Moments after midnight (Chicago time), 1:00 am on the East Coast, October 15, 2018, Sears Holdings, parent company of what was once the largest retailer in the United States, filed for Chapter 11 Bankruptcy Protection.
While the heart of the corpse will continue to breath and the lungs will continue to breath for a few months more, for all intents and purposes, it is all over for Sears and Kmart.
150 stores are expected to close immediately.
Stronger stores will likely stay open through the end of the holiday shopping season, but pretty much as liquidation outlets for Sears and Kmarts remaining inventory.
Sears auto shops and most of its other side businesses will likely begin the process of shutting down immediately.
The final Sears and Kmart stores will likely close their doors forever no later than close of business on Christmas eve and by that time, Sears’ bankruptcy will likely have been forcibly converted from Chapter 11 to Chapter 7 (liquidation).