The retail market..................Follow up on store closings

[Chris Ryser]

2018 has been yet another challenging year for traditional retailers. After shutting down more than 5,000 stores in 2017, there have been more than 4,000 store closures announced so far this year.

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Retail closings: The latest news

The latest news is another batch of Sears and Kmart store closings…


Sears Holdings is shutting down six additional Sears stores and five Kmart stores before the holidays, according to Business Insider. Most of the closings are scheduled for November and December.


They’re taking place in California, Illinois, New York, Ohio, Texas, Virginia and West Virginia. Here’s the full list from Business Insider.


Sears Holdings has shut down several hundred unprofitable stores this year and announced in late August that 46 more Sears and Kmart locations would close in November.


“We continue to evaluate our network of stores, which is a critical component to our integrated retail transformation, and will make further adjustments as needed,” Sears Holdings said in a news release.

See the full list of all store closings in the USA until year end:

https://clark.com/shopping-retail/ma...s-closing-2018

[Chris Ryser]

Sears May be days away from bankruptcy

By Chris Isidore, CNN Business, Updated 4:22 PM ET,Wed October 10, 2018


New York (CNN Business)The handwriting is on the wall: Sears Appears to be nearing bankruptcy.

One of Sears' major shareholders just dumped a chunk of his stock for pennies on his original investment. The company added a new director who is familiar with bankruptcies and restructuring. Reports circulated that the company is talking to advisers and banks in preparation for a bankruptcy filing.

Despite years of losses, store closings and other financial problems at Sears, "the possibility of a bankruptcy does seem to be higher than over the past couple of years," said Robert Schulz, chief credit analyst for the retail industry for Standard & Poor's. He said previously the situation did not have the "sense of urgency" that exists now.


Sears Holdings, the parent company of Sears and Kmart, faces an October 15 deadline to pay $134 million on its debt. CEO and primary shareholder Eddie Lampert told the company's board that it was crucial it restructure more than $5 billion it owes "without delay," according to a recent regulatory filing.

See all of it:
https://www.cnn.com/2018/10/10/busin...out/index.html

[Chris Ryser]

Sears files for bankruptcy, and Eddie Lampert steps down as CEO

• Sears, once the largest U.S. retailer, has filed for bankruptcy.
• Eddie Lampert will be stepping down as CEO immediately, although he remains its chairman.
• As part of the bankruptcy, Sears will shutter 142 stores toward the end of the year.

Lauren Hirsch | Lauren Thomas

Published 1:09 AM ET Mon, 15 Oct 2018

Updated 23 Hours Ago CNBC.comSears Holdings filed for bankruptcy protection early Monday after years of staying afloat through financial maneuvering and relying on billions of CEO Eddie Lampert's own money. Lampert, who has served as CEO for the past five years, will step down from that post, effective immediately, but remain chairman.

The 125-year-old retailer, once the nation's largest, said Monday it was appointing Mohsin Meghji, managing partner of M-III Partners, as its chief restructuring officer.
As part of the bankruptcy, Sears will shutter 142 stores toward the end of the year. It expects to begin liquidation sales shortly.


Continue reading
https://www.cnbc.com/2018/10/15/sear...ankruptcy.html