Sears in Selma not part of Monday bankruptcy filing
Published 8:26 pm Wednesday, October 17, 2018
Sears Hometown and Outlet Stores, Inc. announced Tuesday that the corporation that includes a Selma location is not part of the Chapter 11 bankruptcy filed by Sears Holding Corporation.
“Sears Hometown and Outlet Stores, Inc. is a publicly owned company traded on Nasdaq (symbol: SHOS) that separated from Sears Holdings in 2012,” according to a release. “It remains business as usual at all of our locations, which includes more than 750 retail stores in 49 states across the nation, which are operated by us, our dealer owners and franchises. We currently operate stores under various brand names including Sears Hometown, Sears Appliance and Hardware, Sears Home Appliance Showroom, Sears Outlet and Buddy’s Home Furnishings franchise.”
Sears Holding Corporation filed for Chapter 11 bankruptcy protection Monday, with plans to shutter 142 unprofitable stores in the hopes that it can stay in business.
Sears, which started as a mail order catalog in the 1880s, has been on a slow march toward extinction as it lagged far behind its peers and incurred huge losses over the years.
At its peak, the operator of Sears and Kmart had 4,000 stores in 2012 but will now be left with a little more than 500.
“This is a company that in the 1950s stood like a colossus over the American retail landscape,” said Craig Johnson, president of Customer Growth Partners, a retail consultancy.
The company has struggled with outdated stores and complaints about customer service even for its once crown jewels: major appliances like washers and dryers. That’s in contrast with chains like Walmart, Target, Best Buy and Macy’s, which have been enjoying stronger sales as they benefit from a robust economy and efforts to make the shopping experience more inviting by investing heavily in remodeling and de-cluttering their stores.