Sears In Waterford To Close

More troubling news for the retail industry Monday as iconic retailer, Sears, has announced it's closing two more Connecticut locations. Stores located at 850 Hartford Turnpike in Waterford and 1201 Boston Post Road in Milford will be closing.

Sears, the struggling 125-year-old retailer, announced it has filed for Chapter 11 bankruptcy early Monday, causing another 142 stores to close nationwide including the two Connecticut locations listed above.

Kmart announced in August it would close its location in Milford. In June, Sears announced it would close its Waterbury location. Sears will continue to operate at least for now stores in Danbury, Meriden and Manchester. Kmart still has stores in Vernon and Watertown.

The announcement came the same day a $134 million debt payment was due from the chain. Sears Holdings, the parent company of Sears as well as Kmart, made the filing in federal court in New York.

The retailer, which has been forced to close hundreds of stores in recent months, said it will close unprofitable locations near the end of the year. Those closings are in addition to 46 locations that were already set to close by the end of November.

The company is seeking a buyer for the majority of its remaining stores but said locations will remain open for the holiday shopping season. CEO Edward S. Lampert will also step down effective immediately, the company announced, but will remain chairman.

Mohsin Meghji, managing partner of M-III Partners, has been named Sears Holdings' chief restructuring officer, and an independent restructuring committee has been formed.

"Over the last several years, we have worked hard to transform our business and unlock the value of our assets," said Lampert said in a statement issued early Monday. "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.

"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," Lampert added. (To sign up for Waterford breaking news alerts and more, click here.)

Sears, which last year sold off its famous Craftsman brand, has about 700 remaining stores and 68,000 employees —down from the 1,000 stores and 89,000 workers it had in early 2018, according to CNN.

Shannon Antinori and Joe Vince, Patch Staff, contributed to this report.

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