Sears news and archive

Sears to shutter its last store in home state of Illinois

Department store chain Sears is closing down its last store located in its home state of Illinois, CNBC reported. The company, which was founded in Chicago in 1892, plans to shut the shop, located in Simon Property Group’s Woodfield Mall, on November 14. Sears’ parent company, Transformco, which also manages the real estate, said it plans to...

Retail

Sears stores to be put up for sale

Sears is looking to sell as many as 50 properties to help generate cash flow and build up other properties and stores they own. Seritage Growth Properties, a real estate investment trust that was a product of the Sears bankruptcy, has plans to sell up to 50 sites that were described as “less interesting in terms of uses of our capital” by CEO...

Retail

Sears closes 13 more stores

Sears retail footprint continues to shrink. Transformco, the parent company of Sears and Kmart, is planning to close an additional 13 stores as the stores have continued to struggle over the years. The news was reported by Retail Dive. Recently, Transformco made a series of job postings for temporary positions for store closures, including one...

Business

Sears sues Eddie Lampert

It might seem like Sears was another casualty of the decline of brick-and-mortar, but there appears to be more to it than that, and the company is pointing fingers at their former CEO Eddie Lampert. Sears Holdings Corp. has launched a series of lawsuits against Lampert and a series of former high-profile board numbers, including U.S. Secretary...

ManagementFeatured

Sears is safe: judge approves Lampert's rescue plan

New York - This Thursday, Robert Drain, the bankruptcy judge charged with deciding the future of the US department store operator, has approved the rescue plan of the president and Sears' top investor, Edward Lampert. One of the most controversial moments of the trial came when Judge Drain rejected the arguments of a group of uninsured...

Management |ANALYSIS Featured

Debunking Sears' eleventh-hour rescue plan

New York - Sears’ chairman Eddie Lampert reached a deal with Sears early this month to acquire 425 Sears stores and other assets for about 5.2 billion dollars after winning a bidding process. Lampert’s ESL Investments will put 850 million dollars into a new asset-based loan, according to a regulatory filing last from January, 18. "We are pleased...

Business

Sears to stay open for now

Sears, Inc. Chairman Eddie Lampert has won a bankruptcy auction for Sears with a plan that will keep the retailer open and save over 50,000 jobs. The news was reported by Bloomberg. Lampert's bid won over other proposals that would have forced the retailer to liquidate and sell its assets. The bid is valued at 5 billion dollars, which is a 150...

Report

Sears prepares for liquidation

We could be saying goodbye to Sears sooner than we think. The company is preparing itself for liquidation after their chairman Eddie Lampert's bid to buy the stores out of bankruptcy fell shorts of bankers qualifications. The news was first reported by Bloomberg. Last Friday an emergency meeting was called by Sears representatives with...

Business

Sears hires real estate firm to shop around stores

Sears Holdings is dropping their dead weight. Bloomberg has reported that the retailer has hired real estate firm John Lang LaSalle to shop around about 500 of its U.S. stores. The good news is that they are already attracting strong interest from other retailers and mall owners. There is the possibility that properties could be worth more to...

Management

Sears bankruptcy: a store that failed to connect with customers

When was the last time you went to Sears and made a purchase? Can't quite remember? You are not alone. The once successful North American department store chain has failed to connect with its customers for quite some time. Now officially bankrupt, Sears, once the largest retailer in the world, joins the morgue of other has-been retailers, like...

RetailFeatured

Map of a giant collapsing: some happy, others not

Following the filing of bankruptcy by Sears Holdings, 142 Sears & Kmart stores across the US will be liquidated. Here is a map showing their locations. While bankruptcy of Sears means havoc for its shareholders, many landlords are happy to see them go. According to NBC News, one location in Staten Island, New York can look forward to a 727...

ManagementFeatured

Sears Holdings files for bankruptcy, to close 142 more stores

Sears Holdings Corp. said Monday that the company and certain of its subsidiaries have filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York. The company noted that it will also close 142 unprofitable stores near the end of the year. Edward Lampert has...