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Kmart’s main flaw: Complacency

Kmart’s main flaw: Complacency

As we relive American retailing history, which we occasionally do, we’re reminded that Kmart, once the largest general merchandise retailer in the United States, has dwindled a bit in size. The current store count for the former Troy, Mich., dynamo is … five. Five? That’s correct. In mid-January, Kmart’s holding company announced that it plans

Sears files for Chapter 11 bankruptcy

Sears files for Chapter 11 bankruptcy

HOFFMAN ESTATES, Ill. — Sears Holdings Corp., the corporate parent of two storied firms that once ranked as the nation’s two largest retailers, announced Monday morning that it had filed for Chapter 11 bankruptcy.  The company’s reorganization plan calls for the closure of 142 additional Sears and Kmart stores, in addition to the previously announced

Sears will close 63 more stores

HOFFMAN ESTATES, Ill. — Sears Holdings Corp. has identified 100 unprofitable stores and will shutter 63 of them in early September. Liquidation sales at 48 Sears outlets and 15 Kmarts will begin as early as June 14. The company announced the closings while reporting its first quarter results, which included a drop of more than

Sears Holdings boosts financing

HOFFMAN ESTATES, Ill. — Sears Holdings Corp. has raised $100 million in new financing and is pursuing an additional $200 million. The company also amended existing notes to increase its borrowing base advance rate for inventory and defer its collateral coverage test and restart it with the second quarter of 2018. Sears Holdings furthermore is

Filing raises concerns about Sears

HOFFMAN ESTATES, Ill. — Concerns that the parent of Sears and Kmart is headed toward bankruptcy were rekindled when the company offered in a disclosure that it might not be in operation a year from now. “Our historical operating results indicate substantial doubt exists related to the company’s ability to continue as a going concern,”

More closures in offing for Kmart

HOFFMAN ESTATES, Ill. — Kmart is closing another 64 underperforming stores in the United States. Liquidation sales were set to start September 22, with the stores to be shuttered by mid-December, according to Business Insider, which cited sources familiar with the plans of parent Sears Holding Corp. In April, Sears eliminated 68 Kmarts and 10

Kmart’s ‘Whole Lotta Awesome’

DES PLAINES, Ill. — Kmart has unveiled a revitalized and refreshed store here as part of an ongoing initiative to provide enhanced, new and exclusive ­offerings. “We are excited about the relaunch of the Des Plaines store because it exemplifies our dedication to our [Shop Your Way] members and it’s in our own backyard,” says

Sears posts another loss in second quarter

Sears posts another loss in second quarter

HOFFMAN ESTATES, Ill. — Sears Holdings Corp. posted another quarterly loss on Thursday and said it would receive another financial lifeline from the hedge fund of its chief executive officer, Eddie Lampert. Lampert’s fund, ESL Investments, offered to provide a $300 million loan to Sears earlier this month to provide the struggling retailer more time