Sears, the Amazon of its day, files for bankruptcy

Sears bankruptcy seen imminent as once-dominant retailer keeps shrinking

The company's comparable sales growth is spotty, and it still seems to be figuring out how to incorporate this lower-margin product category into its business in a healthy way.

The department-store chain once ranked as the biggest United States retailer, with a reputation built on its money-back guarantee of customer satisfaction. In the last two years alone, it closed more than 725 Sears and Kmart stores nationwide. The icon once known for its pristine catalogs, and more recently known for decrepit showrooms and a controversial chief executive, saw its stock price plunge last week after reports that it had hired an advisory firm to prepare a bankruptcy filing ahead of the October 15 payment. At 1,454 feet, the building was the tallest in the world. The filing could come as soon as Monday morning.

Eddie Lampert, the company's chair and largest shareholder who engineered the merger of Sears and Kmart in 2005, will give up his title of CEO as part of the bankruptcy filing. "It's been obviously improperly run for many years". But its market share is now a tiny fraction of what it once was, even while it still has roughly 700 large stores around the country, operating under both the Sears and Kmart names. Decades earlier, it had been dethroned by Walmart Inc.as the biggest.

"I remember getting clothes and Toughskins, things like that", Landi said.

Electrolux hopes to continue selling its appliances at Sears after the iconic American retailer filed for Chapter 11 bankruptcy protection.

Sears and Kmart merged to form Sears Holdings in 2005, when they had 3,500 U.S. stores between them.

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"It's not been a surprise but it's been frustrating that it's taken so long", David Bujnicki, in charge of investor relations and strategy at Kimco, said in an interview of the long-expected bankruptcy.

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

The filing, which is happening ahead of the crucial holiday shopping season, comes after rescue efforts engineered by Lampert have kept it outside of bankruptcy court - until now.

"It is going to be expensive, in some cases, to redo these boxes, but that's just part of being a landlord", Rothman said. In April 2007, shares were trading at around $141. Whirlpool added that 1 percent of its aggregate accounts receivable exposure was tied to Sears, and it had an "immaterial amount" of Sears-related inventory.

She said a refrigerator her mother bought at Sears broke after two years and it still hasn't been fixed for nearly a month with no help from the retailer.

When it sold, Sears also signed a deal to lease the store back, until September 2019, according to Middlesex County property records. But the REIT said the four stores now at the site are doing well and calls the redevelopment a "game-changer". 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. "If you look at it today, Sears and Kmart combined are about 3 per cent the size of Walmart", Storch told BNN Bloomberg in an interview on Monday.

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