What to Know
Once a dominant figure in the American retail landscape, Sears on Monday filed for Chapter 11 bankruptcy
Dozens of Kmart and Sears stores around the country, including several in the Philadelphia region, are set to close.
Sears, a retail icon on the American landscape for generations, has filed for Chapter 11 bankruptcy protection, buckling under its massive debt load and staggering losses.
With the financial restructuring comes a new list of 142 store closings nationwide, including stores in the Philadelphia region. Store locations at the Deptford, Neshaminy and Oxford Valley malls are among those slated to close, according to CNBC.
Sears closings in our area:
1750 Deptford Center Rd., Deptford, NJ
1500 Highway 35, Middletown, NJ
100 Neshaminy Mall, Cornwells Heights, PA
2300 E. Lincoln Hwy., Langhorne, PA
Kmart closings in our area:
779 Delsea Dr., Glassboro, NJ
1502 South Fourth St., Allentown, PA
1170 Mae St., Hummelstown, PA
1000 Nutt Rd., Phoenixville, PA
3205 Lincoln Hwy., Thorndale, PA
CNBC has a full list of the new round of store closings.
Sears once dominated the American retail landscape. But the big question is whether the shrunken version of itself can be viable or will it be forced to go out of business, closing the final chapter for an iconic name that originated more than a century ago.
The company, which started out as a mail order catalog in the 1880s, has been on a slow march toward extinction as it lagged far behind its peers and has incurred massive losses over the years.
Sears Holdings employs roughly 68,000 employees. About 400 stores continue to have positive cash flow, the company said.