Whirlpool says Sears bankruptcy will have 'very limited' impact

Sears bankruptcy seen imminent as once-dominant retailer keeps shrinking

Sears already had closed Baltimore area department stores in Hunt Valley Towne Center, Eastpoint Mall and Hagerstown, and had closed Kmart stores in Dundalk, Elkton, Crofton and Salisbury. Sears then tweaked those plans and said it would shut down "only" 63 locations, including 48 Sears store closures and 15 Kmart store closures. Wells Fargo & Co., Citigroup Inc. and Bank of America Corp. are potential providers of a loan in bankruptcy, according to people with knowledge of the matter, since they're behind the company's existing asset-backed loan. In one study from 2015, analysts said that the average discounts on Black Friday at Kmart and Sears were 50% and 42%, respectively.

How many Sears stores are there now, and how many will still be in business by the end of 2018?

After the bankruptcy announcement appliance maker Whirlpool said that it expects a "very limited impact" to its business.

Sears already decimated stock tanked further Monday, closing at 31 cents per share, down about 24 percent. The original Kmart store in Garden City closed a year ago.

Sears was once the largest retailer in the nation.

Lampert said in a statement the Chapter 11 process will give Sears "the flexibility to strengthen its balance sheet" and find the right size for its operating model to turn a profit. Three years later, Sears dumped the Craftsman brand, which it had sold exclusively.

Sears is planning to seek bankruptcy protection in NY as soon as Sunday night, though a court filing could slip into Monday, the sources added, asking not to be identified because the negotiations are confidential. Its management tried to compete by closing stores and cutting costs.

Whirlpool, which had started in business more than a century ago selling its appliances at Sears, pulled its various brands out of Sears and Kmart stores previous year.

Yes. Sears and Sears.com remain open and loyalty programs, including the Shop Your Way membership program, warranties, protection agreements, layaways, and the Sears and private label credit card and credit rewards programs continue as normal.

Businessman Eddie Lampert - who serves as the company's chief executive, biggest investor, landlord and significant creditor - had attempted to restructure the firm's debt to avoid bankruptcy.

Because Seritage collects rent on the properties, and those payments flow to Lampert through dividends, Sears's bankruptcy could raise arguments that some payments should be clawed back by creditors.

While local customers are disappointed their Kmart is closing, a majority of those leaving the store on Monday were more upset about the pharmacy within the store closing. The first Sears Roebuck catalog, which sold watches and jewelry, was printed in 1896.

For decades, Sears was king of the American shopping landscape. Big box retailers such as Walmart beat it on both price and merchandise selection.

The one major upside at Sears liquidation sales is that absolutely everything in stores is marked down.



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