The company closed more than 100 stores in March and April, which included 64 Kmart stores and 39 Sears locations, many of which were located in malls. Last year, the retailer also closed down about 250 stores.
Sears has several locations in the Miami Valley, including anchor stores at the Dayton Mall and the Mall at Fairfield Commons and the Miami Valley Centre Mall in Piqua. All local Kmart stores have already closed.
Sears Holdings Corp. announced last week that a special committee of its board of directors will explore the sale of its Kenmore brand and related assets, the Sears Home Improvement Products business of the Sears Home Services division and the Parts Direct business of the Sears Home Services division.
MORE: Dayton home builders are pulling fewer new home permits so far this year
The company has said that the board received a letter from ESL Investments, Inc. (“ESL”) expressing interest in buying all or a portion of what Sears is calling its “sale assets.”
“The board established the special committee, which consists solely of independent directors, to evaluate ESL’s proposal, to actively solicit third-party interest in the sale assets, and to explore any other alternatives with respect to the sale assets that may maximize value for the company,” Sears said in a release.
The special committee has retained Centerview Partners LLC to serve as its investment banker and Weil, Gotshal & Manges LLP to serve as its legal counsel.
MORE: Downtown Arcade project set to get $500,000
Retail industry observers have speculated that Sears — formerly a retail giant once seen as the Amazon of its day — may seek bankruptcy protection this year. At the end of 2017, Sears’ sales were down 45 percent since early 2013, and its debt had risen to more than $4 billion.
FIVE FAST READS
•PHOTOS: Victorian farmhouse with wine cellar, party barn on sale in Troy
• WOW air’s first discount flights from Cincinnati to Europe, Iceland launch this week
• Body found in pond at an Ohio community college
• Local college took on #MeToo decades before a movement went mainstream
• Longaberger Co. going out of business: What it means for your baskets