Sears is expected to close 80 more stores across the US in early 2019, according to a new report from CNBC.
Several days ago, we documented how the bankrupt department store chain is now trying to stay solvent via a $4.6 billion lifeline from its chairman, Eddie Lampert.
Lampert offered a $4.6 billion package backed by existing lenders Bank of America and Citigroup, along with new participant Royal Bank of Canada – which came together to provide a $950 million asset-backed loan and a $350 million revolving line of credit to back Lampert’s bid.
Lampert’s bid would preserve about 425 stores that Sears has yet to close, and secure the jobs of 50,000 workers out of the 68,000 employed by the retailer, the sources said.
Some of Lampert’s bid relies on $1.8 billion of Sears debt that his hedge fund ESL Investments Inc already holds and Lampert plans to forgive to back his offer, the sources said. The bid also has about $400 million in financing from non-bank lenders, according to the sources.
It is possible that Lampert’s bid for Sears will be rejected or otherwise fall through, the sources cautioned, asking not to be identified because the matter is confidential. –Reuters
Sears closed about 140 stores back in October when it initially filed for Chapter 11 bankruptcy protection. The retailer also announced in November that it would close an additional 40 unprofitable stores by February 2019.
The closure of an additional 80 Sears and Kmart stores will be completed by late March 2019. Liquidation of the stores is expected to start in mid-January, according to the company. A full list of store closures can be seen here.
“As part of Sears Holdings’ processes to accelerate its strategic transformation and facilitate its financial restructuring, on December 27, 2018, the company informed associates at 80 stores that we will be closing these Sears and Kmart stores in late March 2019. Liquidation sales at these stores are expected to begin in two weeks. The accompanying Sears Auto Center at these Sears stores will also be closing. This is in addition to the previously announced closure of 40 unprofitable stores expected to be completed in February 2019,” the company said in a press release.
Altogether, Sears has decided to close more than 260 of its 700 stores — or more than a third of its retail footprint — since the bankruptcy filing.
The list of stores set to close in March listed below:
Kmart, 7055 East Broadway, Tucson, AZ
Kmart, 2180 E Mariposa Rd, Stockton, CA
Kmart, 20777 Bear Valley Rd, Apple Valley, CA
Kmart, 1000 San Fernando Rd, Burbank, CA
Kmart, 2875 Santa Maria Way, Santa Maria, CA
Kmart, 2505 Bell Rd, Auburn, CA
Kmart, 295 Hartford Turnpike, Vernon, CT
Kmart, 200 Irwin Ne Fort, Walton Beach, FL
Kmart, 6126 Hwy 301, Ellenton, FL
Kmart, 11 Sherwood Square, Peru, IN
Kmart, 2940 Veterans Blvd, Metairie, LA
Kmart, 8980 Waltham Woods Rd, Baltimore, MD
Kmart, 201 Ninth St, S E Rochester, MN
Kmart, 155 Twin City Mall, Crystal City, MO
Kmart, 12057 Highway 49 Delmar Plaza, Gulfport, MS
Kmart, 980 Brevard Rd, Asheville, NC
Kmart, 110 112 Bost Rd, Morganton, NC
Kmart, 4841 Arendell St, Morehead City, NC
Kmart, 1900 S Washington St, Grand Forks, ND
Kmart, 1515 W 3 Rd, Alliance, NE
Kmart, 213 Highway 37, E Toms River, NJ
Kmart, 1705 S Main St, Roswell, NM
Kmart, 308 Dix Avenue, Queensbury, NY
Kmart, 1020 Center Street Grand Central Plaza, Horseheads, NY
Kmart, 121 Bolivar Road, Wellsville, NY
Kmart, 1251 State Rte 29 Ste 1O Greenwich Plaza, Greenwich, NY
Kmart, 7701 Broadview Road, Cleveland, OH
Kmart, 620 Plaza Dr, Fostoria, OH
Kmart, 400 N East Circle Blvd, Corvallis, OR
Kmart, 996 West View Park Drive, Pittsburgh, PA
Kmart, 2873 W 26th Street, Erie, PA
Kmart, 1143 Broad St, Sumter, SC
Kmart, 1111 E North St, Rapid City, SD
Kmart, 1805 E Stone Dr, Kingsport, TN
Kmart, 217 Forks Of River Pkwy, Sevierville, TN
Kmart, 4110 E Sprague Ave, Spokane, WA
Kmart, 1450 Summit Avenue, Oconomowoc, WI
Sears*, 2050 Southgate Rd, Colorado Spgs, CO
Sears*, 1650 Briargate Blvd, Colorado Spgs, CO
Sears*, 3201 Dillon Dr, Pueblo, CO
Sears, 1700 W Intl Speedway Blvd, Daytona Beach, FL
Sears*, 1500 Apalachee Pkwy, Tallahassee, FL
Sears*, 347 Westshore Plz, Tampa, FL
Sears*, 1441 Tamiami Trl Pt, Charlotte, FL
Sears*, 9409 Us Highway 19 N Ste 101, Port Richey, FL
Sears*, 150 Pearl Nix Pkwy, Gainesville, GA
Sears*, 4480 Sergeant Rd, Sioux City, IA
Sears*, 235 Saint Clair Sq, Fairview Hts, IL
Sears*, 7200 Harrison Ave, Cherry Valley, IL
Sears*, 7700 E Kellogg Dr, Wichita, KS
Sears, 4400 Veterans Mem Blvd, Metairie, LA
Sears*, 2306 N Salisbury Blvd, Salisbury, MD
Sears*, 5500 Harvey St, Muskegon, MI
Sears, 27600 Novi Rd, Novi, MI
Sears, 2000 N E Court, Bloomington, MN
Sears*, 1620 Guess Rd, Durham, NC
Sears*, The Streets Of Southpoint, Durham, NC
Sears*, 7424 Dodge St, Omaha, NE
Sears*, 6400 O St, Lincoln, NE
Sears*, 3450 S Maryland Pkwy, Las Vegas, NV
Sears*, 10 Miracle Mile Dr, Rochester, NY
Sears, 5053 Tuttle Crossing Blvd, Columbus, OH
Sears*, 1400 Polaris Pkwy, Columbus, OH
Sears*, 1475 Upper Valley Pike, Springfield, OH
Sears*, 501 Medford Ctr, Medford, OR
Sears*, 200 Park City Ctr, Lancaster, PA
Sears*, 5256 Route 30, Greensburg, PA
Sears*, 5580 Goods Lane Ste 1005, Altoona, PA
Sears, 1000 Rivergate Pkwy, Goodlettsvlle, TN
Sears, 2021 N Highland Ave, Jackson, TN
Sears*, 201 S Plano Rd, Richardson, TX
Sears*, 4310 Buffalo Gap Rd, Abilene, TX
Sears*, 851 N Central Expwy, Plano, TX
Sears*, 6001 W Waco Dr, Waco, TX
Sears*, 7701 1-40 W Ste 400, Amarillo, TX
Sears*, 2100 S W S Young Dr, Killeen, TX
Sears, 3100 Highway 365, Port Arthur, TX
Sears*, 1531 Rio Rd, E Charlottesville, VA
Sears*, 1321 N Columbia Center Blvd Suite 455, Kennewick, WA
Sears, 4301 W Wisconsin Ave, Appleton, WI
*Sears Auto Center at the property set to close in late January
via RSS http://bit.ly/2s2ZUfm Tyler Durden