Sears Files For Bankruptcy, 9 More NY Stores to Close: See Where

WHITE PLANS, NY — Sears, the struggling 125-year-old retailer, announced it has filed for Chapter 11 bankruptcy early Monday in U.S. Bankruptcy Court in White Plains, the same day a $134 million debt payment was due from the Illinois-based chain. Sears Holdings is the parent company of Sears as well as Kmart.

The retailer, which has been forced to close hundreds of stores in recent months, said it will close another 142 unprofitable locations near the end of the year, including nine in New York, according to court documents. Those closings are in addition to 46 locations that were already set to close by the end of November.

Four Sears stores in New York are being shut down. They are as follows:

• Yorktown Heights, Westchester County
• Nanuet, Rockland County
• Lakewood, Chautauqua County
• Garden City, Nassau County

There are five Kmart stores in New York that are being shut down. They are as follows:

• Mahopac, Putnam County
• Niagara Falls, Niagara County
• Schenectady, Schenectady County
• West Seneca, Erie County
• Batavia, Genesee County

The company is seeking a buyer for the majority of its remaining stores but said locations will remain open for the holiday shopping season. CEO Edward S. Lampert will also step down effective immediately, the company announced, but will remain chairman.

Mohsin Meghji, managing partner of M-III Partners, has been named Sears Holdings' chief restructuring officer, and an independent restructuring committee has been formed.

"Over the last several years, we have worked hard to transform our business and unlock the value of our assets," said Lampert said in a statement issued early Monday. "While we have made progress, the plan has yet to deliver the results we have desired, and addressing the Company's immediate liquidity needs has impacted our efforts to become a profitable and more competitive retailer.

"As we look toward the holiday season, Sears and Kmart stores remain open for business and our dedicated associates look forward to serving our members and customers," Lampert added.

Sears, which last year sold off its famous Craftsman brand, has about 700 remaining stores and 68,000 employees — down from the 1,000 stores and 89,000 workers it had in early 2018, according to CNN.

More Patch coverage:

• New Long Island Sears, Kmart Closings Announced
• More Kmarts To Be Closed; 3 In New York
• Sears, Kmart Closing More Stores: Long Island Not Spared
• Store Closings Affect Hudson Valley On Many Levels

In the spring, Sears announced that 72 more stores were shutting down in what was only the latest round of store closings for the chain.

Joe Vince, Patch Staff, contributed to this report.

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