The saga of Sears continues.
Major news sources were reporting on Thursday afternoon that a bankruptcy judge in New York has approved the sale of what remains of Sears to a hedge fund controlled by the company’s chairperson, Eddie Lampert.
This, in turn, means that the wishes of creditors seeking total liquidation will not take place at this time.
Positive news in the short term does not guarantee a rosy future for the Richland Mall location, however. As a part of court filings, additional store closures were referenced as being planned and necessary. Also, additional creditors may object and trigger an additional hearing.
Sears, Roebuck and Company was established in 1892, and was the Amazon of its day. The company’s mail order catalogs offered everything from dishware to clothes to seeds to tools – and even houses! North central Ohio has several examples of Sears houses along its streets.
The chain filed for bankruptcy in October. Since that time, rounds of location closures have been announced, including one in December that included the Tuttle Mall and Polaris Fashion Place Mall Sears stores. For the local Sears, last April, we shared news that the local Sears location was being put up for online auction.