NEW JERSEY – With the recent closure of Sears locations, such as the one in the Ocean County Mall, it may not come as a surprise that Sears corporation is reportedly preparing to file for bankruptcy.
According to a CNBC report, the 125-year old company is $134 million in debt and has approached several banks to file for bankruptcy. The report stated that Sears has not turned a profit in nearly 8 years, struggling with plummeting shares, decreasing business, and losing in the race against e-commerce.
Sears has been surviving in recent years due to funds provided to the company by ESL Investments, a hedge fund owned by Sears’ CEO Eddie Lampert. CNBC reported that ESL made an offer to purchase Sears’ home improvement business and Kenmore brand, which could keep the company afloat for a little longer.
Sears has already closed more than 100 store locations over the past year and has plans to close down another 46 in the coming months.
This location, part of the Ocean County Mall, will be demolished and replaced with a parking lot, five storefronts facing out from the mall, and a new entrance to the mall. One side of the parking lot will also house six new storefronts separate from the main mall building and a stand-alone BJ’s Restaurant and Brewhouse.
Representatives from the Freehold Raceway Mall, another local Sears location, did not respond to inquiries regarding the fate of the location.