Sears filed for Chapter 11 bankruptcy protection Monday, buckling under its massive debt load and staggering losses.
Sears will close 142 Sears and Kmart stores, with liquidations sales beginning immediately.
Business Insider published the official list of new store closures.
In Michigan, these stores are closing:
- 06600 M-66 North Charlevoix, MI 49720-9505
- 1025 M-24 Lake Orion, MI 48360-1429
- 900 Briarwood Cir Ann Arbor, MI 48108-1618 (Lands' End)
- 2100 Southfield Rd Lincoln Park, MI 48146-2250
Full list here from Business Insider.
Sears, which started as a mail order catalog in the 1880s, has been on a slow march toward extinction as it lagged far behind its peers and incurred huge losses over the years.
“This is a company that in the 1950s stood like a colossus over the American retail landscape,” said Craig Johnson, president of Customer Growth Partners, a retail consultancy. “Hopefully, a smaller new Sears will be healthier.”
Others don’t share Johnson’s optimism.
“That a storied retailer, once at the pinnacle of the industry, should collapse in such a shabby state of disarray is both terrible and scandalous in equal measure,” said Neil Saunders, managing director of GlobalData Retail, in a note published Monday. “In our view, too much rot has set in at Sears to make it viable business.”
The company has struggled with outdated stores and complaints about customer service even for its once crown jewels: major appliances like washers and dryers. That’s in contrast with chains like Walmart, Target, Best Buy and Macy’s, which have been enjoying stronger sales as they benefit from a robust economy and efforts to make the shopping experience more inviting by investing heavily in remodeling and de-cluttering their stores.