Today: Jun 07 , 2020

Sears at Prescott Gateway Mall Not on Most Recent Closure List

29 December 2018  

Sears announced yet another round of closures today as it fights to hold off liquidation. 

Of the 80 Sears and Kmart closures announced here at the very end of 2018, only one is located in Arizona: a Kmart at 7055 E. Broadway in Tucson, according to MarketWatch.

Sears, which also owns Kmart, filed for bankruptcy on October 15, and has announced plans for a total of 268 store closures in 2018. At that time, it owned nearly 700 stores. 

Eddie Lampert is the Sears Chairman, and its largest creditor. He has offered a bid for the company, which has to be approved by the Judge overseeing the Sears bankruptcy proceedings. If it is approved, Lampert’s plan would keep 425 stores open and offer employment to over 50,000 people. 

However, a committee of Sears’ other leading creditors is advocating for a complete shut down of the business, closing all the stores and liquidating the entire inventory and assets. 

According to CNN Business, Lampert argues, "Our bid reflects our firm belief that there is a future for Sears as a smaller, less indebted retailer. We continue to believe that Sears’ integrated and complementary businesses and brands can form the framework of a successful platform after emerging from bankruptcy."

Lynne LaMaster

Lynne LaMaster is the Founder of the eNewsAZ Network of websites. She will be leaving for new adventures on May 15, 2020.