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Rough times for two Quincy stores

Rough times for two Quincy stores

7 years ago by Scott Hardy

Report says Sears Holdings, Payless trying to re-organize

Just as the Quincy Mall has found an anchor retailer for the former JC Penney building, two other Mall retailers may be in trouble, including an anchor.

Bloomberg is reporting that Sears Holdings, the parent company of Sears and K-Mart, has acknowledged quote “substantial doubt” about its future, raising fresh concerns about its' survival. According to Bloomberg, the announcement sent Sears’s stock down as much as 15 percent to $7.77 in New York trading. It closed the day Wednesday at $7.99. The company has announced it will close 150 Sears and K-Mart stores, although none are in the Quincy-Hannibal area. Sears Holdings says it plans to lower its debt burden and cut annual expenses by at least $1 billion.

Meanwhile, Bloomberg is also reporting that Payless Incorporated, the parent company of Payless Shoe Source, may file for bankruptcy as early as next week. It reports that the company may close 400 to 500 stores, and maybe more.

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