Sears Declares Bankruptcy, Closing 142 More Stores
It's not surprising, given all the stores that have already closed, but Sears has officially declared Chapter 11 bankruptcy.
CNN reports with a $134 million debt payment due Monday that it could not afford, Sears announced the decision.
The 132-year-old company said in a release it intends to keep profitable stores open, but will close at least another 142 stores near the end of this year. This is in addition to the 46 stores Sears planned to close in November.
Sears at Woodland Mall closed last March. Is the Rivertown Crossings location next? Sears has not released yet which stores are closing.
UPDATE: As of Monday afternoon, Business Insider reports that Sears has released the list of stores that are closing. Michigan Sear's stores in Ann Arbor, Lake Orion, Lincoln Park, and Charlevoix are on the list.
In June we learned that four more Michigan stores would close: Dearborn, Flint, Sterling Heights, Traverse City.
According to Business Insider, more than 440 Sears stores will have closed by the end of 2018.