Sears is definitely down, but not totally out.
Sears Holdings filed for Chapter 11 bankruptcy protection on Monday, and shoppers around the nation were probably a little bummed.
But the company had no other way out.
At its most successful, the operator of Sears and Kmart had 4,000 stores (back in 2012). But going forward, it will be left with 500 or so.
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Sears Holdings says it will close 77 Sears stores and 65 Kmart stores at the year’s end. The silver lining? Tons of liquidation sales around the holiday season.
In corporate speak, the company says it is “Accelerating our Strategic Transformation and Facilitating our Financial Restructuring.” The statement Monday partially read: “[O]ur efforts to become a profitable and more competitive retailer have been impacted by a difficult retail environment, unsatisfactory operating performance, and legacy liabilities impacted by historically low interest rates.”
The closings will help Sears “establish a sustainable capital structure, continue streamlining our operations, and grow profitably for the long term.”
Translation: Get the bargains while they’re hot.
You have limited time to shop at the Miami International Mall location.
A quick check of Sears.com reveals a great deal of e-merchandise for sale, so there’s that. And there are no immediate to shut down digital operations.
“We remain open for business. Our Sears and Kmart stores, and online and mobile platforms, are continuing to serve our members and customers,” continued the statement.
But we are not sure what happened to the folks who handle social media; the last post was from Aug. 20, touting a semi fancy office chair for around $120.
Black Friday, here we come? Because who doesn’t love a bargain?
The Miami Herald reached out to corporate for comment and have not heard back.
For further information on the upcoming changes, consumers are referred to searsholdings.com, a “dedicated restructuring website.”