• News
  • Business

Sears files for Chapter 11 bankruptcy

Sears files for Chapter 11 bankruptcy

The president lamented the status of the once prominent Sears, remembering the store's golden days, and he criticized its leadership for the situation.

Sears Holding Corp.is expected to file for bankruptcy protection, several wire service reports have indicated.

"It's hard to overlook or overstate the dynamic impact Sears had on the retail industry in the United States", Greg Portell, lead partner in the retail practice of global strategy and management consulting firm A.T. Kearney told USA Today, "and also how the failure to reinvent ultimately leads to extinction". A new Office of the CEO will be responsible for managing day-to-day operations.

Storch said it is rising wages and competitive pressures that will result in more bankruptcies among big retailers "on the brink". The only acquirer it could find was Lampert, who offered $400 million for Kenmore through his hedge fund.

The filing listed between $1 billion and $10 billion in assets, while liabilities range between $10 billion to $50 billion.

Sears first became known for its general mail-order catalog which began in 1896.

In the 1980s, Sears went on a shopping spree, buying brokerage Dean Witter Reynolds and real estate company Coldwell, Banker. The store is owned separately from the mall, but Black said Northwood is working closely with New England Development on the redevelopment plans.

But some locations not even on the list — like the Sears at Tampas Westshore Plaza — have already made a decision to give up on the 132-year-old retailer. Some, like Payless ShoeSource, successfully emerged from reorganization in bankruptcy court.

Sears employed about 89,000 workers in the U.S. as of February, compared with 246,000 people five years ago. The company, which once had 350,000 workers, has also shrunk its headcount 68,000 workers as of Monday's court filing, the AP reported.

Melania Trump visits baby elephants, takes Kenya safari
Otherwise, he said , "She'll get some nice photos and it won't do anything to move the needle on USA interests on the continent". Agency for International Development, whose funding President Donald Trump has twice proposed slashing by almost a third.

The number of stores peaked in 2012 at 4,000, including its Sears Canada division that was later spun off.

Net sales to Sears represent less than 2 percent of the company's global sales.

The company has 90,000 employees and in its heyday owned over three thousand stores. But Sears lost its footing in the 1980s with expansions into financial products such as banking, mortgages, insurance and credit cards, and Walmart Inc supplanted Sears as the biggest retailer in the early 1990s.

Appliance giants Whirlpool and Frigidaire have a lot at stake in Sears' Chapter 11 bankruptcy filing, coming near the top of a long list of claims by unsecured creditors.

Remember, J.C. Penney has been more deliberate than any other retailer in recent years about trying to win market share as Sears closed hundreds of stores.

Along the way, the company found related innovations; for example, Allstate Insurance arose in the 1930s from the realization that Sears catalogs and stores would be good channels to sell insurance to the new legions of vehicle owners.

The company is unable to pay a $134 million debt payment, due Monday.

Eddie Lampert, Sears's chief executive officer and largest shareholder, may also look to sell some of the company's assets in bankruptcy - possibly to himself.

Leave Your Comment

Leave Your Comment

Latest News

Breaking News


Glitch Inducing Message Reportedly Crashing PS4s, Users Urged To Change Settings

So if your messaging settings currently allow you to receive messages from strangers, you may want to change them for now. Fortune has reached out to Sony and PlayStation for comment, and will update this story in the event that they respond.

Sajid Khan Accused Of Sexual Harassment By These Three Women

Incidentally, Housefull 4 also stars Nana Patekar , who has been accused by Tanushree Dutta of sexual harassment . Soon after Sajid, Akshay Kumar requested the producers of the film to stop the production till the truth is out.

Barkan Industrial Park Shooter Still at Large

Hamas claimed responsibility for the West Bank murder, setting off a mass Israeli response against the group. It is a sub-machine gun version of the Swedish Carl Gustav rifle that can cost as little as $780 to produce.

Google shutting down Google+

News of the bug sent shares of Google's parent company, Alphabet , down as much as 2.2 percent to $1,142.43 on Monday afternoon. What's probably more interesting to most users is that the advertising giant opted to not disclose the issue.

Trump, Rosenstein meet on Air Force One in wake of ‘wire’ report

If Trump is saying the Chicago Police Department should "do" stop and frisk, it already is. Thank you as well to our Deputy Attorney General Rod Rosenstein for being here.

Interpol president reported missing during trip to China

After being elected as the head of the global policing agency in November 2016, Meng took a particular interest in cyber-crime. French police are investigating the disappearance of the president of Interpol during a trip to China , authorities said.

'Chuck Chequers', Johnson challenges May on #Brexit

Cable said that May said the Conservatives must be a party for the whole country, adding "yet she has overseen widening divisions in our society".

India vs West Indies: Ravichandran Ashwin surpasses Harbhajan Singh in elite list

Ashwin got Chase bowled on a big turning off-spinner that found the inside edge of the bat to crash on to the stumps. India's Ravichandran Ashwin (centre) celebrates with teammates after dismissing West Indies' Shai Hope.

Melania Trump Shows of Dance Moves in Kenya

Her first-ever visit to Africa is also her first extended solo global trip as first lady in what some see as "fence-mending". Later during a visit at the US embassy in Malawi , the first lady called her visit to the school an "amazing experience".

Pompeo to meet Kim Jong Un in fresh visit

In recent weeks, North Korea has demanded nearly daily that the United States sign an end-of-war declaration. On Saturday, Trump lavished praise on Kim and said they had fallen "in love" after exchanging letters.