Sears at 100 Newmarket Fair Mall on the Newport News Hampton line is one of 142 stores Sears Holdings announced would be closed during its bankruptcy process. Click here to see the list.
The store will shutter its doors after a liquidation sale, according to court documents.
Sears Holdings Corporation assessed each of its stores across the country and identified those which were under-performing and not profitable — 98 of the stores were unprofitable in fiscal year 2017 and the other 44 produced “flat or marginal profits.”
By closing the under-performing stores, Sears anticipates cost savings as well as more than $40 million in cash.
The company announced that store closing sales would begin at the selected locations within two weeks in an effort to liquidate inventory.
The bankruptcy filing comes after a years-long effort to transform the company and make it profitable once again, Sears Holdings Chairman Edward S. Lampert said in the filing.
“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,” Lampert said. “The Chapter 11 process will give Holdings the flexibility to strengthen its balance sheet, enabling the Company to accelerate its strategic transformation, continue right sizing its operating model, and return to profitability. Our goal is to achieve a comprehensive restructuring as efficiently as possible.”
Lampert added, “We also thank our associates for their hard work and commitment to providing millions of Americans with value and convenience.”
