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Sears Hometown stores just filed for bankruptcy amid what the company calls a “rapid downward spiral.
Roughly 100 Sears Hometown stores are currently operating — down from 700 just three years ago. There are roughly 15 full-line Sears stores left.
The bankruptcy filing lists assets of less than $50 million and liabilities of at least $50 million
With former Sears brands like Craftsman now licensed and available at competitors, Sears Hometown’s merchandise was less differentiated, and the company has lost share to the likes of Best Buy and home improvement chains. And the pandemic-related boom in home sales has abated,
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