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’ plans to stay in business while looking for a possible buyer was approved by a U.S. Bankruptcy Court on Thursday, November 15, despite objections by some creditors, according to a report by Reuters.
Sears Holdings will close an additional 40 locations in 2019 as the company continues to navigate bankruptcy proceedings.
In an example of never say die attitude, and at least some supplier largesse, Sears Holding has announced its holiday doorbuster deals for its Sears and Kmart stores.
Shed a tear for Sears Holdings if you must. Despite any flicker of post-Chapter 11 hope Eddie Lampert tries to peddle, all that seems left of this story— even if in some way the Sears and Kmart brands are salvaged or reincarnated— is for the plug to be pulled on what is left of the business as we know it and the remnants of its assets to be redistributed.
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.
Sears Holdings has received approval on all first-day motions related to the company’s Chapter 11 bankruptcy filing.
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.
Facing what he called “significant near-term liquidity constraints” that includes a debt payment in the middle of October, Sears CEO Edward Lampert is proposing a plan to restructure and reduce the company’s debt.
Edward Lampert’s ESL Investments has made a $400 million bid for Sears Holdings’ Kenmore business.
According to a recent report on CNBC, as Sears Holdings continues to look for ways to boost sales, the company is testing new store concepts, including a mini-Kmart inside a Sears store in Brooklyn, NY.