Monday , November 18 2019
Home / chile / Sears is on the verge of liquidation; will close 80 stores again

Sears is on the verge of liquidation; will close 80 stores again



Sears will close 80 store additional because it sways on the threshold of total liquidation.

Iconic retailer, which was once a chain store biggest department United States of America, set on Friday as the deadline for receiving offers to buy the remaining companies to avoid full closure.

The chain, which began as a catalog of mailing sales in the 1880s, has sunk in a downward spiral towards bankruptcy, influenced by the Great Recession and later dominated by its competitors, both physical and online.

80s store They will close in March, adding to 182 companies scheduled to close, including 142 at the end of 2018 and 40 for February. The company announced bankruptcy in October, signifying at the time that it would close more than 20 percent of the premises and only make the 500 most profitable companies active.

Sears Holdings Corp., which also manages Kmart, join the list of retail brands absorbed by risk funds that collapse under the debt burden imposed on them.

With risk fund managers Eddie Lampert at the helm, Sears have gained time by getting rid of some store and sell emblematic brands such as Craftsman.

Lampert, the company's president and major shareholder, lent his own money and made an agreement to keep the company afloat and provide whatever benefits he could get to the ESL risk fund. Lampert and ESL have tried to buy the rest Sears up to four thousand 600 million dollars in cash and shares.

But until 4:00 a.m. Eastern time no one seemed to make an official offer. Sears declined to comment.


Source link