Tue03262019

Robins Global News & Noticias



  • Featured Guest Post
    Featured Guest Post
  • Featured Guest Post
    Featured Guest Post
  • Featured Guest Post
    Featured Guest Post
  • Featured Guest Post
    Featured Guest Post
  • Trump Pence News
    Trump Pence News
  • Weather Alerts
    Weather Alerts

RobinsPost News Network

+ Larger Font | + Smaller Font

Consumer Daily Reports

Consumer News: Monday’s auction will determine fate of Sears and Kmart employees

PhotoIt’s likely to be an anxious weekend for as many as 68,000 Sears and Kmart employees as their jobs continue to hang in the balance. But late week events make their prospects appear a little brighter.

Afterall, at mid-week, their company Sears Holdings petitioned a bankruptcy judge to let it close its remaining stores and liquidate its assets, saying former CEO Eddie Lampert’s $4.4 billion offer to buy the remaining assets wasn’t good enough.

But Lampert has raised his bid to $5 billion, and the judge said Lampert can bid for the assets in Monday’s bankruptcy audition. In a filing, Lampert’s hedge fund, ESL Investments, said it has formed a new company called Transform Holdco LLC that will make a new offer to buy the company’s assets and operate its most profitable retail stores.

Still enthusiastic

In the filing, Lampert said he is still enthusiastic about the deal and about Sears’ future in the retail space. Whether the new company’s offer is sufficient will be determined at Monday’s auction.

Lampert’s new company appears to be the only bidder that wants to keep Sears in tact and thus preserve most of the existing jobs. It will have to compete with others bidding for pieces of the firm.

At stake is the legacy of a retailer that began in the late 19th century, as well as the fate of as Sears and Kmart employees who would lose their jobs if the company eventually liquidates.

In recent years, the company operating Sears and Kmart stores has been dragged lower both by falling sales and rising debt. The company borrowed heavily in the last decade to shore up its business, but most of those investments failed to bear fruit.

Strong counter-trends

Its efforts at a turnaround have encountered two strong counter-trends. On one hand more retail sales have moved to online channels in the last decade. Even as Sears’ brick and mortar competitors established effective e-commerce operations Sears -- a pioneer in catalog sales -- failed to do so.

It has also been a victim of the decline of shopping malls. While competitors such as Walmart and Target usually operate stand-alone stores, Sears has usually been an anchor in shopping malls, which have seen dramatic declines in customer traffic.



Posted: 2019-01-11 14:03:50

Get Full News Story On Consumer Affairs


Listen to this article. Speaker link opens in a new window.
Text To Speech BETA Test Version.






Print Friendly and PDF Share Embed


Related News Stories From The Web And More

Related Bing News

Consumer News: Monday’s auction will determine fate of Sears and Kmart employees | Consumer Daily Reports | RobinsPost News Network - Newscast

Sears Bankruptcy Update: Are More Stores Closing?

Wed, 06 Feb 2019 11:07:00 GMT

The court will determine this week whether or not to accept Lampert’s $5.2 billion bid to save Sears from liquidation. While Judge Robert Drain will decide the fate of Sears, he has said that he wants ...

Sears’ fate is on the line

Sat, 12 Jan 2019 21:18:00 GMT

A: Sears has already closed or announced plans to close 262 Sears and Kmart stores by ... the company alive fails, the fate of the stores will depend who ends up buying Sears’ assets. Q: What will ...

Monday’s auction will determine fate of Sears and Kmart employees

Fri, 11 Jan 2019 06:06:00 GMT

It’s likely to be an anxious weekend for as many as 68,000 Sears and Kmart employees as their jobs continue to hang in the balance. But late week events make their prospects appear a little brighter. ...

Facing possible liquidation, Sears to close 80 more stores in March

Sun, 30 Dec 2018 21:46:00 GMT

Sears Holdings has announced plans to close 80 more Sears and Kmart ... to determine whether the bid is “qualified.” Transform said that if the bid is successful the company that emerges will employ ...

Sears' next few weeks will determine its future

Thu, 20 Dec 2018 11:47:00 GMT

(CNN) - Sears has reached a critical moment in its fight for survival. The bankrupt retailer is trying to find someone to buy the company's assets, including about 500 of its stores, to keep Sears and ...

