News | USA

Back

Sears files for insolvency and closes more stores

The network of Sears stores has contracted significantly in recent years.

The network of Sears stores has contracted significantly in recent years.

American department store chain Sears has filed for insolvency (Chapter 11 of the Bankruptcy Code) and is closing more stores. The group is also active in the home improvement market with its Sears and Kmart outlets as well as operating online shops. In addition to the 46 closures by November that were already announced, a further 142 stores are expected to close by the end of the year. Sears is in negotiations with the main shareholder, ESL Investments, regarding the sale of a large number of the stores to it.

The network of Sears stores has contracted significantly in recent years. Of the more than 1 400 branches in existence at the end of 2016, only 1 000 remained a year ago.

Personnel changes have also taken place. CEO Edward S. Lampert, also chairman and CEO of ESL, has stepped down, although he remains chairman of the Sears board. Instead of a CEO, an Office of the CEO is currently operating, constituted by Robert A. Riecker, chief financial officer, Leena Munjal, chief digital officer, Customer Experience and Integrated Retail, and Gregory Ladley, president of Apparel and Footwear. A restructuring committee has also been created, headed by corporate restructuring specialist and managing partner of M-III Partners Mohsin Y. Meghji, as chief restructuring officer.

|15 October 2018


More about the company
SEND
 PRINT 

Post a comment

* Please complete the areas marked in red correctly and in full!.



(will not be published)

* obligatory fields


Latest news

Global DIY market worth 589 billion euros

In 2017, the DIY/home improvement world market turnover reached EUR 589 bn, an increase of 2.6 per cent compared to last year, according to Fediyma View news...

Sears Home Improvement business up for sale

Sears is selling its Sears Home Improvement business. It has received an offer from Service.com, a company that connects homeowners with service View news...

Lowe's has a new chief information officer

Seemantini Godbole is the new chief information officer at Lowe's. She is joining the company from Target Corporation, where she served as senior View news...

Leroy Merlin goes to Belarus

Leroy Merlin goes to Belarus. According to media reports, the French DIY store chain from Groupe Adeo wants to open its first location in the country View news...

Actual figures

Statistics Home Improvement Europe


Statistics Home Improvement
This brochure provides a competent overview of the situation in the Home Improvement sector in 31 European countries.

Order now!

6th Global DIY Summit 2018

Color Expert, painting tools

Color Expert

COLOR EXPERT for painting tools

More than 1 100 participants came to the 6th Global DIY Summit in Barcelona. Here are the portraits of some of the most important companies that exhibited at the International Congress Exhibition.

Gallery