff and stock was slowly gutted, so it was not a surprise.
About a week ago we realized we had about $200 left on a Sears gift card (from an extended warranty payout) and decided the bankruptcy rumors were getting strong enough that we ought to spend it now, rather than risk losing it. Found something that we can probably use, tried to have it shipped to store (normally free and fast). Our store was no longer an option, only store offered was the Sears on the other side of town, so we went for the economy free shipping to our house--item arrived today, a couple of days early.
To me, this experience says that Sears had competent staff and probably a perfectly good business going--except for the bad behavior of the owner.