Chapter 11 is a tool used by companies like ours to protect the value of their businesses and operate as usual while they work to fix their business and address their liabilities. It is an orderly, proven process. Many prominent companies and brands have gone through this process and emerged stronger than ever.
Our goal is to emerge as a member-centric company, reorganized around a smaller platform of profitable stores, with the capital needed to allow us to prosper in the future. We are eager to move forward quickly and preserve as many jobs as possible. I want to make sure that all of the hardworking associates of Sears Holdings and the dedicated members of our Shop Your Way program know that we are committed to trying to get the best possible result for the company - and for all of you.
We're open for business: Our Sears and Kmart stores, and online and mobile platforms, are open and continue to serve our members and customers. Our services and brand businesses will also operate as usual.
We do not anticipate any impact to your wages and benefits: We intend to pay your normal wages and continue benefits without interruption.
Our member programs continue: We remain committed to providing our customers and members with trusted service. Our loyalty programs, including the Shop Your Way membership program, warranties, protection agreements, and the Sears and private label credit card rewards programs continue as normal.
We do not anticipate any impact to vendor payments: We intend to pay our vendors in the ordinary course for all goods and services provided on or after the filing date. We are committed to working with our vendors and other partners to help maintain inventory levels, ensure timely product delivery, and continue contracted services.
We will continue to take action to streamline our store base: We will close 142 additional unprofitable stores near the end of the year. These locations are being notified.
I very much appreciate your hard work and ongoing commitment through the upcoming holiday season and beyond. Thanks to your efforts and the proactive steps we are taking, we look forward to Sears Holdings emerging stronger than before.