Sears To File For Federal Bankruptcy Today

 

NATICK – Struggling retailer Sears, which has a store at the Natick Mall, has filed for bankruptcy.

Sears Holdings, which owns Sears and Kmart chains, is expected to file for federal bankruptcy in New York early this morning, October 15.

The company has a $134 million debt payment due today.

Sears is 132 years old, but is just another retailer in recent years that has filed for bankruptcy, including Sports Authority, Toys R Us, Radio Shack, etc.

In a statement released by the Sears, the company is looking for a buyer for its remaining stores.

The statement said the company will close another 140 stores in 2018. That is in addition to the 46 stores planned to close already.

Eddie Lampert, the company’s chair and largest shareholder who engineered the merger of Sears and Kmart in 2005, will give up his title of CEO as part of the bankruptcy filing.
 
A trio of the company’s top executives will now run the company.
Sears brands include Kenmore appliances.

Framingham Source Editor Susan Petroni

Susan Petroni Framingham Source Editor Email: editor@FraminghamSource.com Phone: 508-315-7176

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