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...

BusinessFeatured

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...

Business|ANALYSIS Featured

Debunking Sear’s 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 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 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...

Business

Sears loss widens, but shares up 23 percent

Struggling retailer Sears Holdings Corp. Thursday reported a loss for the second quarter that widened from a year ago, however, the company reported an improvement in same-store sales. Shares were up 23 percent in after-hours trading. The company reported a second-quarter loss of 508 million dollars or $4.68 per share, wider than last year's...

Business|IN DEPTH Featured

A closer look at the fashion companies that made this year’s Fortune 500 list

Walmart has topped Fortune magazine’s list of the 500 most valuable companies in the US once more. 16 other fashion retailers have also made the list, but none of them are newcomers. FashionUnited takes a closer look at the most recent developments to stem from these companies. Walmart - 1 Several businesses are being removed from Walmart’s...

Business|ANALYSIS

The good, the bad, and the ugly of Trump’s new tax policy for U.S. retailers

Retail in the U.S. is largely a domestic industry, agree market experts. As such, the new taxation announced by Trump’s Administration will generally favor national retailers. The Tax Cuts and Jobs Act’s lower corporate tax rate benefits retailers more than other businesses in the country as this is a predominantly national market. Lowering the...