Published: Mon, October 15, 2018
Markets | By Otis Pena

Sears files for bankruptcy, deserted by shoppers and mired in debt

Sears files for bankruptcy, deserted by shoppers and mired in debt

Lambert will still remain chairman of the board, as the company's largest investor and creditor, but a new independent director, William Transier, has been appointed due to his expertise in overseeing complex capital reorganizations. Sears stock is down 89 percent year-to-date.

Sears will close 142 Sears and Kmart stores, with liquidations sales beginning immediately. Founded in 1892, it was a United States retail juggernaut until the 1990s, when it started facing stiff competition from Walmart, Target and other more agile competitors.

A trio of the company's top executives will now run the company.

"While we have made progress, the plan has yet to deliver the results we have desired, and addressing the company's immediate liquidity needs has impacted our efforts to become a profitable and more competitive retailer", Lampert said. Decades earlier, it had been dethroned by Walmart Inc.as the biggest. According to the Wall Street Journal, Sears has hired M-III Partners, a boutique advisory firm specializing in seeing companies through bankruptcies and restructuring, The company is also talking to lenders about providing it with debtor-in-possession financing, CNBC reported. Sears, Roebuck and Co.'s iconic catalog featured items from bicycles to sewing machines to houses, and could generate excitement throughout a household when it arrived. In August, it closed 13 Kmart stores and 33 Sears locations, including the Oakland Mall and Jackson Crossing stores.

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Parts of Sears have already been through bankruptcy.

The company was started by Richard Sears, a train station agent in Minnesota who began selling watches by mail in 1886, according to the company's website. Much of his focus has turned to Sears' online presence over upkeep on physical storefronts, many of which total thousands of square feet.

At various times, Sears brands have included Allstate Insurance, Coldwell Banker real estate and Discover Card. The company has said it's the nation's largest provider of home services, with more than 11 million service calls a year.

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