Headlines

Sears to Close 40 Additional Stores

More stores could be announced later this week

Published

5 years ago

November 12, 2018

kmpeyton

Sears Holding Corp. (Hoffman Estates, Ill.) has announced that it will close 40 more stores, in addition to the 142 it previously announced would be closing by the end of the year.

The retailer’s attorneys told the U.S. Bankruptcy Court that it will make its final decisions regarding another group of its struggling stores by this Thursday, Nov. 15, reports USA Today.

So far, the company has borrowed hundreds of millions of dollars from its CEO, sold off its Craftsman tool brand and closed stores to restructure its financials. It filed for bankruptcy protection in October amid plummeting sales and revenue.

Liquidation of the 29 Sears and 11 Kmart stores are slated to begin late next week. Sears Holdings has 687 stores and employs about 68,000 workers.

MasterClass: ‘Re-Sparkling’ Retail: Using Store Design to Build Trust, Faith and Brand Loyalty

HOW CAN WE EMPOWER and inspire senior leaders to see design as an investment for future retail growth? This session, led by retail design expert Ian Johnston from Quinine Design, explores how physical stores remain unmatched in the ability to build trust, faith, and loyalty with your customers, ultimately driving shareholder value.

Presented by:
Ian Johnston
Founder and Creative Director, Quinine Design