HARTFORD — Sears has announced plans to close its Meriden store in addition to two other stores previously announced.
Sears filed for bankruptcy last month. The Milford and Waterford Sears stores were scheduled to be closed as part of company’s Chapter 11 reorganization.
The 132-year-old company has been struggling for several years and is drowning in debt. The final straw was a $134 million debt payment due Monday that it could not afford.
Sears Holdings (SHLD), the parent company, which owns Sears and Kmart, is among dozens of prominent retailers to declare bankruptcy in the era of Amazon (AMZN).
Eddie Lampert, the company’s chairman and largest shareholder who engineered the merger of Sears and Kmart in 2005, gave up the title of CEO as part of the filing. The company will now be run by three of the company’s top executives.
Click here for full list of closings.
