Debt is not the only thing, Sears Holdings is trying to unload. The Chicago Tribune reports Sears is seeking buyers for 505 stores.
If a buyer cannot be found for the stores by December 5, 2018, (next Wednesday) Sears could liquidate the locations. Notably, Sears Holdings is seeking bids on the liquidation of the stores as well.
Sears is planning to sell or liquidate most of its locations if The Tribune is correct. Sears operated 866 stores in August 2018, USA Today estimates. In detail there were 506 Sears’ stores and 360 Kmart outlets in operation over the summer.
However, that number has probably shrunk because of recent closings. Notably, Sears planned to close 13 Kmarts and 33 Sears stores in November. Hence Sears is probably operating around 820 stores.
Thus Sears is planning to shrink its footprint to 315 stores if The Tribune and USA Today are correct. Under those circumstances, most of the company’s stores will close.Read More