A specialty chain focused on personalized merchandise, Things Remembered has filed for Chapter 11 bankruptcy protection as part of a purchase deal.
Shopko has filed a Chapter 11 bankruptcy petition in the U.S. Bankruptcy Court for the District of Nebraska and announced, in concert with the legal action, that it would close 38 stores, relocate about 20 optical centers to freestanding locations, and conduct an auction process for its pharmacy business.
Published reports indicated that Sears Holdings plans to ask a bankruptcy court judge to allow the retailer to move ahead with liquidation plans.
Sears Holdings will shutter an additional 80 locations under its Kmart and Sears banners as the retailer continues to operate while its bankruptcy proceedings move forward.
A hedge fund run by Sears Holdings chairman Edward Lampert and Cyrus Capital Partners are reportedly working together to prepare a bid to take over the bankrupt retail chain.
In consequence of the chapter 11 bankruptcy filing by parent Sears Holdings, Sears Home & Business Franchises, which offers appliances and other services to consumers, is “here to stay and open to serve you,” stated Jeff Pepperney, the company’s vp.
With a possible bankruptcy filing on the horizon, Sears Holdings is reportedly missing some vendor payments as several major lenders push for the struggling retailer to be liquidated, published reports on Thursday, October 11, indicated.
Southeastern Grocers (SEG), the parent company of several southern grocery store chains including Winn-Dixie, has filed for Chapter 11 bankruptcy protection and will close 94 locations across its four nameplates in seven states.
Although a relatively strong holiday season demonstrated that retail has resilience, perhaps more than pundits touting a retail apocalypse might have expected, significant bankruptcies are likely in the years ahead, according to Michael McGrail, chief operating officer for the Tiger Group.