Sears To File For Federal Bankruptcy Today

A Sears Essentials store in Palatine Illinois

In a statement Monday, Whirlpool said it does not anticipate Sears' bankruptcy filing to have any impact on its full-year 2018 EPS guidance or financial results over the long term.

These photos show how Sears went from being the largest and most prominent retailer in the United States to the struggling company that it is today.

"I don't understand the point of Sears, I just buy everything online", said 23-year-old Lyft driver Shannon Dickey as we pull up to the abandoned storefront of Sears that sits at the top of Ross Park Mall, nine miles north of downtown Pittsburgh "I think their old catalogs are cool, but I just don't understand the point of Sears".

Although some 142 Sears and Kmart stores will be closed as part of the bankruptcy, Sears and Kmart stores and the online and mobile platforms will continue to offer products and services to customers.

Businessman Eddie Lampert - who serves as the company's chief executive, biggest investor, landlord and significant creditor - had attempted to restructure the firm's debt to avoid bankruptcy.

Meanwhile, Sears and Kmart stores are open for business. In said in a statement Monday it had proposed as recently as September a strategic plan that would include selling assets, including those ESL was seeking to purchase.

Sears' stock has fallen from about $6 over the past year to below the minimum $1 level that Nasdaq stocks are required to trade in order to remain on the stock index.

Only two Kmart locations remain in the Valley- New Castle and East Liverpool.

According to the release, the now-former CEO Edward Lampert will remain Chairman of the Board.

For years, Lampert has claimed the company was making progress to end its years of ongoing losses.

Sears dates back to the late 1880s and its mail-order catalogues with merchandise from toys, medicine and gramophones to automobiles, kit houses and tombstones made it the Amazon.com Inc of its time.

She said a refrigerator her mother bought at Sears broke after two years and it still hasnt been fixed for nearly a month with no help from the retailer. He's explored using his hedge fund to buy the store's Kenmore and Sears home improvement businesses.

With the writing on the wall that a bankruptcy was imminent, suppliers demanded Sears pay cash up front for the items in its stores, putting it at an even greater competitive disadvantage with other retailers. It's last profitable year was 2010, and Lampert has since stripped off and sold much of its land holdings and iconic brands like Craftsman.

One of the biggest prizes could be appliances, a category where Sears was still a major player and was on pace to generate $3.5 billion in sales this year, according to UBS Securities.

Formed in 1886 by railroad station agent Richard Sears, the company started as a watch business in North Redwood, Minnesota. That was an enormous shift for people who lived on farms and in small towns and made numerous goods they needed on their own, including clothes and furniture.

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