Sears Files for Bankruptcy; Massive Liquidation Sales Expected Soon
Sears has filed for Chapter 11 bankruptcy amid huge debt and plunging sales. The company, which dominated the retail business in the 20th century has now joined the club of other stores that could not keep up with today's shopping patterns.
According to the Associated Press, Sears announced today it would begin liquidation sales shortly and close another 142 stores before the end of this year. An article in USA Today lists the locations of all the stores that will be closing. There is one Sears store in New Hampshire on that list and it's the one inside the Mall at Fox Run in Newington.
Electrolux however, does plan to stay with bankrupt Sears, according to the AP. They hope to continue to sell their appliances at the retailer. Electrolux says it has actively planned for the bankruptcy and other contingencies at the same time that it seeks other outlets that can sell its goods. The company gets about 10 percent of its revenue through sales of its products at Sears.
Sears started as a mail order catalog company back in the late 1800's. Sears has been in the news over the last couple of years, with more and more store closing announcements.