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The US department store chain Sears has filed for bankruptcy and will close 142 stores, it announced on Monday.

According to a list obtained by CNN, the stores located at the Stoneridge Mall in Pleasanton and the Santa Rosa Plaza will be closing.

The filing, made in U.S. Bankruptcy Court for the Southern District of NY, lists total assets as $6.937 billion and total debts as $11.339 billion as of August 4.

Like many Kmarts, the local store now carries a line of home appliances and bedding that traditionally was sold in Sears locations. In general, shoppers can expect decent to mediocre discounting at Sears stores set to be closed, with some excellent bargains mixed in here and there. This is also good advice regarding Sears, a company whose time had run its course, but that contributed much to American commerce along the way.

Lampert's has been loaning out his own money for years and has put together deals to prop up the company, which in turn has benefited his own ESL hedge fund. Lampert personally owns 31 percent of the company's shares.

But Walmart surpassed it in 1990 to become the largest retailer in the US and Sears struggled to compete with retail giants like Walmart, Target and Amazon.

"The Sears closing reinforces the need to reinvigorate and reinvent what CambridgeSide can be and provides us with a great opportunity to plan for the retail project of the future", spokeswoman Deborah Black said in an e-mail. It includes office space and housing along First Street where the Sears and the mall's massive garage now stand.

Whirlpool, which stopped selling its branded products at Sears previous year, is owed $23.4 million, while Frigidaire is due $18.6 million, according the Monday bankruptcy filing, which lists more than 100,000 creditors.

As of May, it had fewer than 900 stores, down from about 1,000 at the end of past year.

Shortly after the bankruptcy filing was made early Monday, the company said it has arranged $300 million in debtor-in-possession financing, which will allow it to continue operating the business and paying employees while it tries to restructure around a smaller group of stores. "They're going to close another 20 per cent of the stores immediately with more to come under any restructuring plan".

Sears is far from the only iconic retailer to fall by the wayside as more consumers switch to shopping online.

The Sears Hometown store on Jasper's north side is safe, as it is independently owned.

While local customers are disappointed their Kmart is closing, a majority of those leaving the store on Monday were more upset about the pharmacy within the store closing. Lampert is stepping down as CEO while remaining the company's chairman.

"The company believes that a successful reorganization will save the company and the jobs of tens of thousands of store associates", Sears said.

Lampert pledged to return Sears to greatness by leveraging its best-known brands and its vast holdings of land, and more recently planned to entice customers with a loyalty program.

A Columbia Gramophone Grand pictured in a Sears Roebuck catalog from 1902.

The one major upside at Sears liquidation sales is that absolutely everything in stores is marked down.


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