9 Sears Locations Across Texas Closing After Bankruptcy Filing
NEW YORK (CBSDFW.COM/AP) — Sears is filing for Chapter 11 bankruptcy protection.
The company, inundated by debt and falling sales, said Monday that it would begin liquidation sales and close another 142 stores before the end of the year.
The North Texas Sears stores closing include:
FRISCO - 2605 Preston Road
IRVING - 2501 Irving Mall
SOUTHWEST CENTER - 3450 W Camp Wisdom Road
Other Sears stores across Texas closing include locations in Austin, Harlingen, Lubbock, San Antonio and Victoria.
Sears, the company that dominated the American retail landscape in the 20th century, joins a long list of stores ravaged by changing technology and shopping patterns.
Some stores have pulled out of bankruptcy court and found some stability, but the future of other longstanding retail institutions like Toys R Us are more doubtful.
After the bankruptcy announcement appliance maker Whirlpool said that it expects a "very limited impact" to its business. The company, known for refrigerators, washing machines, and other appliances, says that about 1 percent of its accounts receivable exposure is related to Sears.
Net sales to Sears represent less than 2 percent of the company's global sales.
Home appliance manufacturer Electrolux said it hopes to continue selling its appliances at Sears after the Chapter 11 filing.
Electrolux said Monday that it has actively planned for the bankruptcy and other contingencies at the same time that it seeks other outlets that can sell its goods. The company gets about 10 percent of its revenue through sales of its products at Sears.
It said the bankruptcy filing, even though it has prepared for it, may lead to a material impact on business at Electrolux.
Sears got its start as a watch seller more than 130 years ago and grew to become one of the world's largest retailers.
A look at the company through the years:
1886 — Richard Sears starts the R.W. Sears Watch Co. in Minneapolis.
1888 — The Sears catalog is born, featuring watches and jewelry. By 1894, sewing machines, baby carriages and other items are added.
1893 — The company becomes Sears, Roebuck and Co.
1906 — Sears becomes a public company.
1913 — Sears launches the Kenmore brand of sewing machines. Today, refrigerators, washing machines and other appliances are sold under the name.
1925 — The first Sears brick-and-mortar store opens in Chicago.
1927 — Sears buys the Craftsman trademark for $500 and begins to sell power tools under the brand about two years later. In 2017, it sold the brand to Stanley Black & Decker Inc. in a $900 million deal.
1931 — Allstate Insurance Co. is launched, offering auto insurance. Sears sold its stake and Allstate became an independent company in the 1990s.
1973 — The company finishes building its new headquarters, the Sears Tower in Chicago. At the time, it was the world's tallest building at 1,454 feet. Sears sold the landmark in 1994. Its current headquarters are in Hoffman Estates, Illinois.
1985 — The Discover Card is introduced nationally. Sears spun off a financial company in the 1990s which included the card.
1993 — Sears stops sending its famous catalog.
2005 — Kmart buys Sears and the company becomes the Sears Holdings Corp.
2017 — The company announces plans to cut $1 billion in costs by selling more store locations, cutting more jobs and putting more of its famous brands on the block.
2018 — Filed Chapter 11 bankruptcy.
(© Copyright 2018 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)
