ST. PETERSBURG, Fla. — Plagued by falling sales and heavy debt, Sears filed for Chapter 11 bankruptcy reorganization and announced plans to close 142 of its roughly 700 remaining stores and eliminate thousands of jobs in a bid to stay afloat, if only for a while.
- Sears files for Chapter 11 bankruptcy
- Many Sears, along with Kmart stores closing
- Sears will maintain some stores that remain profitable
Analysts have their doubts it will survive.
The last remaining Tampa Sears will close at West Shore Plaza. The West Shore is not part of the bankruptcy filing, but Sears officials decided to shutter the location anyway.
Other stores closing include locations at DeSoto Sqaure Mall and in Lakeland, as well as locations in Central Florida.
Sears' bankruptcy was years in the making. Sears kept cutting costs and let its stores become fusty in the face of increasing competition from the likes of Walmart and Target. And though it expanded onto the Internet, it was no match for Amazon.
In its bankruptcy filing, Sears Holdings, which operates both Sears and Kmart stores, listed assets of $1 billion to $10 billion and liabilities of $10 billion to $50 billion. It said it has lined up $300 million in financing from banks to keep operating and is negotiating an additional $300 million loan.
The company once had around 350,000 employees; as of Monday's filing, it was down to 68,000. At its peak, it had 4,000 stores in 2012; it will now be left with a little more than 500.
According to Sears officials, its profitable stores will stay in business.
Liquidation sales are set to start immediately at this store in Bradenton and the Lakeland store.
FLORIDA SEARS STORES CLOSING:
3100 Sw College Rd Ste 300, Ocala FL
3800 Us Highway 98 N Ste 500, Lakeland FL
300 Mary Esther Blvd Ft Walton Beach FL
1050 S Babcock St, Melbourne FL
303 Us Hwy 301, Blvd W Bradenton FL
733 N Highway 231, Panama City FL