A regulator filing on Tuesday showed, that Sears Holdings Crops are going to take a charge of around 443 million dollars that will be garnered from store closures.
The company announced that certain charges have already been acquired in the 3rd quarter, and the remaining of the charges will be dealt with in the fourth quarter.
The net total of money accumulated by the November 3, that was end of the third quarter was around $229 million as stated by the company earlier this month.
How was the money collected
The money was that was garnered was collected by the closing of 28 Kmart stores and 73 Sears stores.
The bankrupt US retailers in October filed for Chapter 11 bankruptcy protection. And along with that the company announced that the charges entailed are of markdowns. In addition to it the lease termination cost that will arise from store closure and severance cost.
Eddie Lampert who owns the post Sears Chairman offered a proposal of $4.6 billion to buy the retailers earlier this month.
Source: Reuters
