By CCN: Sears is in a downward spiral and it's trying to take down as many others as possible, too, including a top advisor to President Trump. The retailer, which is currently in bankruptcy protection, has filed a lawsuit against its former CEO Eddie Lampert, his hedge fund ESL Investments, Treasury Secretary Steven Mnuchin, and others. Sears filed for Chapter 11 bankruptcy protection six months...
ESL Investments CEO Eddie Lampert has emerged victorious in the Sears Holding Corporation bankruptcy auction with a $5.2 billion bid that potentially saves tens of thousands of jobs and keeps 425 Sears stores open across the United States. Sears Shares Leap after Lampert Wins Bankruptcy Auction Earlier in January, CCN reported that Lampert was granted more time by a judge to up his rejected $4.4...
Retailers are suffering in a very general way, with Sears fighting liquidation efforts and most stores posting disappointing figures. Shares in Macy’s (M) are down roughly 16% over the 24-hour period on the Big Board. Post-holiday sales figures of today disappoint everyone. It began the 24-hour period at over $31, but by the time of writing it’s down to just under $26. Back in August, the...
Proposed offer from Eddie Lampart (former CEO of Sears Holdings) was previously rejected. Eddie Lampart was given one last chance to make an offer on Tuesday January 8th. Sears Holdings accepted a last minute deal, avoiding bankruptcy. CCN previously reported that Sears had rejected a bailout offer and would be liquidating its business instead. Now, at the last minute, Sears has struck a deal to...
Sears Chairman and ESL Investments founder Eddie Lampert will have one more chance to rescue the iconic retail chain from liquidation, a judge ruled on Tuesday. As CCN reported, The 126-year-old retailer had hoped to receive approval from a bankruptcy judge to proceed with liquidation after advisers rejected a $4.4 billion takeover bid from Lampert and ESL. However, according to CNBC, the judge...
One of the most storied companies in American history may have just days left to live, as Sears Holdings Corp has rejected Chairman Eddie Lampert’s takeover bid and intends to proceed with liquidation proceedings. Lampert, via his hedge fund -- ESL Investments -- had cobbled together a $4.4 billion offer for the 126-year-old retailer, but Sears has reportedly rejected that offer. According to...
Following a wild week on Wall Street, the US stock market looks poised to extend its latter-week recovery following the opening bell on Friday, with the Dow Jones Industrial Average, S&P 500, and Nasdaq futures indices all pointing north as of the time of writing. Dow Seeks to Extend Recovery Dow futures had risen 111 points to 23,264, or 0.48 percent at the time of writing, followed closely...
Sears' Kmart has experienced a data breach that has affected potentially 1200 stores nationwide. The mainstream media often paints the fledgling Bitcoin industry as a hotbed of companies that lack the proper regulatory oversight to protect consumers and users from hacks. However, many of the hacks occurring in the world right now, particularly those that rely on exploiting pull payment systems...