Sears, Finally Bankrupt, Now Tries to Avoid ‘Dustbin of History’
- Kmart and Sears to close 142 stores, weigh other locations
- Lampert financing, potential store purchase still undecided
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Sears Holdings Corp. is embarking on its bankruptcy with key details still up in the air, including whether it will get a loan from Chairman Eddie Lampert that the 125-year-old chain needs to avoid being shut down forever.
Sears has some financing already in hand, along with plans to close stores, but it needs to know if Lampert will commit to lending another $300 million and buying some outlets. The company said it will try to reorganize around a smaller number of more profitable outlets, but also acknowledged it’s at risk of liquidating.