Sears Holdings to Close Six North Carolina Locations

10/15/18

By Jackson Liu, NC Biz News

Sears Holdings Corp., the parent company of Sears and Kmart Corp., will close six locations in North Carolina as a result of the parent’s company’s Chapter 11 bankruptcy court filing.

The locations are three Sears stores in Goldsboro, Pineville and Fayetteville and three Kmart locations in Statesville, Asheville and Raleigh.

Forty-eight Sears and seven Kmart stores will remain open in North Carolina, according to the official websites’ store lists.

Sears filed bankruptcy Monday and announced nationwide closures of another 142 stores after the retail lost $11 billion over the past 10 years, the Chicago Tribune reported. The company has already announced closures of 46 stores by November, including one in Raleigh.

Liquidation sales at these unprofitable stores are expected to begin shortly, and closures are scheduled to be finished by the end of the year.

The company has arranged $300 million in debtor-in-possession financing, which will support its operations during the restructuring process. Sears also said it was negotiating an additional $300 million in financing from hedge fund ESL Investments, the company’s largest shareholder, which is run by Edward S. Lampert, chairman of Sears Holdings.

“The Chapter 11 process will give Holdings the flexibility to strengthen its balance sheet, enabling the Company to accelerate its strategic transformation, continue right sizing its operating model, and return to profitability,” Lampert said in a statement.

Sears Holdings will continue to operate 687 Sears and Kmart stores after the reorganization, down from about 1,000 stores as recently as February, according to the Winston-Salem Journal.

A full list of the store closings can be found here.

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