Sears/Kmart Closures Now Include Yorktown As Well As Mahopac Store

One of Sears' major shareholders just dumped a chunk of his stock for pennies on his original investment

The Jasper Kmart is set to close after an announcement today that Sears Holdings has filed for Chapter 11 bankruptcy protection, buckling under its massive debt load and staggering losses. Liquidation sales at these stores are expected to begin shortly. The operator of Sears and Kmart stores joins a growing list of retailers that have filed for bankruptcy or liquidated in the last few years amid a fiercely competitive climate.

In March, Toys R Us announced it was shuttering all of its United States stores while other big names such as Macy's and JC Penney have also been forced to close numerous locations and lay off workers.

Sears has filed for Chapter 11 bankruptcy, meaning it intends to reorganize and stay in business.

At its peak, the operator of Sears and Kmart had 4,000 stores in 2012 but will now be left with a little more than 500.

The plans, which remained in flux on Friday afternoon, would leave the fate of Sears' remaining roughly 250 stores uncertain, the sources said.

Kimco earned just 0.6 percent of its annualized base rent from the 14 Kmart or Sears stores in its portfolio of 460 open-air shopping centers.

Lampert, the largest shareholder, has been loaning out his own money for years and has put together deals to prop up the company, which in turn has benefited his own ESL hedge fund. But Sears lost its footing in the 1980s with expansions into financial products such as banking, mortgages, insurance and credit cards, and Walmart Inc supplanted Sears as the biggest retailer in the early 1990s.

"The Sears closing reinforces the need to reinvigorate and reinvent what CambridgeSide can be and provides us with a great opportunity to plan for the retail project of the future", spokeswoman Deborah Black said in an e-mail.

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But by 1994, Sears was selling off its consumer finance businesses, even Allstate.

Sears, the venerable chain that once dominated the American retail sector but had been in decline since the advent of the Amazon era, filed for bankruptcy Monday and announced it was closing nearly 150 stores. Its management tried to compete by closing stores and cutting costs.

As for digital investment, you could pay off Sears' debt if you had a dime for each news article faulting Lampert for spending too much on digital and not enough on remodeling retail stores.

The company previously announced it would be closing more than 180 Sears and Kmart stores across the country. That could boost same-store sales at many chains.

A Columbia Gramophone Grand pictured in a Sears Roebuck catalog from 1902.

As part of the transition, Sears will also undergo a series of leadership and board changes. While some retailers have failed to adjust to the new landscape, others like Best Buy have embraced the blending of physical and digital retail and found success. Big box retailers such as Walmart beat it on both price and merchandise selection.

There is a Sears Hometown store in Atchison, Kansas.

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