The inevitable has happened to the once-storied Sears.
Sears (SHLD) plans to close about 142 money-losing stores by year’s end. Overall, the company still operates about 700 Sears and Kmart stores in the U.S. Here’s where Americans can still head to Sears:
Most restructuring experts Yahoo Finance spoke with say that the entire chain is likely to be liquidated in 2019. That means that there may be some deals to take advantage of soon.
Sears lined up $1.875 billion in bankruptcy financing to extinguish its existing loans and keep the lights on at the chain through the holiday season. CEO Eddie Lampert will step down but remain as chairman. Lampert’s investment company, ESL Investments, plans to make a stalking horse bid for 400 profitable Sears and Kmart locations in the hopes of running them going forward.
Brian Sozzi is an editor-at-large at Yahoo Finance. Follow him on Twitter @BrianSozzi