Sears To File For Federal Bankruptcy Today

Sears To File For Federal Bankruptcy Today

Sears Holdings, the parent company of Sears and Kmart, faces an October 15 deadline to pay $134 million on its debt.

The question now is whether a smaller version of the company that once dominated the American retail landscape can remain viable or whether the iconic brand will be forced out of business.

Yes. The company says Sears Home Services is operating as usual. The bankruptcy loan amount is unlikely to significantly exceed $400 million, though it could end up being less, the sources said.

"I don't understand the point of Sears, I just buy everything online", said 23-year-old Lyft driver Shannon Dickey as we pull up to the abandoned storefront of Sears that sits at the top of Ross Park Mall, nine miles north of downtown Pittsburgh "I think their old catalogs are cool, but I just don't understand the point of Sears".

A Sears Essentials store in Palatine, Illinois.

Sears expects liquidation sales to begin shortly. In August, Sears made $2.7 billion by selling 200 stores to the REIT.

Struggling retailer Sears, which has a store at the Natick Mall, has filed for bankruptcy.

And reports are swirling that the company is talking to advisers and banks in preparation for a bankruptcy filing. Edward S. Lampert has stepped down as CEO but will remain chairman of the board. Three years later, Sears dumped the Craftsman brand, which it had sold exclusively.

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The largest USA toy retailer, Toys "R" Us, tried to emerge from its 2017 bankruptcy filing but was forced to liquidate six months later after creditors lost confidence in its turnaround plan.

Sears revealed Tuesday night that investor Bruce Berkowitz of Fairholme Capital Management dumped 142,000 shares of Sears in the last few days, for only 59 cents to 65 cents a share. In either scenario, Sears would probably jettison its pension obligations, with the government's Pension Benefit Guaranty Corporation taking over the liabilities.

The once-dominant retail chain that changed how Americans shopped and lived, has filed for bankruptcy. Other creditors criticized the plan as a maneuver for ESL to extract value before insolvency hit.

"The problem in Sears' case is that it is a poor retailer", Saunders wrote in his analyst note.

Benton Harbor-based Whirlpool Corp.is Sears' seventh-largest creditor, owed more than $23 million. Plus, in bankruptcy proceedings, the largest creditors become the owners of the new entity.

Is Sears still open? Maybe this will let them turn things around, but it unfortunately looks more like a last stand before annihilation. That was an enormous shift for people who lived on farms and in small towns and made numerous goods they needed on their own, including clothes and furniture.

Vendors are considered unsecured creditors in the case of a bankruptcy and would only get pennies back on the dollar in bankruptcy court. If the company ultimately files for bankruptcy and liquidates its locations, companies like J.C. Penney Co., Best Buy Co. and Lowe's Cos. will reap the rewards.

Once the dominant appliance retailer in the country, Sears accounted for only 3% of Whirlpool's sales worldwide in 2017.

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