Sears files for Chapter 11 bankruptcy
Your local Sears may be due for changes after the company announced hundreds of stores in the U.S. will be sold in an effort to save the faltering brand.
In a bankruptcy filing Monday, the retailer announced 505 stores and leases will be sold. Sears is also asking landlords for rent reductions as part of their effort to help keep stores open, reduce debt and lower operating costs.
In total, 24 Sears stores and one Kmart store will be sold in Texas, according to court records. The following six DFW locations will be sold:
Hulen Mall in Fort Worth
- The Parks in Arlington
- North East Mall in Hurst
- Town East Mall in Mesquite
- Collin Creek Mall in Plano
- Richardson Square
If a store is being sold, that does not necessarily mean it will close, but it also does not necessarily mean it will stay open.
Sixteen other stores in Texas, including three in DFW, are not listed to be sold. Those DFW stores, at Stonebriar Centre in Frisco, Irving Mall and Southwest Center Mall in Dallas, are holding going-out-of-business sales.
Two Sears stores in Texas will close, one in El Paso and another in Longview.
In October, Sears filed for Chapter 11 bankruptcy protection with plans to shutter 142 unprofitable stores in the hopes that it can stay in business.