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Sears Holdings Corporation was an American holding company headquartered in Hoffman Estates, Illinois.It was the parent company of the chain stores Kmart and Sears and was founded after the former purchased the latter in 2005. [7]
Sears, Roebuck and Co., commonly known as Sears (/ s ɪər z / SEERZ), [6] is an American chain of department stores founded in 1892 by Richard Warren Sears and Alvah Curtis Roebuck and reincorporated in 1906 by Richard Sears and Julius Rosenwald, with what began as a mail-order catalog company migrating to opening retail locations in 1925, the first in Chicago. [7]
On October 14, 2018, Sears' parent company Sears Holdings filed for chapter 11 bankruptcy protection leaving the future of the Kenmore brand undecided. Sears will continue to sell Kenmore products and honor warranties while it undergoes restructuring. [13]
The once-dominant American retailer hopes to reemerge with some part of its business intact.
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Sears CEO Eddie Lampert has blamed the company's decline on the media, shifts in consumer spending, and the rise of e-commerce, among other reasons. Sears has filed for Chapter 11 bankruptcy Skip ...
Even suppliers have been pulling out of one retail chain's stores, as analysts predict the company could declare bankruptcy as soon as next month. Sears is on the brink of catastrophe as stores ...
In 2005, Sears sold a 19.9% interest in the company to Ares Management of Los Angeles for US$58.7 million, announcing expansion plans at the time. [20] [21] Ares had the option to later purchase another 30.2% stake in the company for US$126.8 million, but did not exercise this right. OSH had eighty-four stores at the time.