CHICAGO — Earlier this month, Sears Holdings Corp. chairman Eddie Lampert was the victor in a bankruptcy auction for the U.S. department store operator with an improved takeover bid of roughly $5.2 billion, allowing the 126-year-old retailer to keep its doors open. Lampert’s bid, upped from an earlier $5 billion offer, prevailed after weeks of
CHICAGO – Sears chairman Eddie Lampert has submitted a revised bid in a last-ditch attempt to save the retailer from liquidation. The new bid, $5 billion for the retailer through his hedge fund ESL Investments, is adding about $600 million to a prior bid that should help ESL clear bars to a buyout set by
HOFFMAN ESTATES, Ill. — Kmart is closing another 64 underperforming stores in the United States. Liquidation sales were set to start September 22, with the stores to be shuttered by mid-December, according to Business Insider, which cited sources familiar with the plans of parent Sears Holding Corp. In April, Sears eliminated 68 Kmarts and 10
HOFFMAN ESTATES, Ill. — Sears Holdings Corp. posted another quarterly loss on Thursday and said it would receive another financial lifeline from the hedge fund of its chief executive officer, Eddie Lampert. Lampert’s fund, ESL Investments, offered to provide a $300 million loan to Sears earlier this month to provide the struggling retailer more time
MIAMI — Bruce Berkowitz’s Fairholme Capital Management, the largest outside shareholder of Sears Holdings Corp., disclosed in a December filing that it has bought an additional 390,100 shares of Sears stock since Christmas Eve. Fairholme now owns a 26.02% stake Sears Holdings, with 27,763,748 total shares. The only other shareholder with a bigger stake in
HOFFMAN ESTATES, Ill. – Sears Holdings Corp. reported a narrower quarterly loss this month on fewer onetime expenses, but sales sank 20%, depressed by store closings and soft clothing and consumer electronics volume. The company posted a net loss of $454 million for its third quarter ended October 31, down from $548 million a year