HOFFMAN ESTATES, Ill. – On Monday Sears Holdings Corp. filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York.
Sears Holdings, the parent company of Sears and Kmart stores, will close 142 unprofitable locations near the end of the year. Liquidation sales at these stores are expected to begin shortly.
This closure includes the Sears store, located at the DuBois Mall at 5522 Shaffer Rd., Suite 129, DuBois, and the Kmart store, located at 528 W. Plank Rd., Altoona.
This is in addition to the previously announced closure of 46 unprofitable store locations that is expected to be completed by November.
“Over the last several years, we have worked hard to transform our business and unlock the value of our assets,” said Edward S. Lampert, chairman of Sears Holdings.
“While we have made progress, the plan has yet to deliver the results we have desired, and addressing the company’s immediate liquidity needs has impacted our efforts to become a profitable and more competitive retailer.
“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.
“Our goal is to achieve a comprehensive restructuring as efficiently as possible, working closely with our creditors and other debtholders and be better positioned to execute on our strategy and key priorities.”
Lampert continued, “As we look toward the holiday season, Sears and Kmart stores remain open for business and our dedicated associates look forward to serving our members and customers.
“We thank our vendors for their continuing support through the upcoming season and beyond. We also thank our associates for their hard work and commitment to providing millions of Americans with value and convenience.”
Sears Holdings now operates 687 Sears and Kmart stores, according to its bankruptcy filing, which has declined from its nearly 2,000 stores in 2013.
Stores to Close in Pennsylvania
- 720 Clairton Blvd./Route 51, Pleasant Hills
- 528 W. Plank Rd., Altoona
- 1502 S. Fourth St., Allentown
- 1000 Nutt Rd., Phoenixville
- 1170 Mae St., Hummelstown
- 100 Tarentum Rd., New Kensington
- 1180 Walnut Bottom Rd., Carlisle
- 880 Butler St., Pittsburgh
- 3205 Lincoln Hwy., Thorndale
- 111 Hulst Dr., Suite 722, Matamoras
- 5522 Shaffer Rd., Suite 129, DuBois
- 2300 E. Lincoln Hwy., Langhorne/Oxford Valley
- 100 Neshaminy Mall, Bensalem/Cornwells Heights