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Dive Brief:
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All 115 Sears Hometown stores run by independent dealers across 36 states and Puerto Rico are winding down their businesses and holding liquidation sales, offering discounts of up to 40%.
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Some $40 million in inventory, including riding lawnmowers, washers, dryers, refrigerators and power tools, are for sale, according to a press release from Tiger Capital Group.
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Tiger, SB360 Capital Partners and B. Riley Retail Solutions are managing the liquidation. The banner filed for bankruptcy last month amid disputes with parent TransformCo, also known as “New Sears.”
Dive Insight:
Sears Hometown’s bankruptcy and liquidation is just the latest chapter in Sears’ seemingly never-ending story of decline.
The banner, a home goods-focused offshoot of the failed retail giant, has been dependent on its parent for the basics of operations, according to court filings from last month. Sears Hometown’s chief executive in those filings said that bankruptcy became unavoidable due to TransformCo’s failure “to provide key products and services.” Eddie Lampert, who now leads “new Sears” or TransformCo and formerly led “old Sears,” in August settled with the remnants of old Sears amid allegations of asset stripping and “rank” self-dealing in the years leading up to old Sears’ own bankruptcy.
According to court filings this month, Sears Hometown has appointed Darla Ramirez interim chief financial officer. Ramirez previously served as interim CFO at Pier 1 and remains there as controller, according to her LinkedIn profile.
Liquidation sales are now underway at six Sears Hometown stores in Alabama, 12 in Arkansas, six in California, two in Colorado, four in Florida, five in Georgia, three in Iowa, two in Idaho, four in Illinois, two in Indiana, five in Kansas, five in Kentucky, two in Louisiana, two in Maine, three in Missouri, five in Mississippi, three in North Carolina, four in Nebraska, three in New Mexico, three in New York, two in Oklahoma, four in Oregon, three in Pennsylvania, eight in Texas, two in Vermont, four in Wisconsin, and one each in Arizona, Delaware, Maryland, Michigan, Minnesota, Montana, Ohio, Puerto Rico, Tennessee, Washington and Wyoming.
via https://www.aiupnow.com
Daphne Howland, Khareem Sudlow
