Over the last several years, Sears Holdings has worked hard to transform our business. While our plan is delivering for our members, our efforts to become a profitable and more competitive retailer have been impacted by a difficult retail environment, unsatisfactory operating performance, and legacy liabilities impacted by historically low interest rates.
Today we have announced a series of actions to position us to establish a sustainable capital structure, continue streamlining our operations, and grow profitably for the long term. While we have sought to avoid a Chapter 11 process, we have ultimately determined that this is the most effective and orderly way to achieve a debt solution as efficiently as possible and be better positioned for the future. We began this process on October 15.
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 remain open for business. Our Sears and Kmart stores, and online and mobile platforms, are continuing to serve our members and customers. Our services and brand businesses will also operate as usual.
For further information, please follow this link restructuring.searsholdings.com to our dedicated restructuring website.