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Creditors Urge Sears to Close

Its unsecured creditors have filed for the retailer to close all remaining stores

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After Sears (Hoffman Estates, Ill.) planned another round of store closures, its unsecured creditors began urging the company to close all remaining stores.

The creditors have filed to that end, saying that by prolonging its bankruptcy, Sears is making  “an unjustified and foolhardy gamble with other people’s money.” 

The company is hoping to whittle its fleet down to about 400 of its most profitable stores and sell off the remaining real estate to raise cash while it works on turning business around. The creditors, however, seem to believe that plan will do little more than prolong the process.

According to Business Insider, these unsecured creditors have the most to lose in bankruptcy cases since the debt they have extended isn’t backed by assets.

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