Hudson Valley Retailer Nearing Bankruptcy
A retail giant with multiple locations in the Hudson Valley is close to filing for bankruptcy.
NBC News reports that Sears has approached multiple banks in efforts to prepare for a bankruptcy filing. The company hasn't turned a profit in 8 years, since 2010, and is $134 million in debt.
The CEO of Sears, Eddie Lampert, has been funding Sears using money from his personal hedge fund, ESL Investments, to keep the business afloat. ESL Investments purchased Kenmore, the appliance brand owned by Sears, as well as the home improvement portion of Sears. Recently, Sears sold the Craftsman brand as well, according to NBC News.
Sears currently has Hudson Valley locations in Poughkeepsie, Newburgh, and Mohegan Lake. Sears recently closed its locations in Middletown and Kingston.
To be honest, I'm surprised Sears hasn't filed for bankruptcy already. When I saw the NBC News article, I thought it was old because I had assumed Sears had already filed for bankruptcy.