Once an American icon, Sears is spiraling downward and fast.
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The stock, which has lost 90 percent of its value over the past 12-months, is trading below $1.00.
And this week reports surfaced that the retailer may close 11 more stores across the United States. The additional closures will start ahead of the holiday season, followed by layoffs set to begin two days before Christmas. They will likely impact at least six Sears stores and five Kmart stores in New York and Virginia.
These closures may include one of chain’s most profitable U.S. stores and according to retail expert Burt Flickinger, that could drive Sears out of business.
“Bye, bye—finished,” Flickinger said to FOX Business’ Stuart Varney. “Bridgehampton Mall in the Hamptons -- the only discount department store out there --Target is taking over. That’s the beginning of the end of the curtain coming down for Sears -- that epitomizes everything.”
The company has already closed hundreds stores and sold off assets in recent years, as followed by FOX Business.
In efforts to avoid bankruptcy, Sears CEO Eddie Lampert recently proposed a new plan that encompasses the restructuring of about $1.1 billion of debt, selling off $1.5 billion worth of real estate and about $1.75 billion in assets.
While some of the issues at Sears are unique to the company, the broader retail landscape is suffering as competition from the likes of Amazon gets even tougher. Retailers such as Toys ‘R’ Us recently filed for bankruptcy, while other big names are shuttering locations across the nation.