October 15, 2018 06:48 PM
Sears filed for Chapter 11 bankruptcy protection Monday, buckling under its massive debt load and staggering losses.
The company announced in September that they would be closing 46 locations, including 33 Sears and 13 Kmart stores, this fall.
That total number is now up to 142 stores after Mondays announcement.
Among those affected include the location at Eastview Mall in Victor, which will close its doors for good November 25.
The Kmart in Batavia is also among the stores that is expected to close due to the bankruptcy announcement.
The Sears at The Mall at Greece Ridge closed earlier this summer. The only Sears that remains in the Rochester area is at Marketplace Mall in Henrietta.
Sears, which started as a mail order catalog in the 1880's, has been on a slow march toward extinction as it lagged far behind its peers and incurred huge losses over the years.
The company said Monday it has secured $300 million in financing from banks to keep the operations going through bankruptcy. In addition, it's negotiating an additional $300 million loan from Lampert's ESL Hedge fund.
The filing listed between $1 billion and $10 billion in assets while liabilities range between $10 billion to $50 billion.
Sears' stock has fallen from about $6 over the past year to below the minimum $1 level that Nasdaq stocks are required to trade in order to remain on the stock index. In April 2007, shares were trading at around $141. The company, which once had 350,000 workers, has seen its workforce shrink to fewer than 90,000 people as of earlier this year.
As of May, it had fewer than 900 stores, down from a 2012 peak of 4,000.
The following Sears and Kmart stores in New York are set to close with bankruptcy:
Sears Rt 394 & Hunt Blvd Lakewood, NY 14750
Kmart 987 Route 6 Mahopac, NY 10541-1709
Kmart 2590 Military Rd Niagara Falls, NY 14304-1506
Kmart 93 West Campbell Rd Schenectady, NY 12306-6800
Kmart 349 Orchard Park Rd West Seneca, NY 14224-2634
Sears 600 Lee Blvd Yorktown Hts, NY 10598
Sears 75 W Route 59 Ste 100 Nanuet, NY 10954-2701
Sears 1111 Franklin Ave Garden City, NY 11530-1617
Kmart 8363 Lewiston Road Batavia, NY 14020-1236
Updated: October 15, 2018 06:48 PM
Created: October 15, 2018 11:12 AM
Copyright 2018 - WHEC-TV, LLC A Hubbard Broadcasting Company