A hedge fund run by Sears Holdings chairman Edward Lampert and Cyrus Capital Partners are reportedly working together to prepare a bid to take over the bankrupt retail chain.
In consequence of the chapter 11 bankruptcy filing by parent Sears Holdings, Sears Home & Business Franchises, which offers appliances and other services to consumers, is “here to stay and open to serve you,” stated Jeff Pepperney, the company’s vp.
With a possible bankruptcy filing on the horizon, Sears Holdings is reportedly missing some vendor payments as several major lenders push for the struggling retailer to be liquidated, published reports on Thursday, October 11, indicated.
Southeastern Grocers (SEG), the parent company of several southern grocery store chains including Winn-Dixie, has filed for Chapter 11 bankruptcy protection and will close 94 locations across its four nameplates in seven states.
Although a relatively strong holiday season demonstrated that retail has resilience, perhaps more than pundits touting a retail apocalypse might have expected, significant bankruptcies are likely in the years ahead, according to Michael McGrail, chief operating officer for the Tiger Group.
Just weeks after announcing it was filing for Chapter 11 bankruptcy protection and that it had a potential buyer, hhgregg has terminated its previously announced nonbinding term sheet with the anonymous party to purchase substantially all of the assets of the company.