Business & Tech
Another NH Sears Closing As Company Files For Bankruptcy
The Sears in Newington at The Mall at Fox Run will close as the company files for bankruptcy.
NEWINGTON, NH -- Sears, the struggling 125-year-old retailer, announced it has filed for Chapter 11 bankruptcy early Monday, the same day a $134 million debt payment was due from the Illinois-based chain. Sears Holdings, the parent company of Sears as well as Kmart, made the filing in federal court in New York.
More than 140 other locations nationwide will shut their doors in the coming months, including the Newington Sears at The Mall at Fox Run in Newington, according to court documents.
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.
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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.
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"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.
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.
More Patch coverage:
- Sears Lays Off 220 At Illinois Headquarters
- Sears Raises $100 Million, Looks At $200 Million In Cuts
- After Layoffs, Sears Gets $210 Million Loan
- Sears CEO's Hedge Fund Wants To Buy Kenmore, Other Assets
Joe Vince and Shannon Antinori, Patch Staff, contributed to this report.
Photo by Mike Carraggi, Patch Staff
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