NOVI, Mich. (WXYZ) — Sears at Twelve Oaks Mall will close as the company faces liquidation.
An iconic department store over a century old may soon be only a memory.
Sears announced Friday another 80 Sears and Kmart stores will close by March 2019 as part of financial re-structuring. That includes the Sears at Twelve Oaks Mall in Novi.
That may not be enough to save the company according to Bloomberg and several other outlets reporting that a buyer is needed in order to avoid liquidation.
Sears was a pioneer in the world of retail back in 1886, through the turn of the century even not the mid 1900s.
Business expert and author of "Big Things Have Small Beginnings," Wesley Berry says the company was revolutionary in its time.
“There was a time when you could order a house from Sears and they’d deliver it on a train, and you put it together,” Berry said.
However, times have changed.
From the famed Sears catalog an empire was built, but in recent years Sears has closed hundreds of outlets. On Oct. 15, the company filed for bankruptcy.
“Sears is really a victim of their own success. They were so successful and had so much momentum, that they couldn’t change course in time,” Berry said.
As the deadline for a buyer to submit a bid passes, Sears faces complete liquidation. If the company manages to avoid liquidation, Berry believes it’s best chance for survival, is change.
“I don’t think that big box stores really have the same future they though they had 10 years ago. They are going to have to make an aggressive change into e-commerce,” Berry said.