October 15, 2018

Sears, with 11 Central Mass. stores, files for bankruptcy; CEO resigns

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Sears at the Auburn Mall. The location is one of 11 stores in Central Massachusetts owned by Sears Holdings, which filed for bankruptcy Monday.

Sears Holdings, the troubled department stores with 11 locations in Central Massachusetts, filed for bankruptcy Monday.

The Chapter 11 filing did not mention specific store closings, but Sears Holdings Corp., which also owns Kmart, said it will close 142 unprofitable locations near the end of the year, with liquidation sales expected to start soon. That will come in addition to an already announced closure of 46 stores expected to be complete next month.

Until now, Sears Holdings has kept open many of its locations in Central Massachusetts, with a few exceptions.

A former Sears Outlet Store at 310 Pond St. in Ashland has become a Habitat for Humanity ReStore. A location at the Natick Mall is being reduced from two floors to one, with the new free space becoming a Dave & Buster's location.

Sears said Monday it intends to reorganize around a smaller store platform of EBITDA-positive stores.

Sears Holdings said its CEO and largest shareholder, Edward Lampert, has stepped down as CEO, effective immediately. He will remain chairman of the board.

Sears stock was trading at around $0.30 per share Monday. As recently as May 2015, shares were trading above $40.

Sears Holdings has the following Central Massachusetts stores:

— Kmart, 252 Main St, Acton

— Sears, 385 Southbridge St., Auburn

— Sears Auto Center, 387 Southbridge St., Auburn

— Sears Auto Center, 100 Commercial Rd, Leominster

— Sears, 100 Commercial Rd, Leominster

— Sears Auto Center, 521 Donald Lynch Blvd, Marlborough

— Sears, 521 Donald Lynch Blvd., Marlborough

— Sears, 1235 Worcester St, Natick

— Sears Auto Center, 1235 Worcester Rd., Natick

— Sears Appliance Outlet Store, 1000 Boston Tpke., Shrewsbury

— Kmart, 70 Worcester Road, Webster

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