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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…
Nation's Largest Mattress Retailer Will Close 700 Stores
Mattress Firm, the nation's largest mattress retailer, will close 700 stores nationwide, including four in New York, after filing for bankruptcy.
It has more than 3,200 stores and nearly 10,000 employees in the U.S. and in recent years had aggressively expanded its retail footprint.
That rapid expansion of stores, including locations often close to each other, resulted in "cannibalization" of sales, the company said.
The four New York locations closing are:
Old Country Road, Plainview
Hylan Blvd, Staten Island
Avenue U, Brooklyn
Flatbush Avenue, Brooklyn
by
Daily Voice
