Sears enters Chapter 11
On Monday 15 October 2018 Sears Holdings Corporation, the 132-year-old US retailer known for selling everything to everyone, filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the Southern District of New York.
The company’s Sears and Kmart stores, and its online and mobile platforms, are reportedly open and “continue to offer a full range of products and services to members and customers”.
However, Edward S. Lampert has stepped down from his role as Chief Executive Officer of the company, but he remains chairman of the Board. And Sear’s Board has created an office of the CEO, which will be responsible for managing the company’s day-to-day operations during this process.
From the tyre market’s point of view, Sears recently made much of its collaboration with Amazon relating to online tyre sales and the Sears Auto Centre network.