Thursday , July 29 2021

Sears on the verge of liquidation; 80 more stores will be closed

Sears Will close 80 Stores In addition to being on the verge of total elimination.

Iconic retailer, which was once a chain of Stores The biggest United States, Set up on Friday the deadline to receive offers to buy their remaining factories, to prevent complete closure.

The chain, which began as a mail sales catalog in the 1880s, is immersed in a slow downward spiral toward bankruptcy, influenced by the Great Depression and later astounded by its competitors, both physically and online.

the 80s Stores They will be closed in March, in addition to 182 plants already scheduled for closure, including 142 at the end of 2018 and an additional 40 for February. The company declared bankruptcy in October, signaling at the same time that it would close more than 20 percent of its premises and only keep the 500 most profitable enterprises active.

Sears A holding company, which is also a manager Camart, Joins the list of retail brands absorbed in risk funds that have collapsed under the weight of their obligations.

With a dangerous fund manager Eddie Lampert on the wheel, Sears There is time to gain by getting rid of some Stores And selling of symbolic brands such as Craftsman.

Lampert, the company's president and chief shareholder, borrowed his money and made agreements to keep the company afloat and provide all the profits he could get to the ESL risk fund. Lampert and ESL have been trying to buy the rest Sears Up to $ 4,000 million in cash and shares.

But by 4:00 PM in the afternoon, no one had officially made an offer. Sears Declined to comment.

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