Sears files for bankruptcy after years of turmoil

One of Sears' major shareholders just dumped a chunk of his stock for pennies on his original investment

Analysts have speculated for years that Sears was a sinking ship. Sears' stock has fallen more than 50% in the last five days to around 35 cents a share.

Three companies that sell items at Sears told Reuters this week that Sears had missed payments to them over the past few weeks.

Lampert's hedge fund, ESL Investments, said it had consistently believed that restructuring the company's finances could have been best achieved outside a court-run bankruptcy process. "In our view, too much rot has set in at Sears to make it viable business". Usually, funding is secured well before the final days. There are several reports that Sears is in talks for that kind of financing, but negotiations don't appear to be going well.

Lampert, who is also the company's largest shareholder and lender, is hoping the deal, combined with a program of divestitures, will give Sears a fighting chance of escaping liquidation ahead of the key holiday shopping season, the sources said.

Auto racing capsules: Aric Almirola advances with Talladega win
Kevin Harvick won the second stage and led teammates Clint Bowyer , Kurt Busch and Aric Almirola across the finish line. First, drivers were forced to burn fuel during a long cleanup period under caution before overtime. "It's beyond me.

Three takeaways from the Red Sox’s Game 2 ALCS win
After Alex Bregman worked a two-out walk, Brasier got Yuli Gurriel to ground into a fielder's choice. Game 2 was the first time ever two No. 1 overall picks started against each other in the postseason.

Patriots' red-zone defense key in thrilling win over Chiefs
At 13:39 of the third quarter, on a third-and-2, Mahomes hit Kareem Hunt for a 67-yard touchdown. Unfortunately, that lead did not hold, as the Chiefs defense handed Brady a rushing touchdown.

Early Monday morning, Sears announced it had filed for Chapter 11 bankruptcy - which would allow it to reorganize and possibly reemerge from bankruptcy with some part of the business intact - and received commitments for $300 million in debtor-in-possession financing to carry through the bankruptcy period while it restructures its debt and reorganizes its business. It could attempt to emerge as a profitable company.

In the UK, Toys R Us went into administration, closing 105 stores across the nation, after taking a huge hit in sales.

Such financial woes contrast with the promise that Lampert made when he combined Sears and Kmart in 2005, two years after he helped bring Kmart out of bankruptcy. The holding company has closed almost 3,000 Sears and K-Mart locations over the past decade and are now down to fewer than 1,000 retail locations. While Sears and Kmart stores and the online business will remain open, the company will shut 142 unprofitable outlets near the end of the year, on top of 46 unprofitable stores already slated for closure by November.

Related News:

  • Liverpool to monitor Mohamed Salah and Virgil van Dijk injuries

    Liverpool to monitor Mohamed Salah and Virgil van Dijk injuries

    Germany had chances to grab a leveller after the break, with substitute Leroy Sane steering a glorious opportunity wide. Ryan Babel's header from a corner crashed against the crossbar and Van Dijk converted the rebound.
    No information on Alok Nath's alleged defamation suit yet, says Vinta Nanda

    No information on Alok Nath's alleged defamation suit yet, says Vinta Nanda

    In a social media post on 8 October, Nanda had alleged that the actor had raped her 19 years ago. I can remember more liquor being poured into my mouth and I remember being violated endlessly.
    #MeToo: Harassment charges false and fabricated, says Akbar

    #MeToo: Harassment charges false and fabricated, says Akbar

    The protesting journalists also sought immediate action against those facing allegations of sexual misconduct . In the lengthy statement, the minister has specifically replied to allegations made by women journalists.
  • Why Unai Emery delights in Ramsey’s contract mess

    Why Unai Emery delights in Ramsey’s contract mess

    Granit Xhaka has paid tribute to Arsenal boss Unai Emery and feels the Spaniard has already improved him as a player. He has also scored a goal and provided an assist in his eight outings.
    Air India air hostess, 53, falls off plane at Mumbai airport, hospitalised

    Air India air hostess, 53, falls off plane at Mumbai airport, hospitalised

    The following shocker takes place just a few months after an Air India engineer got sucked into Air India's engine at the airport. Citing sources, a Times of India report said the woman's right leg had a fracture and she underwent a CT scan at the hospital.
    Future of Patisserie Valerie hangs in the balance

    Future of Patisserie Valerie hangs in the balance

    It has also been earmarked for "general working capital purposes and committed capital expenditure", Patisserie Holdings said. Mr Marsh was suspended from his role while the circumstances of the financial black hole were examined internally.
  • USA  retailer Sears files for bankruptcy

    USA retailer Sears files for bankruptcy

    Three companies that sell items at Sears told Reuters this week that Sears had missed payments to them over the past few weeks. Sears Holdings made it official early Monday morning, announcing the retailer has filed for Chapter 11 bankruptcy protection.
    Manchester United add another of Europe's big managers to their shortlist

    Manchester United add another of Europe's big managers to their shortlist

    Allegri has been managing Juventus FC since 2014 and has provided exceptional results during his tenure with the Italian giants. Manchester United would look if Jose Mourinho manages to save his job and turn over their current situations into good.
    Ariana Grane & Pete Davidson Have Split

