Sears Files For Bankruptcy, Natick Store Among 142 Closing

NATICK, MA—Natick is the only Massachusetts location closing for Sears for the most recent chop for the retail giant.

Sears, the struggling 125-year-old retailer, announced it has filed for Chapter 11 bankruptcy early Monday, the same day a $134 million debt payment was due from the Illinois-based chain. Sears Holdings, the parent company of Sears and Kmart, made the filing in federal court in New York.

Natick is among the 142 unprofitable ones closing near the end of the year, according to court documents. Those closings are in addition to 46 locations that were already set to close by the end of November.

That will leave 14 Sears locations in Massachusetts, and only 10 of them are conventional stores. Locations in Burlington, Peabody, Lanesboro and Springfield closed last year.

The following are still in business (the Sears Stores are the ones with Auto Centers):

• 385 Southbridge Road, Auburn (with Auto Center)
• 250 Granite St., Braintree (with Auto Center)
• 200 Westgate Dr., Brockton (with Auto Center)
• 3119 Cranberry Hwy., East Wareham (Hometown Store)
• 133 Mariano S Bishop Blvd., Fall River (Appliance Outlet)
• 189 Russell St., Hadley (Hometown Store)
• 1775 Washington St., Hanover (with Auto Center)
• 2209 North Hampton St., Holyoke (Appliance Outlet)
• 100 Commercial Rd., Leominster (with Auto Center)
• 521 Donald Lynch Blvd., Marlborough (with Auto Center)
• 1009 S Washington St., North Attleboro (with Auto Center)
• 100 N Dartmouth Mall, North Dartmouth (with Auto Center)
• 1325 Broadway, Saugus (with Auto Center)
• 1000 Boston Tpke., Shrewsbury (Appliance Outlet)

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 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:

• Sears Lays Off 220 At Illinois Headquarters
• Sears Raises $100 Million, Looks At $200 Million In Cuts
• After Layoffs, Sears Gets $210 Million Loan
• Sears CEO's Hedge Fund Wants To Buy Kenmore, Other Assets

Mike Carraggi, Joe Vince and Shannon Antinori, Patch Staff, contributed to this report.

Photo by Mike Carraggi, Patch Staff, of Saugus Sears.