Headlines

Sears’ Future Still Uncertain

ESL could close multiple stores a month, post-bankruptcy

Published

5 years ago

February 8, 2019

In the midst of proceedings for ESL Investments' (Greenwich, Conn.) winning bid to purchase Hoffman Estates, Ill.-based Sears from bankruptcy, the company has brought more of its future intentions to light as it seeks to keep the business afloat post-bankruptcy.

ESL shared this week that, though it intends to keep some of the retail stores open, its plan includes a provision to close up to three stores per month.

The government entity that guarantees pensions when a company closes without funds to cover its payments has also filed a lawsuit to take over Sears' two pension funds, which are underfunded by about $1.4 billion. According to CBS News, ESL seems willing to relinquish this liability.

Depending on how the judge rules, Sears could move forward in its sale to ESL or it would be forced to liquidate and shutter all stores.

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