Sears Holdings filed for Chapter 11 bankruptcy on Oct. 15, 2018 , at which time it had 700 stores across the U. S, $6.9 billion in assets and $11.3 billion in liabilities. 2 The company’s biggest competitors to date have been Walmart and Amazon.
Another answer was but the fact that Sears isn’t in bankruptcy is not a sign of health , according to experts. The company has made little effort to reinvigorate stores, grow sales or turn its failing business around.
This of course begs the question “Is Sears going out of business?”
In October 2018, one Sears holding company (with a multitude of subsidiaries) went into bankruptcy . As though by some dark science, an identity split occurred in Chapter 11. Out came a new Sears, Transformco, with the last remaining stores of a one-time retail empire.
And there are signs that the store’s future may be in greater doubt than when it emerged from Chapter 11 in February. One of them is a rash of store closings that was not in the company’s plans. At the time it exited bankruptcy there were more than 400 Sears and Kmart stores, down from about 1,000 a year earlier.
The corporate husk of the old Sears is still trying, and struggling, to pay its bills in Chapter 11, more than two years after Eddie Lampert acquired the remaining Sears and Kmart stores from the company he used to run.
What happens to your gift cards if Sears goes bankrupt?
In the event a liquidation of Sears becomes necessary in the future, you don’t want to be stuck with gift cards that would be difficult, if not impossible to redeem. If Sears were to close its doors for good before you had a chance to redeem your gift card, you would be forced to file a claim with a bankruptcy court .
You could be asking “Are sears credit cards still good?”
If all of Sears’ stores close, there is precedent that Sears. Com may still exist . That means Sears credit cards could still be valid and accepted there . Radio Shack went under in 2017 and its website is still up and running — as is Toys, and rus. The point is that a store’s physical closure doesn’t necessarily mean it’s out of business.
It’s not usually until the chain closes or changes ownership that they become worthless.” But you’ll want to use your gift cards up fast, as they’ll likely become useless if Sears completely liquidates and closes its stores. Think of it like having a gift certificate to a restaurant that closed a few years ago.
While writing we ran into the query “Do Sears gift cards expire?”.
No, they never expire and there are never any fees after purchase. What fulfillment options are available? Bulk – On Carrier – Cards are delivered on carriers and customer has the option to add a personal message. Bulk – No Carrier – No carrier is included with this option, Cards are bundled in pack.
Gift cards from an individual merchant (e. g. Home Depot or Best Buy) typically retain their value until the holder redeems every last cent from the card. Bank-issued gift cards such as Visa gift cards may start to lose value via monthly service fees after a year of inactivity .
Can I use my Sears credit card at Kmart?
Sears Card: This store credit card can be used only in Sears stores or at Sears. Com, as well as at Kmart. It doesn’t earn rewards , but it gives cardholders monthly deals and special offers in-store or online. It also grants access to cardmember events and coupons.
There are 2 Sears credit cards to choose from Shop Your Way Mastercard® : You can use this card at any merchant that accepts Mastercard, and it earns Shop Your Way points.
How do I check the balance on my Sears gift card?
On the Sears home page at top center side you will find Gift ideas option. Click on check balance and reload as shown below and follow the prompts. Need additional help?
Just to put the Sears Card’s regular APR into context, the average credit cards for people with good and excellent credit charge 14.08% and 20.68%, respectively. And that’s just what the Sears Card requires for approval: good or excellent credit.