Sears facing bankruptcy: Here's what consumers need to know
6:18 PM, Oct 10, 2018
10:14 AM, Oct 11, 2018
Sears may be days away from bankruptcy.
The long-troubled retailer has reportedly started making the moves for a filing, leaving nearly 1,000 Sears and Kmart locations on the chopping block.
The company is $134 million in debt and hasn't turned a profit since 2010.
Laura Bartel, professor of bankruptcy law for Wayne State, has been watching it decline as the retail industry as a whole goes under, and online shopping takes over.
Over the past decade, Sears has closed a lot of stores to downsize but hasn't been able to get its finances under control.
In Michigan alone, in May, consumers learned four traditional Sears stores were closing. Then in July, it was announced the Sears at Oakland Mall and eight other locations would buckle by September.
Bartell says Sears shoppers who’ve purchased appliances with its household Kenmore brand may get their warrantee honored because it's likely an investor will buy that part of Sears along with its obligations.
But keep in mind, shoppers that bought other types of appliances may be out of luck. On a high note for consumers, liquidation would bring some good flash sales.
But Bartell says issues with appliances and returns should be taken care of immediately before the company shuts its doors.
While many Sears stores have closed, several in Metro Detroit are still open and available for customer returns and inquiries: