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.
Sears Holdings is in the process of closing an additional 40 stores in 24 states, according to a report from Business Insider.
Sears Holdings and Citi are extending its relationship related to co-branded and private label credit card offers that will include a long-term marketing deal related to the Shop Your Way Mastercard rewards program.
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.