Sacramento Sears store to close as retailer announces bankruptcy

One of Sears' major shareholders just dumped a chunk of his stock for pennies on his original investment

Sears Holdings Corp is planning to close up to 150 of its department and discount stores and keep at least another 300 open as part of a plan to restructure under United States bankruptcy protection, people familiar with the matter said Friday.

The company filed bankruptcy past year and said it would close 46 stores initially. Despite efforts to cut costs by closing hundreds of stores, Sears has lost more than $11 billion since 2011.

The location at the Jefferson Mall in Okolona will shut down by year's end, according to CNN. Wells Fargo & Co., Citigroup Inc. and Bank of America Corp. are potential providers of a loan in bankruptcy, according to people with knowledge of the matter, since they're behind the company's existing asset-backed loan.

She said a refrigerator her mother bought at Sears broke after two years and it still hasn't been fixed for nearly a month with no help from the retailer.

The number of stores peaked in 2012 at 4,000, including its Sears Canada division that was later spun off.

"Growing up here, it was one of the few stores that i really remembered", he said.

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Sears' stock has fallen from about $6 over the past year to below the minimum $1 level that Nasdaq stocks are required to trade in order to remain on the stock index. "If you look at it today, Sears and Kmart combined are about 3 per cent the size of Walmart", Storch told BNN Bloomberg in an interview on Monday.

Workers at the company now face an uncertain future although given the travails of recent years, that is nothing new - having employed more than 300,000 people a decade ago, the company's workforce is now down to 68,000.

"Over the last several years, we have worked hard to transform our business and unlock the value of our assets", Lampert said.

The news was announced Monday after the company filed for Chapter 11 bankruptcy. Options could range from food halls to pop-up stores to Tonya-Harding-esq skating rinks, Rosenblum said - so long as the concept was about more than just shopping. The fact that Lampert owns so much of Sears debt, and is also a beneficiary of rent payments through Seritage, may constitute a conflict in any talks about whether to immediately liquidate. While other traditional retailers enjoyed strong holiday sales, Sears and Kmart both reported sharp drops. Eddie Lampert will step down as CEO but remain on as the company's chairman.

If Sears ends up collapsing, the obituaries will blame Internet competition for undermining the big-box department store model.

The bankruptcy filing was sparked by a standoff between Lampert, the company's biggest shareholder and lender, and a special board committee, over a rescue plan proposed by Lampert. The company once dominated the American landscape, but whether a smaller Sears can be viable remains in question. In many cases, the Sears liquidation sale prices are along the lines of what shoppers have seen regularly in weekly circulars and special sales events.

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