By  on December 12, 2018

The year 2018 turned into an unlucky “13” for Sears Holdings Corp., representing the number of years following the 2005 merger of Kmart Holding Corp. and Sears, Roebuck & Co. by Edward S. Lampert before the combined entity entered bankruptcy proceedings.

After operating for 125 years, Sears Holdings and 49 affiliates on Oct. 15 filed its voluntary petition for Chapter 11 bankruptcy court protection, listing total assets of $6.94 billion and total liabilities of $11.34 billion. The filing made the company the third-largest retail bankruptcy, behind Kmart Corp.’s 2002 Chapter 11 filing at $17 billion in assets and Federated Department Store Inc.’s 1990 filing that listed $7.9 billion in assets. Rounding out the top five retail bankruptcies are Toys ‘R’ Us in 2017, with $6.6 billion in assets, and Montgomery Ward Holding Corp. in 1997, listing $4.9 billion in assets.

To continue reading this article...

load comments
blog comments powered by Disqus