Print Edition - 2018-10-14  |  Money Digest

Sears to close up to 150 stores in bankruptcy

Illinois

Oct 14, 2018-

Sears Holdings Corp is planning to close up to 150 of its department and discount stores and keep at least another 300 open as part of a plan to restructure under US bankruptcy protection, people familiar with the matter said on Friday. The plans, which remained in flux on Friday afternoon, would leave the fate of Sears’ remaining roughly 250 stores uncertain, the sources said. The future of the stores could hinge on Sears’ negotiations with landlords over their leases. In total, Sears has about 700 stores and roughly 90,000 employees. The beleaguered 125-year-old retailer, once the largest in the United States, hopes to sell stores and other assets, including its Kenmore appliances brand and home services business, in court-supervised auctions while under bankruptcy protection, the sources said. (REUTERS)

Published: 14-10-2018 08:29

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