Wednesday , August 4 2021
the next

the next

MSN: What about Sears in Mexico? Video expansion

Sears will close 80 more stores as he wobbles on the verge of total elimination.

The iconic retailer, once the largest chain of department stores in the United States, set the deadline for bids from its remaining stores on Friday to avoid closing altogether.

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





© Provided by El Universal Compañía Periodística Nacional S.A. of C.V


The stores will close in March, in addition to the 182 stores already planned for closing, including 142 stores by the end of 2018 and 40 more in February. The company filed for bankruptcy in October, signaling at the same time that it will close more than 20% of its premises and only keep 500 most profitable enterprises active.

Sears Holdings, which also manages Camart, joins the list of retail brands absorbed in hedge funds that have collapsed under the weight of their obligations.

With venture capital manager Eddie Lampert on the wheel, Sears has won time by getting rid of some shops and selling iconic brands like 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 of Sears for up to $ 4,600 million in cash and shares.

But by 4 pm in the late afternoon no one seemed to have made an official offer. Sears declined to comment.

More news on MSN:

Ten brands that dominated the world and disappeared


Source link