HOFFMAN ESTATES, Ill. (AP) — The parent company of Sears, controlled by former Sears CEO Eddie Lampert, is buying the rest of Sears Hometown and Outlet Stores Inc. that it doesn't already own and...
Sears sues former chairman Eddie Lampert
NEW YORK (AP) — Sears Holdings Corp. is suing its former chairman and largest shareholder Eddie Lampert, alleging the billionaire stripped the once iconic company of more than $2 billion in...
Correction: Sears-Survival story
NEW YORK (AP) — In a story Feb. 7 about Sears staying in business, The Associated Press incorrectly spelled the name of a popular American TV show that aired in the 1960s. The show is "The Andy Griffith Show," not "The Andy Griffin Show." The AP also incorrectly referred to the railroad tycoon. His name was Jay Gould not J. Gould.
A corrected version of the story is below:
Bankruptcy judge gives Sears another chance, OKs $5.2B plan
Sears creditors challenge hedge fund chairman’s winning bid
NEW YORK (AP) — A group of Sears creditors are challenging Chairman Eddie Lampert's hedge fund's winning $5.2 billion bid to buy the business in a bankruptcy auction and wants to air their grievances in court.
Sears confirmed Thursday that Lampert's hedge fund won tentative approval for the plan to buy 425 stores and the rest of its assets. The move preserves 45,000 jobs and is subject to court approval on Feb. 1 and is expected to then close Feb. 8.
The Latest: Sears creditors challenge ESL’s winning bid
NEW YORK (AP) — The Latest on Sears bankruptcy auction (all times local):
A group of Sears creditors are challenging Chairman Eddie Lampert's hedge fund's winning bid to buy the business in a bankruptcy auction and wants to sue the billionaire and his hedge fund.
Sears survives a near-death experience, but for how long?
NEW YORK (AP) — Sears will live on — at least for now.
Its chairman and biggest shareholder, Eddie Lampert, won tentative approval for a $5 billion plan to keep the ailing, 132-year-old department-store chain in business, fending off demands from creditors that it throw in the towel, according to a person familiar with the negotiations. The person was not authorized to discuss the matter and spoke on condition of anonymity Wednesday.
Sears’ chairman stands at the center of fight for company
NEW YORK (AP) — As Sears teeters on the brink of collapse, one man stands at the center of the fight for the future of the iconic retailer.
Eddie Lampert plays several often-conflicting roles in what could be the final chapter for the company that began as a mail order watch business 132 years ago. He's been chairman, CEO, lender, and largest shareholder — all at the same time. And he stands to win big if Sears survives.
Sears gets another reprieve from liquidation
NEW YORK (AP) — Sears received another possible lifeline Tuesday when the company's chairman and largest shareholder promised to line up the necessary financing to keep the struggling department store chain afloat.
The reprieve came after what Sears lawyers described to a bankruptcy judge in New York as "round-the-clock" negotiations following the company board's initial rejection of Eddie Lampert's proposal, which sought to preserve 425 stores and 50,000 workers.
Sears gets another reprieve from liquidation
Lampert’s hedge fund makes last-minute bid to save Sears
NEW YORK (AP) — A hedge fund run by Sears Chairman Eddie Lampert said it submitted a last-minute bid Friday to keep the struggling retailer from being liquidated.
The bid, valued at $4.4 billion, still needs to be approved. A court date is scheduled for the middle of January.
Sears’ biggest holder bids $4.6B for rest of bankrupt chain
NEW YORK (AP) — Eddie Lampert and his ESL Holdings hedge fund are offering to buy the rest of Sears for up to $4.6 billion in cash and stock in a move to stave off liquidation.
With few seeing second act for Sears, company shares routed
NEW YORK (AP) — Sears is being pummeled before the opening bell on a report that banks are pushing the 130-year-old retailer to liquidate.
The report Thursday in The Wall Street Journal comes one day after stock in Sears Holdings Corp. tumbled 30 percent.
Shares, which have fallen 86 percent this year, tumbled another 15 percent in premarket trading. The company's stock fell below $1 this month with few seeing a second act for the company that revolutionized how American shop.
Sears names restructuring expert to board as debt is due
NEW YORK (AP) — Sears Holdings Corp. is adding a restructuring expert to its board, suggesting the ailing retailer may be preparing to take significant actions to survive or to protect its remaining assets.
Sears CEO: Retailer needs to sell more real estate
NEW YORK (AP) — The hedge fund owned by Sears Holdings Corp. CEO Eddie Lampert is urging the retailer's board to sell more of its real estate and restructure its debt, as it seeks to avoid bankruptcy.
ES Investment Hedge Fund said Monday that Sears should sell $1.5 billion more in real estate and restructure $1.1 billion in debt, according to the filing with the Securities and Exchange Commission.
Sears to close another 46 unprofitable stores in November
HOFFMAN ESTATES, Ill. (AP) — Sears Holdings Corp. is closing another 13 Kmart stores and 33 Sears stores as sales shrink and losses grow.
The ailing company said Thursday that liquidation sales at the 46 unprofitable stores marked for closure will start Aug. 30, and the stores will close in November. The company said it informed its workers.
Sears secures loans for a total of $210 million
NEW YORK (AP) — Sears Holdings Corp. says it has secured loans for a total of $210 million as the ailing retailer continues to prop up its business.
The Hoffman Estates, Illinois-based company, which operates stores under the Sears and Kmart brands, says it secured loans through its Chairman Eddie Lampert's fund ESL Investment and other sources, according to a government filing.
Last month, it said it was in discussions with lenders to restructure its debt.
NEW YORK (AP) — Struggling department store chain Sears says it's closing even more stores as it tries to turn around its business.
- The Daily JournalSears staves off liquidationJanuary 16, 2019
- The Detroit NewsSears said to extend talks on rescue planJanuary 15, 2019
- The Herald-DispatchSears' likely demise marks the end of an eraJanuary 13, 2019
- The Daily JournalJudge gives Sears reprieveJanuary 10, 2019
- The News-TimesReport: Sears to close stores after failed bid by chairmanJanuary 8, 2019
NEW YORK (AP) — Sears is fighting back against vendors that it says are taking advantage of the department store as it navigates a precarious financial situation.
Incoming Treasury Sec. Mnuchin steps down from Sears board
NEW YORK (AP) — Steven Mnuchin, who was nominated by Donald Trump as the next Treasury secretary, is stepping down from the board at Sears.
Mnuchin, 53, has been on the Sears Holdings Corp. board for more than 11 years, according to the company. He was the Yale roommate of Sears Chairman and CEO Eddie Lampert.