Sears news and archive

Debunking Sear’s eleventh-hour rescue plan

New York - Sears’ chairman Eddie Lampert reached a deal with Sears early this month to acquire 425 Sears stores and other assets for about 5.2 billion dollars after winning a bidding process. Lampert’s ESL Investments will put 850 million dollars into a new asset-based loan, according to a regulatory filing last from January, 18. "We are pleased...

Business

Sears to stay open for now

Sears, Inc. Chairman Eddie Lampert has won a bankruptcy auction for Sears with a plan that will keep the retailer open and save over 50,000 jobs. The news was reported by Bloomberg. Lampert's bid won over other proposals that would have forced the retailer to liquidate and sell its assets. The bid is valued at 5 billion dollars, which is a 150...

Report

Sears prepares for liquidation

We could be saying goodbye to Sears sooner than we think. The company is preparing itself for liquidation after their chairman Eddie Lampert's bid to buy the stores out of bankruptcy fell shorts of bankers qualifications. The news was first reported by Bloomberg. Last Friday an emergency meeting was called by Sears representatives with...

Business

Sears hires real estate firm to shop around stores

Sears Holdings is dropping their dead weight. Bloomberg has reported that the retailer has hired real estate firm John Lang LaSalle to shop around about 500 of its U.S. stores. The good news is that they are already attracting strong interest from other retailers and mall owners. There is the possibility that properties could be worth more to...

Management

Sears bankruptcy: a store that failed to connect with customers

When was the last time you went to Sears and made a purchase? Can't quite remember? You are not alone. The once successful North American department store chain has failed to connect with its customers for quite some time. Now officially bankrupt, Sears, once the largest retailer in the world, joins the morgue of other has-been retailers, like...

RetailFeatured

Map of a giant collapsing: some happy, others not

Following the filing of bankruptcy by Sears Holdings, 142 Sears & Kmart stores across the US will be liquidated. Here is a map showing their locations. While bankruptcy of Sears means havoc for its shareholders, many landlords are happy to see them go. According to NBC News, one location in Staten Island, New York can look forward to a 727...

ManagementFeatured

Sears Holdings files for bankruptcy, to close 142 more stores

Sears Holdings Corp. said Monday that the company and certain of its subsidiaries have filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York. The company noted that it will also close 142 unprofitable stores near the end of the year. Edward Lampert has...

Retail

Sears prepares for bankruptcy as stocks plummet

American department store chain Sears, called the “Amazon of the 1930s” by CNBC, is struggling to stay afloat in today’s retail landscape. The company’s stock dropped by 32 percent this week, now just worth 59 cents per share. Ten years ago, shares of Sears traded for up to 144 dollars. CNBC reported that Sears is now preparing to file for...

Report

Sears loss widens, but shares up 23 percent

Struggling retailer Sears Holdings Corp. Thursday reported a loss for the second quarter that widened from a year ago, however, the company reported an improvement in same-store sales. Shares were up 23 percent in after-hours trading. The company reported a second-quarter loss of 508 million dollars or $4.68 per share, wider than last year's...

RetailFeatured

Sears to shutter 72 more stores

After a 26th straight quarter of losses, Sears has announced they will be closing 72 stores. The list of store closures will be announced mid-day today. Sears has identified 100 non-profitable Sears and Kmart stores and have picked 72 for closure in the near future as reported by CNN. Within the past year, Sears has closed around 400 stores,...

Business |IN DEPTH Featured

A closer look at the fashion companies that made this year’s Fortune 500 list

Walmart has topped Fortune magazine’s list of the 500 most valuable companies in the US once more. 16 other fashion retailers have also made the list, but none of them are newcomers. FashionUnited takes a closer look at the most recent developments to stem from these companies. Walmart - 1 Several businesses are being removed from Walmart’s...

Retail

US sees peak store closures since 2017

Retail giant Sears is the latest group to announce closures, with an estimated 100 stores to be shuttered across the US. The news comes as Credit Suisse estimates "the industry is actually on pace for another year of closure square footage at historic peak levels (in line with 2017 levels)." The statement echoes the bank's research from 2017...