Is Sears Still in Business? Sears Stores Closing in 2023

(Updated May 2023)

The total number of physical Sears stores has dwindled down to 18 or fewer in the entire United States. And all Sears Auto Centers have been permanently closed. As a last resort, it appears that Sears is attempting to reinvent and rebrand itself in the realm of e-commerce with the signaling of a brand new logo. Sears Holdings Corporation is now owned by ESL Investments and Transform SR Brands LLC, and is referred to as “New Sears.” This all follows Transformco’s founder Eddie Lampert’s supreme court case regarding Sears.

For further reading about department stores and the future of retails, read our blog: Sears, Macy’s, JCPenney: Department Store Failure to Success.

Sears and Kmart had nearly 3,500 stores when they were merged by Eddie Lampert. Today the company has just over 20 stores, a fact surprising to many who thought the chains long ago went out of business.

Sears Holdings is planning to close all its stores in 2023, with 115 Sears Hometown stores set to close this year. Liquidation sales are now underway at these stores, offering customers discounts of up to 40 percent on home, lawn and garden appliances and equipment. The closures are spread across 36 states and Puerto Rico, but some areas will be more affected than others. In a Dec. 23 press release, it was announced that liquidation sales are underway at 115 Sears Hometown stores.

Sears is now offering vendors to sell on their website by joining Sears Marketplace, starting at $39.99/month plus commissions on the various product categories.  The commission rates range between 8% to 20% and are charged on both product and shipping.

Summary:

– Sears Holdings emerged from bankruptcy after a 4-year stay and more than 10,000 court filings.

– Its store network shrunk from almost 700 to fewer than two dozen.

– More than 400 stores were sold to ESL Investments in 2019

– The remaining 20+ Sears stores are not expected to survive by Syracuse University professor Ray Wimer.

– Eddie Lampert acquired Sears’ remaining assets in 2019 and later sold DieHard to Advance Auto for $200 million

– Wimer believes Sears’ remaining stores will experience a slow death due to intense competition in the retail marketplace offering similar goods.

– Sears is appearing to focus on ecommerce with their Sears Marketplace offering.