Sears Holdings filed for bankruptcy protection early Monday, with immediate plans to close 142 stores near the end of this year. Even now he's not giving up, reportedly fending off pressure from banks for a liquidation and insisting instead on a reorganization and restructuring that will allow Sears and Kmart to, as a Sears Holdings press release put it, "save the Company and the jobs of tens of thousands of store associates".
Struggling retailer Sears is closing 142 more unprofitable stores across the USA this year - including several in North Carolina.
Sears announced it will be conducting closing sales at a number of stores near the end of the year - in time for holiday shopping.
Sears has filed for Chapter 11 bankruptcy, meaning it intends to reorganize and stay in business.
Like many Kmarts, the local store now carries a line of home appliances and bedding that traditionally was sold in Sears locations.
Sears stock, which once traded at more than $100 a share, is down to 40 cents a share.
Sears still has several Triangle locations, including two in Durham at Northgate Mall and Southpoint mall, as well as at Triangle Town Center in Raleigh and a smaller-format location in Apex. This is also good advice regarding Sears, a company whose time had run its course, but that contributed much to American commerce along the way. Sears was once the country's biggest retailer, the go-to destination for everything, from Toughskins jeans to Craftsman tools, Kenmore washing machines, Allstate insurance and Discover credit cards.
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Lampert said in a statement the Chapter 11 process will give Sears "the flexibility to strengthen its balance sheet" and find the right size for its operating model to turn a profit.
The news was announced Monday after the company filed for Chapter 11 bankruptcy. A long series of store closings has left it with under 900 today. Sears said it plans to close 142 stores. There are now five Sears stores in the state; however, three are set to close.
Meanwhile, Sears workers are nervous about what kind of severance they'll receive if their store closes. Eddie Lampert has stepped down from his role as chief executive and will remain chairman of the board. "Like many other brick and mortar retailers, Sears has encountered very substantial obstacles to profitability as a result of the enormous changes to the retail environment caused by the ever-increasing trend to online shopping".
The company that for years was called Sears, Roebuck & Co. became an American icon with its famous catalog, and the chain boomed in the decades after World War II along with a growing middle class.
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. Big box retailers such as Walmart beat it on both price and merchandise selection.
In July, Sears closed its last store in Chicago, once its hometown.