Sears declare bankruptcy

Sears declare bankruptcy

The American chain of department stores Sears Holdings, whose role in the retail sectora has been displaced first by Wal-Mart and then by Amazon, On Monday, it declared its entry into voluntary bankruptcy proceedings after accepting the protection of Chapter 11 of the Bankruptcy Law and announcing its restructuring plans, which include the closure of 142 stores and the resignation of its CEO, Edward S. Lampert. .

Sears Holdings, owner of brands such as Roebuck and Kmart, has explained that its declaration of bankruptcy in the Bankruptcy Court of the Southern District of New York aims to establish "a sustainable capital structure," while continuing to adjust its operating model and increase its long-term profitability.

At the time of the suspension of payments, the US company had 89,000 employees in the US, compared to 246,000 five years ago. In the registered documentation, Sears Holdings calculates a value of its assets of 6,900 million dollars (5,965 million euros), compared to some liabilities of 11,300 million dollars (9,769 million euros).

Sears Holdings shares closed last week at $ 0.410, when in the summer of 2007 exceeded $ 130.

As part of its restructuring plan, the department store chain has announced the resignation with immediate effect of its CEO, Edward S. Lampert, who will continue as chairman of the board of directors.

In this sense, the board of Sears Holding has created an office of the chief executive officer, who will be responsible for managing the day-to-day operations of the company during the transition process and which will be composed of Robert A. Riecker, the company's financial director; Leena Munjal, digital and retail director of integration, as well as Gregory Ladley, president of textiles and footwear.

Also, Sears Holding intends to reorganize around a smaller platform that will group stores with positive Ebitda, about 700, while it will proceed to the closure of another 142 unprofitable establishments, in addition to the previously announced 46, which will be completed next month of November.

In addition, the company has negotiations with ESL, a firm led by Edward S. Lampert, which is its largest shareholder and creditor, on a credit facility of 300 million dollars (259 million euros) to improve the financial position of the company and Support your operations during the restructuring process.

Despite its entry into bankruptcy, The multinational has indicated that the Sears and Kmart stores, as well as their respective mobile platforms, remain open and continue to offer their products and services to customers.


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