The Latest: Electrolux plans to stay with bankrupt Sears
NEW YORK (AP) — The Latest on the filing for bankruptcy protection by the Sears Holding Corp. (all times local):
Electrolux hopes to continue selling its appliances at Sears after the iconic American retailer filed for Chapter 11 bankruptcy protection.
Electrolux said Monday that it has actively planned for the bankruptcy and other contingencies at the same time that it seeks other outlets that can sell its goods. The company gets about 10 percent of its revenue through sales of its products at Sears.
It said the bankruptcy filing, even though it has prepared for it, may lead to a material impact on business at Electrolux.
Sears is filing for Chapter 11 bankruptcy protection.
The company, inundated by debt and falling sales, said Monday that it would begin liquidation sales and close another 142 stores before the end of the year. The company that dominated the American retail landscape in the 20th century joins a long list of stores ravaged by changing technology and shopping patterns.
Some stores have pulled out of bankruptcy court and found some stability, but the future of other longstanding retail institutions like Toys R Us are more doubtful.
Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.