I have some sad news to share with you guys today! Sears Holding Corp, which owns retailers Sears and Kmart, has filed for bankruptcy protection today. The chairman Edward Lampert is stepping down as CEO and 142 stores will be closing, in addition tothe 46 stores that have already previously been announced.
According to The Morning Call, the company has arranged for $300 million in debtor-in-posession financing so that it can continue operating the business, stores that remain open, paying employees and trying to restructor. The websites Sears.com and Kmart.com will remain open and operating as normal (as possible). The Shop Your Way membership program will continue to remain open and you can still use gift cards and your store credit card as usual.
Unfortunately, I think Sears and Kmart are operating at very thin ice right now. I’d be wary to accumulate more points, or if you have existing points, I would try to use them right away. If you have gift cards, I’d use them up instead of holding on to them too! If any thing changes, I will update this point.
Here is everything that we know as of right now:
- Sears.com and Kmart.com will continue to run as normal
- Gift cards will be accepted in store and online
- Orders will continue to be fulfilled if you’re shopping online and in-store
- Current orders will not be impacted
- Exchange and returns will be processed by the usual terms
- Sears Auto Centers will remain open (if the store is not part of the closing list of store)
- Shop Your Way Points will be accepted and you can continue to earn points on purchases or promotions
What do you think about the closing? Are you sad that the once iconic retailer is shuttering so many stores?