Connect with us

Headlines

Sears Hometown Files for Bankruptcy

Chapter 11 move comes amid disputes with “new Sears”

mm

Published

on

Shutterstock.com

Sears Hometown Stores (Hoffman Estates, Ill.), a home goods-focused offshoot of the failed retail giant, has filed for Chapter 11 bankruptcy in Delaware, where it is incorporated, Retail Dive reports. In its filing, the company said it has less than $50 million in assets, but $50 million to $100 million in liabilities.

The chain, including locations run by independent dealers, has about 121 stores in 26 states and Puerto Rico, down from nearly 500 when TransformCo, also known as “new Sears” run by Eddie Lampert, reacquired it.

Sears Hometown relies “substantially on TransformCo to provide key products and services,” and the bankruptcy is necessary in part because TransformCo failed to do so, according to a court filing from Sears Hometown CEO Elissa Robertson.

Most Popular