Offbeat: Bankrupt Sears wins court approval for plans to sell stores - - PressFrom - US
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OffbeatBankrupt Sears wins court approval for plans to sell stores

00:20  16 november  2018
00:20  16 november  2018 Source:   reuters.com

Lampert keeps cash on sidelines as Sears touts sale plan

Lampert keeps cash on sidelines as Sears touts sale plan For once, Eddie Lampert is keeping his wallet in his pocket. Sears Holdings is closing in on a deal with new lenders to finance it through its bankruptcy, according to a person with knowledge of the situation. Lampert and his hedge fund, ESL Investments, won’t be participating. Then there’s the retail chain’s plan to auction off the highest-performing stores. That paves the way for Lampert, Sears’s chairman and former chief executive officer, to potentially hold on to the best parts of the retail empire by paying with debt rather than cash. Sears, once the dominant U.S.

Sears Holdings Corp won U.S. bankruptcy court approval on Thursday to move forward with plans to stay in business and sell itself, even as it Sears already announced it plans to close about 180 of its stores . Sears Chairman Eddie Lampert, a billionaire who runs hedge fund ESL Investments Inc, is

Sears Holdings Corp. won U.S. bankruptcy court approval on Thursday to move forward with plans to stay in business and sell itself, even as it continues to evaluate offers to liquidate its business.

By Jessica DiNapoli

WHITE PLAINS, N.Y., Nov 15 (Reuters) - Sears Holdings Corp won U.S. bankruptcy court approval on Thursday to move forward with plans to stay in business and sell itself, even as it continues to evaluate offers to liquidate its business.

The 125-year-old retailer, which filed for Chapter 11 bankruptcy last month, faces opposition to its plan to sell from some creditors, who argued in court papers that Sears would be squandering hundreds of millions of dollars by pursuing a sale instead of winding down its business.

Sears to shut 40 more stores early next year

Sears to shut 40 more stores early next year The new store closures are in addition to the 142 stores Sears is already expected to close toward the end of 2018. When it filed for bankruptcy in early October, the company had roughly 700 Sears and Kmart stores still open for business. It's shuttered hundreds of locations over the years, including spinning about 240 stores off in 2015 to form real estate entity Seritage. The company said liquidation sales at the 40 locations set to close in February will start late next week. (See a full list below.) The accompanying Sears Auto stores will also be shut, according to the company.

Sears Holdings Corp (SHLDQ.PK) won U.S. bankruptcy court approval on Thursday to move forward with plans to stay in business and sell itself, even as it continues to evaluate offers to liquidate its business. The 125-year-old retailer, which filed for Chapter 11 bankruptcy last month, faces opposition.

Sears Holdings Corp (SHLDQ.PK) won U.S. bankruptcy court approval on Thursday to move forward with plans to stay in business and sell itself, even as it continues to evaluate offers to liquidate its business. The 125-year-old retailer, which filed for Chapter 11 bankruptcy last month, faces opposition.

To address the creditors' concerns, attorneys for Sears said the retailer would be considering offers for its business from liquidation firms that sell companies' assets in pieces and shut them down.

Liquidators won an auction for the assets of sporting goods retailer Sports Authority in 2016 and then sold them off in pieces. Retailer Toys "R" Us decided to liquidate this year, shutting all of its U.S. brick-and-mortar shops.

Ray Schrock, an attorney for Sears, told the court that liquidating Sears right away would destroy value, and potentially lead to the failure of profitable businesses, such as the retailer’s home services division.

“We recognize that we have a tough task ahead to save the company,” Schrock said. Sears employs about 68,000 people.

As Sears fights for its life, creditors say maybe it should die

As Sears fights for its life, creditors say maybe it should die Chairman Eddie Lampert wants to keep Sears Holdings Corp. alive, but a group of the company’s creditors say they’d be better off if Sears were dead. require(["medianetNativeAdOnArticle"], function (medianetNativeAdOnArticle) { medianetNativeAdOnArticle.getMedianetNativeAds(true); }); The plan envisioned by Lampert amounts to “an unjustified and foolhardy gamble with other people’s money,” the unsecured creditors committee said in court papers on Friday.

By Jessica DiNapoli WHITE PLAINS, N.Y. (Reuters) - Sears Holdings Corp won U.S. bankruptcy court approval on Thursday to move forward with plans to . FILE PHOTO: A store closing sale sign is posted next to a Sears logo in New Hyde Park, New York, U.S., October 10, 2018.

Sears Holdings Corp won U.S. bankruptcy court approval on Thursday to move forward with plans to stay in business and sell itself, even as it continues to evaluate offers to liquidate its business. The 125-year-old retailer, which filed for Chapter 11 bankruptcy last month, faces opposition to its.

Sears filed for bankruptcy with its bank lenders promising to give it $300 million in bankruptcy financing. The retailer late Wednesday filed papers with the court showing that it had secured an additional $350 million bankruptcy loan from Great American Capital Partners, an affiliate of liquidation specialist Great American Group.

The company faces a mid-December milestone to find a bidder for its approximately 500 remaining stores and other assets. Sears already announced it plans to close about 180 of its stores.

Sears Chairman Eddie Lampert, a billionaire who runs hedge fund ESL Investments Inc, is working "around the clock" with possible lenders to finance a bid to keep Sears in business, according to bankruptcy-court papers.

Lampert, who was Sears' chief executive until it filed for bankruptcy, has loaned the company billions of dollars over the years, and plans to use some of the money he is owed to finance his offer for company assets, according to court papers.

(Reporting by Jessica DiNapoli in White Plains, New York Editing by Leslie Adler)

Sears on Black Friday: Filled shelves and sentimental customers.
It's Black Friday, which means shoppers are flocking to malls to score big discounts, knock out much of their holiday shopping or uphold family traditions. For Sears, the big question is how many of those shoppers its stores will draw. Hoffman Estates-based Sears Holdings Corp., which filed for bankruptcy protection in October, isn't just trying to shake off its run of dismal holiday seasons. This year, the beleaguered parent of Sears and Kmart is trying to bring back shoppers to ensure a future for the company and some of its stores. But when the recently remodeled Oakbrook Center Sears in suburban Chicago opened at 5 a.m.

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