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. — Sears Holdings Corp., the corporate parent of two storied firms that once ranked as the nation’s two largest retailers, announced Monday morning that it had filed for Chapter 11 bankruptcy. The company’s reorganization plan calls for the closure of 142 additional Sears and Kmart stores, in addition to the previously announced
HOFFMAN ESTATES, Ill. — Sears Holdings Corp. is strengthening its links to Amazon.com, partnering with the online retail behemoth to sell some DieHard tires and providing full-service installation and balancing for any brand of tires purchased through Amazon. Sears began selling DieHard jumper cables and battery chargers over Amazon in December. DieHard Advanced Gold AGM
NEW YORK — A number of the nation’s top retailers earned perfect scores on a rating of workplace equality as it relates to companies’ lesbian, gay, bisexual, transgender and queer (LGBTQ) employees. Ahold USA Inc., BJ’s Wholesale Club, CVS Health, Delhaize America Inc., Dollar General Corp., Sears Holdings Corp., Target Corp. and Walgreens were among
HOFFMAN ESTATES, Ill. — Sears Holdings Corp. will cut about 400 full-time jobs, mostly at headquarters, as part of its turnaround effort. The positions being eliminated also include support functions globally, certain field operations positions and jobs related to store closures. The eliminated jobs amount to less than 0.5% of the 140,000 full- and part-time
HOFFMAN ESTATES, Ill. — Concerns that the parent of Sears and Kmart is headed toward bankruptcy were rekindled when the company offered in a disclosure that it might not be in operation a year from now. “Our historical operating results indicate substantial doubt exists related to the company’s ability to continue as a going concern,”
HOFFMAN ESTATES, Ill. — Sears Holdings Corp. acknowledged on Tuesday that its ongoing existence was in question. “Our historical operating results indicate substantial doubt exists related to the company’s ability to continue as a going concern,” the retailer noted in its annual report for the fiscal year ended January 28. In its 10-K form filed
HOFFMAN ESTATES, Ill. — Sears Holdings Corp. this month announced plans to shut 150 stores and sell its Craftsman tools brand, the company’s latest steps to boost liquidity as it struggles to hang on amid declining sales. Sears reported that same-store sales at its chains declined by between 12% and 13% in the first two
HOFFMAN ESTATES, Ill. — There was more bad news for Sears and Kmart as Sears announced last month another round of stores to be shuttered. Employees were notified that more than 30 Sears and Kmart locations will be closed in the early part of 2017. Florida, with seven Kmart stores slated for closing, and Kentucky,
HOFFMAN ESTATES, Ill. — Sears Holdings Corp. has announced plans to close 150 non-profitable stores and sell its Craftsman tools brand. The moves are part of a strategic plan to stem losses and strengthen the struggling retailer’s financial prospects. The company has also arranged new financing, in the form of a new $500 million real estate
HOFFMAN ESTATES, Ill. — Sears Holdings Corp. posted a loss of $748 million in the third quarter as the retailer’s financial performance continued to deteriorate despite its efforts to shed underperforming stores, de-emphasize struggling categories and make money from its real estate holdings. Revenue fell 13% to $5.03 billion in the three months to October