    Ariana Grane & Pete Davidson Have Split

    Pete appeared on Saturday night's episode of Saturday Night Live , which featured former SNL star Seth Myers. The singer, 25, and " SNL " star, 24, called off their engagement over the weekend, according to TMZ .
  • Israeli court upholds ban on entry by U.S. student

    Israeli court upholds ban on entry by U.S. student

    It was the first time that Lara Alqasem has appeared in public since she was stopped at Israel's Ben-Gurion Airport on October 2. Alqasem now faces deportation, but will not be required to leave before Sunday and may choose to appeal to the Supreme Court.
    Cologne police: Hostage incident at train station

    Cologne police: Hostage incident at train station

    German public broadcaster Deutsche Welle reports shots have been fired at the station, although it is unclear by who. They also appealed to locals to avoid the area and warned of likely disruptions to train services.
    Netherlands vs. Germany - Football Match Report

    Netherlands vs. Germany - Football Match Report

    Germany had chances to grab a leveller after the break, with substitute Leroy Sane steering a glorious opportunity wide. Then, Memphis Depay doubled the lead with 3 minutes remaining, after a quick counter-attack.


Most liked

Pompeo to meet with Saudi king amid Khashoggi probes: Donald Trump
King Salman spoke to the Turkish president, Recep Tayyip Erdoğan, on Sunday, and it is likely that this call ended the impasse. In this photo from February 1, 2015, Saudi journalist Jamal Khashoggi speaks at a press conference in Manama, Bahrain.

China not ready for a deal yet: Donald Trump
China's ambassador to the U.S. said Beijing has no choice but to respond to what he described as a trade war started by the US. Over the last six month, the United States has imposed additional tariff on import of more than $ 250 billion products.

Led coalition fires white phosphorus on IS-held area in eastern Syria
SANA said the attack is the not the first one, as USA -led airstrikes used phosphorus ammunition in an attack on Hajin last month. On Saturday, Isil militants stormed a settlement for displaced people in Hajin and abducted scores of civilians.

#MeToo: Filmmaker calls out senior journalist, says he slobbered over her face
The filmmaker recalled how Vinod Dua lashed out at Akshay Kumar for his sexist remarks on her daughter Mallika. It isn't my responsibility, shame or burden. "I will deal with this my way on my time", said Mallika.

WhatsApp updates its 'Delete for everyone' feature with new rules
As the name implies, the feature enables users to revoke messages in case they were sent to a wrong contact or group. Well now, to prevent misuse of this feature, WhatsApp has slightly modified the "Delete for Everyone" feature .

Jamal Khashoggi may have recorded his torture, murder - Turkish paper Sabah
Concerns appeared to spread Monday to Japan's SoftBank, which has invested tens of billions of dollars of Saudi government funds. According to Saudi-owned Al Arabiya, the kingdom has "over 30 measures" that it could implement to combat sanctions.

Yankees Exploring Trade Options for Sonny Gray After Dismal Season
The Yankees acquired Gray last summer from the A's in a trade for prospects James Kaprielian , Jorge Mateo and Dustin Fowler . It should be an interesting offseason for the Yankees, and Cashman is already embracing the idea of making a huge trade.

Man Attempting to Kill Son with Chainsaw Gets Run over by Mower
Tennessee man Douglas Ferguson , 76, allegedly attacked his son with a running chainsaw but was run over with a lawnmower. A Tennessee father tried to kill his son with a chainsaw, but he instead got run over with a lawnmower, say deputies.

Butler will play in Timberwolves' season opener
Trade talks concerning Butler between the Wolves and Miami Heat are dead for now. We're always going to do what's best for the Timberwolves".

Donald Trump hints at more China tariffs, doesn’t seek ‘depression’
Trump has backtracked on his strongest to date expression of his newfound admiration for North Korea's leader Kim Jong-un. Citing concerns about the pact's economic impact, Trump said in 2017 that the U.S. will leave the Paris climate accord.

Red Dead Redemption 2 On Xbox: 88.57GB
This is despite criticism against the previous Red Dead game for a similarly brutal schedule. It is wonderful that one game can take up a fifth of a consoles storage.

American BDS Students Gets Another Chance: Deportation Frozen by High Court
Alqasem has strong support from the leftist community in Israel, as well as from Hebrew University and the university from which she graduated.

The Sunday Edition: President Donald Trump Tweetstorm
When one listens to the president's full comments at the rally about the two leaders, it is clear he was calling Ulysses S. Grant in a series of clashes in Virginia in 1864-65 before finally surrendering what was left of his army in April 1865.

Harry, Meghan touch down in Sydney for Australian tour
They're expected to fly from Toronto to meet Prince Harry and Markle when the tour launches at the Sydney Opera House on Tuesday. Prince Harry and Meghan Markle were caught up in a mid-air scare when their private jet was struck by lightning .

Hillary Clinton Claims She Never Criticized Bill's Accusers
She added, "There was an investigation and it, as I believe, came out in the right place". Clinton interjected, " who was an adult ".