Moline Kmart will close as part of Sears bankruptcy

Sears bankruptcy seen imminent as once-dominant retailer keeps shrinking

Sears, the 125-year-old retailer that pioneered the use of the U.S. Postal Service to sell Americans everything from jewelry to tires, has filed for chapter 11 bankruptcy protection. Of all the remaining big-box department stores at that time, both Sears and Montgomery Ward should have been able to exploit online sales with a solid catalog-buying customer base.

The chapter 11 bankruptcy filing comes 131 years after Richard Sears moved his business to Chicago, where the watch company would grow to become a retail empire that gave the city its tallest building, employed hundreds of thousands of people and mesmerized children everywhere with its annual Christmas Wish Book catalog.

"For somebody of my generation, Sears Roebuck was a big deal..."

He noted that 'Sears has been dying for many years. Besides Sears, retail bankruptcies such as Toys R Us and Bon-Ton Stores Inc created vacancies. "I invested so much of my time and money in the company because I believe Sears has a future", he said.

But most REIT shares gained on Monday as investors focused on the potential benefits of a Sears bankruptcy. Three executives will be responsible for managing the company's day-to-day operations in an office of the CEO.

Shoppers can expect more Sears store closures, as well as Sears liquidation sales, in brick-and-mortar locations around the country: The company says it will be closing an additional 142 stores by the end of the year.

"This is a company that in the 1950s stood like a colossus over the American retail landscape", said Craig Johnson, president of Customer Growth Partners, a retail consultancy. The company had a $134-million (about Rs 992 crore) payment due on Monday.

"Most of the company is gone", Dietderich said.




Sears Holdings, which owns Sears and Kmart chains, is expected to file for federal bankruptcy in NY early this morning, October 15. Strong sales in the upcoming holiday season will be key in determining that.

An out-of-court resolution "did not prove possible", ESL said.

Meanwhile, Sears and Kmart stores are open for business.

A manager at the Jasper Kmart store said this morning that the store hadn't yet received word of the closure from corporate.

"While we have made progress, the plan has yet to deliver the results we have desired", Lampert said in a statement Monday.

Sears is just one of many retail stores unable to stay afloat.

Sears dates back to the late 1880s. Walmart Inc., Target Corp., Kohl's Corp., and Amazon.com Inc. are all trying. Sears sold the 120,000-square-foot building past year to Northwood Investors, a Denver-based real estate firm, for $55 million.

Under Lampert, the company saw a $1.5 billion profit in 2015, but it's been downhill ever since. If Sears Holdings had managed to succeed better, the beneficiaries wouldn't have only been pensioners and employees, but also shareholders, including Lampert.

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