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...
Sep 17, 2021
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...
Jun 25, 2021
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...
Feb 8, 2021
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...
Apr 22, 2019
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...
Feb 8, 2019
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...
Jan 21, 2019
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...
Jan 16, 2019
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...
Jan 7, 2019
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...
Dec 12, 2018
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...
Oct 16, 2018
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...
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...
Oct 15, 2018
