Sears Closing 80 More Stores Amidst the Liquidation

Sears

Once the largest departmental stores chain in the United States of America, the Sears is closing the 80 stores across the country amidst the liquidation. The company is also closing the Kmart in West View and a Sears Appliance Repair in Greensburg with immediate effect. The company has already shut down a few of their departmental stores across the country and added 80 more to the list of closed stores. The Sears has set the Friday as the last day to bid for their closed stores in the hope of averting the closure. Sears were started as the mail-order catalog in the 1980s and expanded as the biggest departmental stores chain in the United States back in the time. But after hitting the hard times in the Great Recession and stiff competition from the offline and online retailers, the company is facing the chances of liquidation.

The 80 stores are planned to close by March. Previously, the company slated the 142 stores for closure by the end of 2018 with the addition to the 40 by the February of 2019. Sears filed for the Bankruptcy protection in the October and since closing down the shutters of their stores permanently. The Sears holdings corporation will soon be the part of the companies that were taken by the elite hedge funds after failing to sustain in the competition. The owner of the company has invested his own money in keeping the company afloat for a few more years. But, his attempts failed as he was not able to reacquire the remaining shareholdings of the company for $4.6 Billion in Cash and Stock from the Hedge investors.

As per the current events, the company is expected to start the liquidation sales in coming two weeks. Almost all of the stores managed and owned by the Sears are expected to close entirely by the end of March.

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Steven Burnett
Being one of the leading news writers of the dailyheraldbusiness, Steven holds a specialization in the domains of business and technology. The passion he has for the new developments in the connected devices, cloud technology, virtual reality, and nanotechnology is seen through the latest industry coverage which is done by him. His take on the consequences of digital technologies across the world gives his writing a modern and fresh outlook.

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