Bankrupt Department Store Now Has A Massive Liquidation Sale

February 25, 2024

A bankrupt department store now has a massive liquidation sale up to 70% as it prepares to close its final location in New Jersey.

Sears is closing its final location in New Jersey on Sunday, March 3, reports The-Sun.

The iconic department store chain will soon have just 11 mainland US stores left, the outlet reports.

Situated in Jersey City’s Newport Mall, the closing location is the only Sears store serving New York City residents.

The closest remaining Sears for NYC shoppers will be 227 miles away in Braintree, Massachusetts.

Sears has served as the anchor store for Newport Mall since it opened in 1987.

Rumors have it that Primark, the Irish discount clothing and home store, could take its spot, as per CNN.

Sears announced the closure of its Newport mall store via Facebook.

In a post, it told shoppers that “everything” would be between 25% and 75% off.

Sears and K-Mart are both owned by Transformco.

They have been on a rapid decline since their peak in 2005, at which point they had a combined 3,500 stores.

Under the ownership of billionaire Eddie Lampert, sales have dramatically slowed as Sears has failed to keep up with competitors in the online space.

By 2018, Transformco filed for bankruptcy.

Although the retailer survived bankruptcy with 223 Sears stores in tact, all but 11 in the continental US and one in Puerto Rico have since closed.

Sears is not the only mall staple struggling to survive.

JCPenney is also holding liquidation sales at its anchor store at the Crystal Mall in Waterford, Connecticut.

Since filing for bankruptcy in 2021, it has closed a total of 175 locations.

However, the retailer has vowed to spend $1 billion remodeling its existing stores by the end of 2025 to stop shoppers from turning away.

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Also Read: A US Company Now Declares An Unexpected Bankruptcy

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A massive bank will now close more branches as it continues to trim its network in response to falling visits, sources report.

Barclays has announced that it will shutter 22 more bank branches.

The new cuts mean that Barclays is now in line to shut 90 branches this year and another six in 2025.

“Where there is no longer enough demand to support a branch, we maintain an in-person presence through our Barclays Local network, live in over 300 locations, based in libraries, town halls, mobile vans and our banking pods,” said a spokesperson.

“We also support access to cash with our cashback without purchase service, 24-hour deposit-taking ATMs and by working alongside the Post Office and Cash Access UK.”

Lloyds, NatWest, and TSB are among the other UK banks to take an axe to their branch networks over recent weeks, reports Finextra.

“In contrast, US giant JPMorgan Chase will open 500 new branches over the next three years as part of a multi-billion dollar investment in its network, while PNC is to invest $1 billion in refurbishing its existing branches and opening 100 new locations,” says the outlet.

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Also Read: A US Bank is Now Denying Customers Access to Money

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