Sears Canada Files for Bankruptcy Protection

by Antonio Miles June 24, 2017, 0:43
Sears Canada Files for Bankruptcy Protection

Sears Holdings is closing another 20 stores, one in Minnesota, as the distressed department-store chain seeks to stanch the bleeding amid swirling challenges for the retail sector.

The Lafayette location is the only Louisiana store on the list. The company said the store builds on the success of the Sears Appliances store that opened in Fort Collins, Colorado, last year.

The Macomb Mall store closure is a hard, but necessary, decision slated for mid-September, Corporate Communications Director Howard Riefs told Crain's in an email.

A Kmart in York County will close in the near future, according to a report. Kmart stores across the country will be part of those store closings.

Kmart hopes to retain some of the sales from the Olean store through its Shop Your Way rewards membership program, Riefs said. An auto center at the Galewood Sears will close in late July.

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Sears warned in March that there is "substantial doubt" about its ability to remain in business due to losses that have topped $10 billion since 2010, the last time it turned a profit.

This is an addition to the closing of a total of 226 stores - 164 Kmart stores and 62 Sears stores- announced so far this year, according to research firm Fung Global & Retail Technology, which tracks retailers' closings.

The retailer was granted protection from its creditors Thursday under the Companies' Creditors Arrangement Act. And Sears Holdings owns another 12% of the Canadian retailer.

In April, Seritage, a developer that controls about 250 Sears Holdings properties across the US, said it was seeking new tenants to take over some of the space at five Sears and Kmart stores in Maryland.

Lampert's investment firm owns 43.5% of the limited partnership units of Seritage and controls 7.9% of its voting power.


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