another 100 stores of sears are on the verge of shutdown

Another 100 Stores Of Sears Are On The Verge Of Shutdown

Things are not turning out to be good for Sears as another 100 stores of the troubled retailer are either closed or are closing. The company, headquartered in Hoffman Estates, was expecting to do better as its bankruptcy filing was supposed to give it a fresh start. But, the retailer continues to struggle with many of the complications it faced a year before when it sought court protection.  Almost 100 out of the 425 stores of Sears Holdings Corp. have closed or about to shutdown. Financier Edward Lampert had bought these stores out of bankruptcy. According to a former executive and shoppers, shelves at many stores are bare of essential products – no garden supplies in spring or lawnmowers in summer. A customer had trouble spending USD 10 which he had earned in loyalty rewards.

The rise of new competitors, flourishing e-commerce markets and its own missteps have pushed Sears, which once ruled as the nation’s largest retailer for decades, in such a deplorable situation. The company was under the leadership of Eddie Lampert, former CEO of Sears, for around 14 years. He held several important positions of parent Sears Holdings Corp. and slashed spending with little investment in stores. Meanwhile, a 70-year-old history of venerated Sears chain in North Platte has ended with the closing of the Sears Hometown Store at East Francis and Cottonwood streets.

A signboard on the store in Francis Square directed customers to the Sears Hometown Store in Kearney’s Hilltop Mall or its website for all the information related to their recent and past purchases. Sears, Roebuck and Company, commonly known as Sears, was opened tom much fanfare on 17th March 1949. According to reports, it boasted the largest one-story retail store in the area at that time. Sears holding had sought Chapter 11 bankruptcy in October 2018. Later it was reorganised under the banner of Transform Holdco LLC. Reacquiring of Sears Hometown and Outlet Stores were completed in June. At that time it had included 491 Hometown stores and 126 Sears Outlet locations.