Tag Archives: retail

Really Most Sincerely Dead: Sears Rejects Bailout Bid

CNBC reports: Sears has rejected Chairman Eddie Lampert’s bid to save the company, setting the storied retailer on a path to liquidation, people familiar with the situation tell CNBC. Sears plans to announce its liquidation plans this morning, the people said. Lampert had put forward a $4.4 billion bid to save Sears and 50,000 jobs by buying it out of …

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Lawmakers React As More Retailers Say “No Cash”

The Wall Street Journal today looks at the growing number of retailers, some of them chain restaurants, that no longer accept cash. Lawmakers are starting to react. Massachusetts is the only state that currently requires retailers to accept cash. Some New Jersey legislators are working to make their state next. New York City Councilman Ritchie Torres of the Bronx recently …

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Sears Chairman Makes Last Minute $4.6B Takeover Bid

Reuters reports: Sears Holdings Corp Chairman Eddie Lampert has submitted a roughly $4.6 billion takeover bid for the bankrupt U.S. retailer, representing its only chance of escaping liquidation and laying off tens of thousands of workers, people familiar with the matter said on Friday. The offer came after Sears’ existing lenders Bank of America Corp and Citigroup Inc, as well …

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Liquidation Alarm: Sears May Have Only 24 Hours Left

CNBC reports: Sears, the 125-year-old icon, has 24 hours to survive. The employer of more than 68,000 filed for bankruptcy in October. Its last shot at survival is a $4.6 billion proposal put forward by its chairman, Eddie Lampert, to buy the company out of bankruptcy through his hedge fund, ESL Investments. ESL is the only party offering to buy …

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Sears Finally Declares Bankruptcy, 142 Stores To Close

The New York Times reports: Sears, which more than a century ago pioneered the strategy of selling everything to everyone, filed for bankruptcy protection early on Monday. The company had long ago given up its mantle as a retail innovator. It was overtaken first by big box retailers like Walmart and Home Depot and then, by Amazon as the go-to …

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REPORT: Sears Readies Chapter 11 Bankruptcy Filing

Retail Dive reports: After years of speculation and financial losses, Sears is contacting banks to arrange the financing for a possible Chapter 11 filing, which might come as soon as this week, according to reports in The Wall Street Journal, which broke the story, and CNBC, that both cited unnamed sources. The report comes as Sears faces a $134 million …

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Nation’s Largest Mattress Retailer Declares Bankruptcy

The Associated Press reports: Mattress Firm, Inc., the nation’s largest mattress retailer, filed for bankruptcy protection on Friday, saying its rapid expansion of stores in recent years — with locations often very close to each other — resulted in “cannibalization” of sales. The Houston-based company filed for Chapter 11 bankruptcy protection in federal court in Delaware, saying it plans to …

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Toys R Us Creditors Plan To Revive Brand [VIDEO]

The New York Post reports: It’s official: Toys R Us will live on. The iconic retailer’s debtholders are forming a new company, Geoffrey LLC that will control the Toys R Us and Babies R Us brands, including e-commerce assets and data associated with the brands, the debtors said late Tuesday night. They also plan to open stores in the US …

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The End Looms For Sears, Now A Penny Stock

CNN Money reports: In the latest indignity for a once-grand retailer, the share price fell below $1 on Friday for the first time in the company’s history, dropping as much as 15% to 85 cents in midday trading. Falling into loose-change territory is more than embarrassing. Nasdaq, the exchange where Sears stock trades, could delist the company. Shares of Sears …

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Luxury Chain Henri Bendel To Close All Stores [VIDEO]

Fortune Magazine reports: After 123 years in business, department store Henri Bendel is closing up shop for good after the holiday season. Known for its brown-and-white-striped bags, Henri Bendel was founded in 1895 by its namesake, a designer from Louisiana. When L Brands acquired Henri Bendel in 1985, it was by far the most luxury holding in its portfolio of …

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Brookstone To Shutter All 101 Of Its Mall Stores

The death of physical retail grinds on: Brookstone, the ubiquitous seller of cool but largely unneeded things, has filed for Chapter 11 bankruptcy protection again and will close the 101 of its stores that are located in malls. Malls have suffered for years due to far-reaching shifts in the way that Americans shop for just about everything, which has diminished …

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Barnes & Noble Abruptly Fires CEO, Won’t Say Why

MarketWatch reports: Barnes & Noble Inc. has fired Chief Executive Demos Parneros, citing company policy violations. The bookseller said Tuesday that Parneros won’t receive any severance pay and that he is no longer a board member. Barnes & Noble didn’t disclose what rules Parneros may have violated, but said the decision wasn’t tied to any disagreement over financial reporting or …

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Saks, Lord & Taylor Hit With Massive Data Breach

Reuters reports: Retailer Hudson’s Bay Co on Sunday disclosed that it was the victim of a security breach that compromised data on payment cards used at Saks and Lord & Taylor stores in North America. One cyber security firm said that it has evidence that millions of cards may have been compromised, which would make the breach one of the …

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Bernie Sanders: Amazon Has Gotten Too Big [VIDEO]

Via Mediaite: Appearing on CNN’s State of the Union today, Sen. Bernie Sanders seemed to endorse some of what the president has said of the massive company. Asked by anchor Jake Tapper if he believed Amazon had gotten too big, the independent senator answered in the affirmative. “Yeah, I do. I do,” Sanders declared. “I think this is — look, …

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Walmart In Talks To Acquire Health Insurer Humana

Barron’s reports: News broke late Thursday that Walmart is in preliminary talks to buy the insurer Humana: Sources told The Wall Street Journal that the two companies are discussing a “range of options” that includes an acquisition. Although no details of the deal are known at the moment, it would be Walmart’s biggest acquisition on record. Humana’s market value is …

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Claire’s Becomes Latest Retailer To Declare Bankruptcy

Bloomberg reports: Claire’s Stores Inc., known for tween jewelry and ear piercing, has become the latest victim of the retail apocalypse. The company filed for bankruptcy Monday and said it reached an agreement with creditors including its private-equity backer, Apollo Global Management LLC, to restructure around $1.9 billion in debt. Its plan to survive rests on its reputation for trendy …

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Kroger To Stop Selling Print Magazines About Guns

USA Today reports: Kroger said it will stop selling magazines that feature assault rifles as part of a tightening of its policies in the wake of the Parkland mass shooting and growing national anger over gun violence. The Cincinnati-based supermarket retailer said the new policy is being phased in now across its national chain. Kroger didn’t name specific titles, but …

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How Mitt Romney Helped Kill Toys R Us

Yesterday it was reported that Toy R Us will close down all their stores in the US and Britain, prompting several of you to write with a reminder. From the New York Post last fall: Bain Capital has a knack for throwing big toy retailers into bankruptcy. The buyout firm founded by Mitt Romney — which got slammed this week …

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Toys R Us To Close All 900 UK And USA Stores

The Washington Post reports: Toy store chain Toys R Us is planning to sell or close all 800 of its U.S. stores, affecting as many as 33,000 jobs as the company winds down its operations after six decades, according to a source familiar with the matter. The news comes six months after the retailer filed for bankruptcy. The company has …

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Toys R Us Preps To Liquidate US Operations

Bloomberg reports: Toys “R” Us Inc. is making preparations for a liquidation of its bankrupt U.S. operations after so far failing to find a buyer or reach a debt restructuring deal with lenders, according to people familiar with the matter. While the situation is still fluid, a shutdown of the U.S. division has become increasingly likely in recent days, said …

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