Sears

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Sears bankruptcy

Business & Lifestyle

Sears chairman’s hedge fund wins company’s bankruptcy court auction

CHICAGO (UPI) -- Sears Holdings said Thursday that ESL Investments, the hedge fund owned by its chairman and largest investor, won the company's bankruptcy auction. Eddie Lampert's investment firm will pay $5.2 billion for substantially all of Sears' remaining assets, including 425 stores, its Home Services business, and the Kenmore and DieHard brands, if approved by the court. "We are pleased to have reached a deal that would provide a path for Sears to emerge from the Chapter 11 process," […]

todayJanuary 18, 2019 8

Sears

Business & Lifestyle

Sears chairman makes $4.4 billion bid to save company

NEW YORK (UPI) -- Sears received a reprieve from liquidation after chairman Edward Lampert made a $4.4 billion bid to buy it at the last minute. Lampert submitted the $4.4 billion offer Friday through Transform Holdco, an affiliate of his hedge fund, ESL Investments, just before a 4 p.m. deadline Friday, CNBC first reported. The offer for 425 Sears stores has a $1.3 billion financial commitment from three financial institutions, ESL said in a Wall Street Journal report. The 125-year-old […]

todayDecember 29, 2018 4

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Business & Lifestyle

White Oaks Mall: what’s next as anchor stores close

SPRINGFIELD (Heartland Newsfeed) -- The capital city's mall is about to become a bit emptier with the upcoming closure of two of their anchor stores. Bon-Ton Stores, which owns and operates 260 department stores including the Bergner's retail chain, announced in April that that all stores will be closing permanently. Also closing is the Sears location, according to parent company Sears Holdings and their press release in May, citing a history of not turning a profit. The company sold the […]

todayAugust 28, 2018 5

Business & Lifestyle

Store closures rocked retail in 2017, with 2018 bound to be no different

NEW YORK (Heartland Newsfeed/CNBC) -- A larger-than-average slew of retail bankruptcies and stores being shuttered rocked the industry this year, making headlines and dragging even some of the better-performing companies such as Home Depot, TJ Maxx and Costco down with the dismal news. So far in 2017, 6,985 store closure announcements have been made, according to a tracker from FGRT (formerly Fung Global Retail & Technology). That's up more than 200 percent from a year ago, based on the firm's […]

todayDecember 27, 2017 122

Business & Lifestyle

Effingham Kmart to see its last holiday shopping season

EFFINGHAM (Heartland Newsfeed) -- The Effingham Kmart on North Keller Drive is one of 45 Kmart outlets that will close in January as parent company Sears Holdings continues its wave of store closures, a Business Insider report said. The Effingham Kmart is the only Illinois outlet affected by the recent announcement, which also heralded the closure of 18 Sears stores throughout the country. The stores will all remain open throughout December for the holiday shopping period and close in January. […]

todayNovember 16, 2017 5

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