Well, folks, it looks like Sears, the department store that has been an integral part of the American retail landscape, is finally meeting its end. According to a report published by The Wallstreet Journal, the beleaguered store has hired a firm to prepare a bankruptcy filing–and it could be done as early as this week!
This comes after the announcement that Sears is facing a staggering $134 million debt payment, all of which must be paid up by Monday, October 15th. Unfortunately, the retail chain’s consistent and drawn-out demise has made it so that lenders are wary of helping the brand out of their $5.5 billion debt crisis. That said, some financial leaders have stepped up to plate, but even still, analysts are predicting that, at best, it will mean a broad restructuring that would eliminate the retail locations.
It’s pretty shocking stuff, especially for those who grew up going to Sears. But sentimentality aside, one of the first questions that came to mind when we heard the bankruptcy news was a much more of a practical one–What about the warranties?
One of the main reasons why customers have stayed loyal to Sears for so many years is because the store has a great warranty and repair program, particularly for appliances and car accessories, like tires. While there is no clear answer as to what is going to become of their warranty system, KCAL 9’s report comes up with a prediction.
To learn more about Sears’ possible bankruptcy, as well as what might become of its warranty system, be sure to watch the video below. Times sure have changed!
We’d love to hear your thoughts on this sad retail news. Do you still shop at Sears? If so, have you noticed a change in service in recent years? Do you own any items that are under a Sears warranty?