Sears Locations Across Texas Closing After Bankruptcy Filing

Sears’ bankruptcy appears imminent

Sears Holdings Corp is planning to close up to 150 of its department and discount stores and keep at least another 300 open as part of a plan to restructure under USA bankruptcy protection, people familiar with the matter said Friday.

Sears Holding Corp. said it is closing unprofitable stores to lower the company's costs and increase cash flow.

Remember, J.C. Penney has been more deliberate than any other retailer in recent years about trying to win market share as Sears closed hundreds of stores. Sears then tweaked those plans and said it would shut down "only" 63 locations, including 48 Sears store closures and 15 Kmart store closures.

According to a USA Today story that sites court documents of the bankruptcy, Moline's Kmart is among three stores in IL that will close.

At its peak, the operator of Sears and Kmart had around 4,000 stores, but it will now be left with a little more than 500, according to the Associated Press.

Sears employed about 89,000 workers in the U.S. as of February, compared with 246,000 people five years ago.

The Westshore Sears is one of two dozen failing big-box stores Confortis property group said it owns and plans to redevelop within its shopping centers.

The REITs have looked forward to a bankruptcy to remove the eyesore of many Sears stores. But Sears lost its footing in the 1980s with expansions into financial products such as banking, mortgages, insurance and credit cards, and Walmart Inc supplanted Sears as the biggest retailer in the early 1990s.

"What Sears did was make big-city merchandise available to people in small towns", he said.

Lampert is using his hedge fund to purchase the Kenmore brand from Sears.

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"We believe the Sears bankruptcy will have a very limited short-term impact on our results of operations as consumers adjust to the new retail landscape and we work through the one-time impact of accounts receivable and inventory write off", Whirlpool said in a filing with the Securities and Exchange Commission.

The company is unable to pay a $134 million debt payment, due Monday. Eddie Lampert will step down as CEO but remain on as the company's chairman.

As part of the transition, Sears will also undergo a series of leadership and board changes.

Meanwhile, Sears workers are nervous about what kind of severance they'll receive if their store closes.

For much of the 20th century, Sears Holdings Corp. defined American retailing with catalogs and department stores that brought toys, tools and appliances to millions of homes.

Lampert pledged to return Sears to greatness by leveraging its best-known brands and its vast holdings of land, and more recently planned to entice customers with a loyalty program.

Back between the two world wars, the Sears catalog sold kits for building houses.

There will be no immediate impact to merchandise pricing (stores are not now liquidating).

The one major upside at Sears liquidation sales is that absolutely everything in stores is marked down.