Sears Files For Bankruptcy

Sears Files For Bankruptcy

Sears has filed for bankruptcy.

As we reported last week and as expected, early Monday Sears Holdings, the parent company of Sears and Kmart, filed for Chapter 11 bankruptcy protection.

Once the largest retailer in the nation, Sears had a whopping $134 million debt due today. They could not convince debt collectors to agree to a plan to hold off on bankruptcy after recent attempts to raise money and cover that debt failed. CEO and largest shareholder Eddie Lampert will step down immediately.

Aptly described by The New York Times as the retailer who "pioneered the strategy of selling everything to everyone," Sears was last profitable in year 2010.

The predecessor to our current toy books and Black Friday ad scans, the Sears Wishbook at one time took center stage for children creating holiday toy wishlists all over the country. Along with the Wishbook, the Sears' Craftsman line has for years been a household name with handymen and do-it-yourselfers alike. Sears sold its signature Craftsman tool brand in early 2017 to Stanley Black & Decker for roughly $900 million, according to USA Today, in order to raise cash to prevent today's ultimate downfall.

Having once employed 302,000, there are only 68,000 people working for Sears and Kmart currently, who will now be looking for work come this usually busy holiday season. Sears will close 142 Sears and Kmart stores by year's end with liquidation sales beginning soon.

Continue to check back with BFAds for updates on the timing of those Sears and Kmart store closings and what that will mean for holiday shoppers during the upcoming Black Friday shopping season.

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