Sears bankruptcy: What does it mean for shoppers?
Despite Sears Holdings filing for bankruptcy Monday, customers of the once-mighty department store chain can still use their Sears credit cards and benefit from the company loyalty program.
Although some 142 Sears and Kmart stores will be closed as part of the bankruptcy, Sears and Kmart stores and the online and mobile platforms will continue to offer products and services to customers. Sears Holdings' loyalty programs, including the Shop Your Way membership program, and the Sears and private-label credit card rewards programs will continue.
Along with the planned closures of 142 unprofitable stores near the end of the year, the company will also market and sell certain assets.
“The Chapter 11 process will give Holdings the flexibility to strengthen its balance sheet, enabling the Company to accelerate its strategic transformation, continue right sizing its operating model, and return to profitability,” Chairman Eddie Lampert said in a statement. Lampert has stepped down as CEO but will remain chairman.
"As we look toward the holiday season, Sears and Kmart stores remain open for business and our dedicated associates look forward to serving our members and customers,” Lampert added
As previously reported by FOX Business, according to a court filing, Sears Holdings lists assets of $1 billion to $11 billion and liabilities of $10 billion to $50 billion.
Sears had a debt payment of $134 million due on Monday.
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