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US retail giant Sears files for bankruptcy

US retail giant Sears files for bankruptcy

Business
US retail giant Sears has filed for bankruptcy after succumbing to huge debts and losses. The company, which is more than 100 years old, was once America's largest retailer but has been battered by fierce competition and the rise of internet shopping.Sears, which still has 886 stores across the US, was left fighting for its life ahead of a key $ 134m (£102m) debt repayment due at the start of this week.Court papers showed it had now filed for Chapter 11 bankruptcy, a process that allows indebted companies to restructure its debts.Sears began life as a mail order catalogue in the 1880s - a pioneering business that has been described as the Amazon of its day.It came to dominate US malls and at its peak sales were equivalent to 1% of US gross national product. It was over...
Sears to close 43 more stores

Sears to close 43 more stores

Business
July 7 (UPI) -- Sears Holdings, owner and operator of Sears and Kmart, announced plans to close another 43 stores.Friday's announcement comes less than two weeks after the company announced the shuttering of 20 stores across 14 states.The retail chain closed 265 stories during the last fiscal year, and according to a blog post by CEO Eddie Lamper, more closings are likely on the way.The company says the closings are part of a strategy to become profitable. Both Sears and Kmart have seen their sales decline dramatically in recent years. Sears has lost $ 10 billion over the last six years and hasn't turned a profit since 2010."This is part of a strategy both to address losses from unprofitable stores and to reduce the square footage of other stores because many of them are simply too big for...
Sears to close 47 more stores

Sears to close 47 more stores

Business
July 7 (UPI) -- Sears Holdings, owner and operator of Sears and Kmart, announced plans to close another 47 stores.Friday's announcement comes less than two weeks after the company announced the shuttering of 20 stores across 14 states.The retail chain closed 265 stories during the last fiscal year, and according to a blog post by CEO Eddie Lamper, more closings are likely on the way.The company says the closings are part of a strategy to become profitable. Both Sears and Kmart have seen their sales decline dramatically in recent years. Sears has lost $ 10 billion over the last six years and hasn't turned a profit since 2010."This is part of a strategy both to address losses from unprofitable stores and to reduce the square footage of other stores because many of them are simply too big for...