Hudson Valley Sears Stores Will Remain Open Despite Bankruptcy
Sears filed for bankruptcy on Monday, October 15, 2018.
Last week on October 11, it was reported that Sears was nearing bankruptcy after reports came out that Sears was approaching banks for the filing. On Monday, October 15, Sears officially filed for Chapter 11 bankruptcy, according to USA Today.
As part of the bankruptcy, Sears and Kmart will be closing 142 stores, as reported by USA Today. Currently, the company has 687 stores remaining, including Kmart. If the company cannot reach a restructuring agreement, more stores or possibly all Sears and Kmart stores could close. In August of 2018, Sears Holdings had announced plans to close 46 stores before rumors of bankruptcy spread.
The Hudson Valley has three remaining Sears locations: Poughkeepsie, Newburgh, and Mahopac. The Kingston and Middletown locations recently closed. Of the three remaining locations, the Poughkeepsie and Newburgh location will not close. According to USA Today, the Mahopac location is the only Hudson Valley Sears set to close.