SEARS TO SPEND $443 MILLION TO CLOSE 142 STORES
Bankrupt U.S. retailer Sears Holdings will take a charge of about $443 million to close 142 stores permanently, the bankrupt department store said in a regulatory filing Tuesday.
The 125-year-old retailer, which filed for Chapter 11 in October, expects to lose $81 million in markdowns at those unprofitable stores, $9 million in severance costs, $335 million in lease-termination costs and $6 million in depreciation, among other costs, filings show.
Since the bankruptcy filing, Sears has tagged an additional 40 doors for closure.
Sears will likely close more stores in the coming months, but chairman Eddie Lampert — who is the company’s largest shareholder — is hoping to acquire and preserve some 500 stores.
Last week, a bankruptcy judge approved Sears’ request to pay out $25.3 million in retention bonuses to its top executives.
