2 Bay Area Sears Stores To Close After Retailer Files For Bankruptcy
PLEASANTON (CBS SF) – Sears plans to close two locations in the Bay Area after the once-dominant retail chain announced it was filing for bankruptcy Monday.
The retailer said that it would close 142 Sears and Kmart stores across the country, locations it considers among its worst performing.
According to a list obtained by CNN, the stores located at the Stoneridge Mall in Pleasanton and the Santa Rosa Plaza will be closing. Liquidation sales will begin "within two weeks," the retailer's bankruptcy filing said.
The list of closures released Monday follow an announcement back in August that 46 Sears and Kmart stores would be closed in November. In the previous announcement, the retailer said the Kmart on East 18th Street in Antioch and the Sears at the Captiola Mall would close.
Founded in 1886, Sears dominated the American retail landscape for much of the 20th century, with its mail order catalog and thousands of stores offering iconic brands such as Kenmore appliances and Craftsman tools.
In recent years, Sears struggled to compete with retailers such as Amazon and Walmart, along with increasing debts. A merger with Kmart in 2005 did little to help Sears' fading fortunes.
As a result of the bankruptcy, company CEO Eddie Lampert has stepped down. Three top executives are now in charge.
Sears plans to stay open as it enters Chapter 11 bankruptcy protection, but the retailer did not rule out additional store closings.
© Copyright 2018 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten. CNN contributed to this report.