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Report: Sears on Brink of Bankruptcy, Top Execs Flee Company

From Business Insider

Things aren’t looking good for Sears.

The company is shutting down dozens of Kmart stores this monthand two of its highest-ranking executives left this week in the midst of the key holiday shopping season.

This comes following speculation among Sears and Kmart employeessuppliers, and several banks that the retailer will soon go bankrupt — something Sears has repeatedly dismissed.

Jeff Balagna, formerly Sears’ executive vice president, left the company Wednesday, “in order to focus on his other business interests and pursue other career opportunities,” Sears said in an SEC filing dated November 23.

Read story click here.

  • Los Cerritos Mall says:

    The Sears & Broadway department store at the Los Cerritos mall, Cerritos, has a unique ownership, they are not renters, they own the pad the big box stores are located. Sears owns from the store all the way to 183rd Street, westward to the freeway. They own the entire North End of the mall.

    ……..The Broadway, AKA , Macy’s, owns the southern end of the shopping center, from Macy’s, All the Way South to South Street and over to the 605 Freeway. Both have unusual ownerships in today’s subdivision of malls.

    ……….If you remember a couple decades ago, the Lakewood Mall, Bullocks, owned the entire section and sold to Home Depot & theaters.

    ……..KMart owned the pad at Savi Ranch-Yorba Linda-Ana Hill and sold the pad to Home Depot Superstores, where many Cerritos-La Palma residents go shopping. Home Depo is mega store, well educated staffers and more like the former Home Expo.