Sears, Kmart In Gloucester County Among 142 Closing Nationwide

Two Gloucester County stores are among the 142 stores nationwide that will close after Sears announced it has filed for Chapter 11 bankruptcy on Monday.

The Sears at the Deptford Mall will be closing, according to documents filed in federal court in New York by Sears Holding on Monday. Additionally, the parent company of Sears and Kmart said the Kmart at 779 Delsea Drive North in Glassboro will be closing.

The retailer, which has been forced to close hundreds of stores in recent months, said it will close unprofitable locations near the end of the year. Only one other store in New Jersey will close (Sears, 1500 Highway 35, Middletown). Those closings are in addition to 46 locations that were already set to close by the end of November.

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.

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

Photo: A sign announcing the store will be closing hangs above a Sears store on August 24, 2017, in Chicago, Illinois. (Photo by Scott Olson/Getty Images)