With $1 Billion in Financial Obligation Payment Looming, Sears Closing Another 63 Stores

Starting the week by totally taking advantage of exactly what remained of a readily available $200 million line of credit, Sears Holding (NYSE: SHLD)closed the week by revealing that it will shutter another 63 stores prior to those loanings come due next spring.

The company informed staff members at 45 Kmart stores and 18 Sears shops that their shops will be closing in late January 2018 but will stay open during the holiday sales season.

The shops lie in 26 states with Pennsylvania and Ohio accounting for a combined 12 of them, including the BigK store in Austintown, OH (imagined).

S&P Global Scores this week decreased Sears’ credit score deeper into scrap territory from CCC+ to CCC. Sears Holdings Corp. has more than $1 billion of debt maturities in 2018.

“Although recent results have actually demonstrated some progress on cost reductions and the company has recently accessed brand-new liquidity from related parties, we see attending to the 2018 third-party commitments, consisting of about $717 million due June 30, 2018, under the term loan as critical to prevent a more comprehensive restructuring,” S&P stated.

“The outlook is unfavorable,” the ratings firm added. “We might lower the rating if we do not believe the business will make progress to attend to the mid-2018 maturities through a mix of property sales or refinancing.”

Sears’ debt maturities are likewise significant in 2020, when more than $1 billion in loans are due.

“A turnaround depends on the company’s progress with integrating its retail method and revealed cost-reduction strategy to reverse losses and money use. We believe the business retains significant unencumbered property it can utilize to produce liquidity, as it continues to show. Still, progress in stabilizing sales and reversing incomes declines are also essential to prevent an ultimate restructuring,” S&P noted.

Kmart Stores Slated for Closure

7200 US Hwy. 431, Albertville AL

1214 E Florence Blvd., Casa Grande AZ

26996 US Hwy. 19 North, Clearwater FL

6050 Hwy. 90, Milton FL

901 US 27 North, Sebring FL

156 Tom Hill Senior Citizen Blvd., Macon GA

144 Virginia Ave. South, Tifton GA

1203 Cleveland Road, Dalton GA

3101 East 17Th St., Ammon ID

1006 N Keller Drive Effingham IL

2606 Zion Road, Henderson KY

230 L. Roger Wells Blvd., Glasgow KY

501 Marsailles Roadway, Versailles KY

1300 United States Hwy. 127 South, Frankfort KY

41601 Garfield Roadway, Clinton Twp. MI

200 Capital Ave. SW, Battle Creek MI

2125 S Mission St., Mt. Pleasant MI

1547 Hwy. 59 South, Burglar River Falls MN

2233 N. Westwood Blvd., Poplar Bluff MO

16200 East US Hwy. 24, Independence MO

1400 S. Limitation Ave., Sedalia MO

3901 Lemay Ferryboat Roadway, St. Louis MO

1130 Henderson Drive, Jacksonville NC

1292 Indiana Ave., St. Marys OH

14901 Lorain Ave., Cleveland OH

2830 Navarre Road, Oregon OH

4475 Mahoning Ave., Austintown OH

1249 North High Street, Hillsboro OH

3382 Birney Plaza, Moosic PA

2830 Gracy Center Method, Moon Town/ Coraopolis PA

3319 North Susquehanna Path, Shamokin Dam PA

22631 Route 68, Clarion PA

1815 6 Ave. Southeast, Aberdeen SD

530 Donelson Pike, Nashville TN

560 South Jefferson Ave., Cookeville TN

1806 North Jackson Street, Tullahoma TN

4520 West 7th Street, Texarkana TX

4715 9 Mile Road, Richmond VA

300 Towne Centre Dr., Abingdon VA

3311 Riverside Dr., Danville VA

2315 Wards Roadway, Lynchburg VA

111 Department St. North, Stevens Point WI

800 Grand Central Ave., Vienna WV

1287 Winchester Ave., Martinsburg WV

301 Beckley Plaza, Beckley WV

Sears Stores Slated for Closure

1701 Mcfarland Blvd East, Tuscaloosa AL

5111 Rogers Ave., Fort Smith AR

4201 N Shiloh Dr., Fayetteville AR

1445 W, Southern Ave. (Carnival Shopping Center), Mesa AZ

2800 Greeley Shopping Center, Greeley CO

8020 Shopping Center Pkwy., Lithonia GA

1709 Baytree Roadway, Valdosta GA

Berkshire Shopping Mall, Lanesboro (Pittsfield) MA

7885 Eastern Blvd., Baltimore MD

1200 United States Rt. 22, Phillipsburg NJ

2999 E. College Ave., State College PA

300 Lycoming Shopping Mall Circle, Pennsdale/Muncy PA

2334 Oakland Ave., Indiana PA

4000 Sunset Shopping Mall, San Angelo TX

4600 S. Medford Dr., Lufkin TX

754 South State Street, Salt Lake City UT

114 Southpark Circle, Colonial Heights VA

1400 Del Variety Blvd., Cheyenne WY

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