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Last updated on Friday, October 26, 2018
(BEDFORD) - Sears bankruptcy doesn’t include Sears Hometown in Bedford, according to owner Gary Smart.
Sears Holdings Corp., which is a separate entity from Sears Hometown, filed for bankruptcy protection in White Plains, New York, Oct. 15 with a plan to close about 142 of its 700 stores by year-end and sell up to 400 of its best-performing stores in an auction in January to a buyer that will keep them operational. Although they share a business relationship, Sears Holdings, and Sears Hometown split in 2012, which is around the same time when Smart bought the local store.
Smart told the Times-Mail he will keep a close eye on the bankruptcy developments.
Sears Hometown expects to provide inventory continuity through Sears Holdings, but also has supply agreements in place with most of its key suppliers and have been sourcing product directly to avoid any disruption in inventory.
Also, Sears Hometown has confirmed with Sears Holdings that local stores can continue to accept the Sears credit card and redeem and sell Sears gift cards. In addition, Sears Hometown has confirmed all product warranties and protection agreement coverages remain in effect.
Information Times-Mail, https://www.hoosiertimes.com
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