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Eddie Lampert

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142 Sears/Kmart Closures Now Include Milford Store 142 Sears/Kmart Closures Now Include Milford Store
142 Sears/Kmart Closures Now Include Milford Store Sears, once the world's largest retailer, has now officially filed for bankruptcy, while announcing plans to close another 142 unprofitable Sears and Kmart stores, including several in the area. The Sears closures include two in the Hudson Valley: at 75 West Route 59 in Nanuet and at 600 Lee Boulevard in Yorktown. Two Sears stores in Connecticut are closing: at 1201 Boston Post Road in Milford (Lands' End) and 850 Hartford Turnpike in Waterford (Lands' End). Among stores closing are five Kmarts in New York, including the Kmart at 987 Route 6 in Mahopac. No Kmart closures in Connecticut are…

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by Joe Lombardi
Business
Sears Files For Bankruptcy, Will Close 142 Stores Sears Files For Bankruptcy, Will Close 142 Stores
Sears Files For Bankruptcy, Will Close 142 Stores This story has been updated. Sears, once the world's largest retailer, has now officially filed for bankruptcy, while announcing plans to close another 142 unprofitable Sears and Kmart stores, including several in the area. The Sears closures include two in the Hudson Valley: at 75 West Route 59 in Nanuet and at 600 Lee Boulevard in Yorktown. Two Sears stores in Connecticut are closing: at 1201 Boston Post Road in Milford (Lands' End) and 850 Hartford Turnpike in Waterford (Lands' End). Among stores closing are five Kmarts in New York, including the Kmart at 987 Route 6 in Mahopac. No Kma…

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by Joe Lombardi
Business
Sears On Brink Of Bankruptcy, Report Says Sears On Brink Of Bankruptcy, Report Says
Sears On Brink Of Bankruptcy, Report Says After years of store closures, Sears, once the world's largest retailer, could be just days away from facing bankruptcy. The 125-year-old company, which has not turned a profit since 2010, has approached several banks to prepare for a bankruptcy filing, according to CNBC. Sears has a $134 million debt payment due Monday that it previously reported it cannot cover, the report said. Eddie Lampert, a hedge-fund manager who took over as Sears CEO in 2013, said in late September that despite changes in the way it does business, the future looked bleak for the once vibrant company. “The journey…

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by Joe Lombardi
Business
Sears CEO Raises Doubts About Company's Future, Citing 'Substantial Obstacles To Profitability' Sears CEO Raises Doubts About Company's Future, Citing 'Substantial Obstacles To Profitability'
Sears CEO Raises Doubts About Company's Future, Citing 'Substantial Obstacles To Profitability' Despite undergoing a paradigm shift and attempting to change gears in the way it does business, Sears continues hemorrhaging money, casting its future in doubt. Sears CEO Eddie Lampert said that his company has been “working hard to transform its business and unlock the value of its assets,” which includes a shift from traditional retailing to a more member-centric company. Despite these changes, things are looking bleak for the once vibrant company. “The journey to running a member-centric company on a consistently profitable basis has taken far longer than we expected,” Lampert said in a …

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by Zak Failla