Another Business On The Brink Of Extinction
I heard this morning that Sears is in financial trouble. On Tuesday, the owners of Sears and Kmart say they have "substantial doubt." The 131 year old company says unless it can borrow more and tap more cash from its assets it will go out of business.
Sears Holdings operates both Sears and Kmart stores.
Sears opened its first store in 1887 in Chicago. In January, Sears said it planned to close 150 stores. None were in the Quad Cities area. The South Park store and Coral Ridge stores closed in 2013, and the Davenport Kmart on Brady closed in 2015.
According to USA Today, in the following month, the retailer initiated a restructuring program aimed at cutting $1 billion in costs annually and reducing debt by $1.5 billion helped by proceeds from the sale of one of its most valuable brands, Craftsman tools to Stanley Black & Decker.