Nearly four months after Sears Holdings filed for Chapter 11 bankruptcy protection, the acquisition of the retailer by ESL Investments is now official.
Sears Holdings officials acknowledged Edward Lampert’s winning bid for the company, subject to bankruptcy court approval.
Three months after Sears Holdings filed for Chapter 11 bankruptcy protection, it appears as if there is life left in the venerable retailer.
Sears Holdings will consider a revised takeover bid from its chairman Edward Lampert just hours after it appeared that the venerable retailer was headed for liquidation, Reuters reported Tuesday afternoon.
Published reports indicated that Sears Holdings plans to ask a bankruptcy court judge to allow the retailer to move ahead with liquidation plans.
Sears Holdings will shutter an additional 80 locations under its Kmart and Sears banners as the retailer continues to operate while its bankruptcy proceedings move forward.
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.