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.
Sears Holdings will close an additional 40 locations in 2019 as the company continues to navigate bankruptcy proceedings.
A week after filing for Chapter 11 bankruptcy protection, Sears Holdings Chairman Edward Lampert looking for financial partners on a $300 million loan sought by the retailer, Reuters reported on Monday.
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.
Edward Lampert’s ESL Investments has made a $400 million bid for Sears Holdings’ Kenmore business.
Sears Holdings is in the process of closing an additional 40 stores in 24 states, according to a report from Business Insider.
Sears Holdings has formed a special board of directors committee to initiate a formal process to explore the sale of its Kenmore brand and related assets, as well as the Sears Home Improvement Products and Parts Direct business of its Sears Home Services division.
Sears Holdings Corp. and its board of directors have received a letter from ESL Investments expressing the view that the company should pursue a divestiture of all or a portion of its Kenmore brand and related assets, the Sears Home Improvement business of the Sears Home Services division (SHIP) and the PartsDirect business of the Sears Home Services division.
In an effort to improve its financial position, Sears Holdings has reached agreements to extend a portion of its secured loan facility and annuitize its pension obligations.
Sears Holdings has named a new chief financial officer as officials with the retailer provided an update on its plan to turn around the company’s ailing fiscal health.
For the second time in less than a week, Sears Holdings has entered into a secured loan facility with the funding deriving from an investment company owned by its CEO.