What You Need To Know: Sears

Sears files for Chapter 11 bankruptcy protection

The iconic company, which owns Sears and Kmart, said early Monday that it will shutter 142 of its stores “near the end of the year” in addition to 46 closures announced this summer. A list of the affected locations was not immediately available.

As of August, Sears Holdings owned 506 Sears stores and 360 Kmart locations, USA Today reported.

>> PREVIOUSLY: 46 Sears, Kmart stores to close nationwide in November

The company also announced Monday that Eddie Lampert “has stepped down from his role as chief executive officer of the company” but “will remain chairman of the board,” according to a news release.

"Over the last several years, we have worked hard to transform our business and unlock the value of our assets," Lampert said in a statement. "While we have made progress, the plan has yet to deliver the results we have desired, and addressing the Company's immediate liquidity needs has impacted our efforts to become a profitable and more competitive retailer. 

>> Read more trending news 

He added: "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."

Read more here or here.

Thank you for reading the Dayton Daily News and for supporting local journalism. Subscribers: log in for access to your daily ePaper and premium newsletters.

Thank you for supporting in-depth local journalism with your subscription to the Dayton Daily News. Get more news when you want it with email newsletters just for subscribers. Sign up here.

X