Related Bing Web Search

Sears’ unsecured creditors to voice concerns at bankruptcy ...

(Mon, 04 Feb 2019 16:02:00 GMT)

On Monday, Sears’ unsecured creditors will head to U.S. Bankruptcy Court for the Southern District of New York to voice their objections to CEO Eddie Lampert’s $5.2 billion buyout bid ...

Sears bankruptcy: How Eddie Lampert gains when Sears loses ...

(Sat, 27 Oct 2018 11:27:00 GMT)

Sears has imploded under the leadership of former Wall Street wunderkind Edward S. Lampert.. Lampert merged Sears and Kmart in 2005 and later spun off or sold some of the company's key real estate ...

Garden City Sears To Close Its Doors | Garden City Life

(Fri, 22 Mar 2019 09:24:00 GMT)

The Sears location on Franklin Avenue in Garden City is slated to be shuttered by year’s end (Photo by Dave Gil de Rubio) The decline of what was once one of the country’s largest domestic retailers hit close to home with the announcement that the Sears at 1111 Franklin Ave. in Garden City will close at the end of the year.

'Fill or kill': the three weeks that saved Sears | Reuters

(Tue, 22 Jan 2019 11:17:00 GMT)

The future of Sears Holdings Corp and tens of thousands of its employees across the United States hung in the balance in the freezing pre dawn hours last Wednesday, as Wall Street lawyers and ...

WeWork grows up (and out and everywhere)

(Mon, 04 Feb 2019 20:55:00 GMT)

Expanding into consultation, architecture, construction, and office management allows WeWork to court more lucrative and complex deals, and longer leases.

Pleasant Family Shopping: Save At Venture...Save With Style!

(Mon, 18 Mar 2019 17:14:00 GMT)

Excellent post, Dave! Venture was always our choice in the 80s. Better quality and better shopping environemnt as compared to Kmart and Zayre.

Shadowlands Haunted Places Index - California

(Sat, 23 Mar 2019 05:19:00 GMT)

Warning Any places listed in the Haunted Places requires permission to visit or investigate. Many of the places are patrolled by the authorities, trespassers will be prosecuted.

Panjiva Data in the News — Panjiva

(Sat, 16 Mar 2019 19:39:00 GMT)

MarketWatch. 02/13/2019. U.S.-China trade war has hurt sectors as diverse as American whiskey and appliances. The trade war has also taken a toll on imports to the U.S. from China, with the number of appliances entering the country dropping sharply in January, according to data from Panjiva, a global supply chain intelligence group.

East High News Stories

(Fri, 22 Mar 2019 20:37:00 GMT)

Exclusive by The East High Alumni Page March 12, 2017 - Lischa Barrett ('91 and Faculty), now Lischa Brooks, thought she was going to be a medical doctor.One of her majors in college was pre-med but she eventually pursued another career.

Barcelona - Spain

(Wed, 20 Mar 2019 17:40:00 GMT)

Search. Barcelona - Spain

Related News Story Videos From Youtube

Sears gets another reprieve from liquidation


Related Videos On: Sears gets another reprieve from liquidation


Sears gets another reprieve from liquidation


Related Videos On: Sears gets another reprieve from liquidation


Three Kmart stores in Kansas City area to close


Related Videos On: Three Kmart stores in Kansas City area to close


Union hopes to help workers out of a job after Kmart distribution center closes


Related Videos On: Union hopes to help workers out of a job after Kmart distribution center closes


Sears Canada’s demise part of larger trend in retail: expert


Related Videos On: Sears Canada’s demise part of larger trend in retail: expert






Blow Us A Whistle

Comments (Whistles) Designed By Disqus




Company Information

Official Content Providers











PRIVACY POLICY

We recommend Firefox 3 (and above), Edge, and Chrome for dynamic performance.
© 2008-2019 RobinsPost (The Bird's Eye View Company) All rights are reserved.
RobinsPost provides links to news sites based on their RSS feeds.
All trademarks, copyrights, videos, photos and logos are owned by news sources.
News stories, videos and live streams are from trusted sources.
ROBINSPOST Is Proudly Made In America.
Where Quality, Safety and Service Comes First.