Tag Archives: Sears

CNN Business reports: Sears Hometown Stores Inc., a franchise-owned unit of Sears, has filed for Chapter 11 bankruptcy protection. Sears spun off Sears Hometown in 2012 to give the parent company a much-needed infusion of cash. The average Sears Hometown store is only 8,000 to 10,000 square feet, a fraction of the size of the average full Sears, which is …

The Verge reports: Amazon has had talks with Simon Property Group about converting some of its mall spaces into fulfillment centers. The conversations started before the coronavirus pandemic, and before the latest wave of bankruptcy filings by mall stalwarts like Lord & Taylor, JCPenney, and Nieman Marcus. It’s a bit of an on-the-nose example of how e-commerce is overtaking the …

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 …

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 …

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 …

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 …

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 …

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 …

Bloomberg reports: Sears Holdings Corp. continues to clean house, announcing plans to shutter an additional 46 unprofitable stores in November. The struggling chain informed workers at the impacted stores this week, and liquidation sales will begin as early as Aug. 30. The move is “part of our ongoing efforts to streamline Sears Holdings’ operations, strengthen our capital position and focus …

Business Insider reports: Sears’ and Kmart’s websites no longer sell products from the Trump Home line, which is owned by the Trump Organization. As of Friday, a search for Trump Home items on both retailers’ sites yielded no results, except items sold by third-party sellers. “As part of the company’s initiative to optimize its online product assortment, we constantly refine …

Brian Tashman writes at Right Wing Watch: Americans For Truth About Homosexuality’s Peter LaBarbera stopped by “Crosstalk” on Monday to warn of divine retribution for the United States, and specifically the Sears company, for supporting gay rights. The anti-gay activist and host Jim Schneider of Voice of Christian Youth America criticized Sears for participating in the Chicago Pride Parade and …

Via Dan Avery at NewNowNext: Four same-sex couples got married aboard a float sponsored by Sears at the recent Chicago Pride Parade. In the video below, the newlyweds discuss the unique experience and Sears reminds customers that its gift registry can help anyone get started on a new life together. (Nothing wrong with a little self-promotion.) The 121-year-old retailer, which …