0.340 -0.07 (-16.46%)
Pre-market: 4:38AM EDT
|Bid||0.320 x 1200|
|Ask||0.340 x 1100|
|Day's range||0.345 - 0.459|
|52-week range||0.340 - 6.790|
|Beta (3Y Monthly)||-0.70|
|PE ratio (TTM)||N/A|
|Earnings date||28 Nov 2018 - 3 Dec 2018|
|Forward dividend & yield||N/A (N/A)|
|1y target est||2.00|
Shoppers, former employees, and vendors say Sears' problems include limited merchandise, poor customer service, and bad leadership. Fred Katayama reports.
Sears has filed for Chapter 11 bankruptcy protection, buckling under its massive debt load and staggering losses. Sears once dominated the American retail landscape. The company, which started out as a mail order catalog in the 1880s, has been on a slow march toward extinction as it lagged far behind its peers and has incurred massive losses over the years.
The Chapter 11 filing to reorganize debts of the parent of Sears, Roebuck and Co and Kmart Corp follows a decade of revenue declines, hundreds of store closures, and years of deals by billionaire Chief Executive Officer Eddie Lampert in an attempt to turn around the company he bought in 2004. Lampert had pledged to restore Sears to its glory days, when it owned the tallest building in the world and companies that included a radio station and Allstate insurance. It has sold off the legendary Craftsman brand and is considering an offer from Lampert for the Kenmore appliance name.
Sears, the venerable US chain that once dominated the retail sector but had been in decline since the advent of the Amazon era, filed for bankruptcy Monday and announced it was closing almost 150 stores. With a history that stretches back to 1886, the company was a pioneer of departmental stores that catered to everyone and by the mid-twentieth century had built a vast empire that stretched across North America. "The Company and certain of its subsidiaries have filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York," a statement by Sears Holdings Corporation said.
Corp. filed early Monday for bankruptcy protection from creditors, marking the collapse of a company that dominated American retailing for much of the 20th century. The retailer, which sought chapter 11 protection in U.S. Bankruptcy Court in White Plains, N.Y., reached a deal with its lenders that will allow the 125-year-old company to keep hundreds of its stores open for now. The hedge-fund manager, who took control when he merged Kmart with Sears in 2005, ran the company as it racked up losses and closed hundreds of stores in recent years.
Sears, which got its start as a watch seller more than 130 years ago, grew to become one of the world's largest retailers. But today, the company Chapter 11. A look at Sears through the years: 1886 — Richard ...
“ESL Investments’ longstanding goal has been to enable Sears Holdings Corporation to return to profitability, for the benefit of Sears and all of its stakeholders. ESL consistently believed that restructuring the company’s finances as a going concern and outside a court-run bankruptcy process would have been a better path for Sears.
U.S. retailer Sears has filed for bankruptcy and Eddie Lampert will be stepping down as CEO immediately, the company announced on Monday.
Lampert, who is also the company's largest shareholder and lender, is hoping the deal, combined with a program of divestments, will give Sears a fighting chance to escape liquidation ahead of the key holiday shopping season, the sources said. Big banks, including Bank of America Corp, Wells Fargo & Co and Citigroup Inc, are expected to provide significant portions of the financing, the sources added. The bankruptcy filing is expected in New York early Monday, according to the sources.
Sears Holdings Corp. was preparing to file for chapter 11 protection late Sunday or early Monday, a reckoning that would crystallize years of losses at the once iconic company. Sears over the weekend reached a deal with lenders that would allow the troubled retailer to keep hundreds of its stores open through the holidays, according to people familiar with the matter. The longer-term question is whether a smaller Sears ultimately emerges from chapter 11 protection or whether a bankruptcy case eventually leads to a liquidation or a sale and a final end to the storied department-store chain.
Sears Holdings plans to file for bankruptcy protection after midnight, people familiar with the situation tell CNBC.
As Sears plans to file for chapter 11 protection, the big question is whether a smaller Sears emerges from bankruptcy or whether the filing leads to a liquidation and a final end to the storied chain.
Sears Holdings is inching closer to a deal with lenders about a bankruptcy plan that would close at least 150 stores and provide a lifeline loan to keep a small footprint of around 300 locations open.
For many years, it was a favorite corporate guessing game: What is Edward Lampert’s ultimate plan to reinvigorate Sears? The hedge-fund veteran formed Sears Holdings, the 2004 marriage of Sears and Kmart, when the company had $55 billion in revenues, rivaling Target Corp. and dwarfing Macy’s Inc., but spending far less on store remodels or other expansion. “Eddie came into the job with the view he was going to run a retail business his own way, and he did not believe in the conventional wisdom,” said Mark Cohen, a former chief executive of Sears Canada and marketing chief at Sears.
Sears is expected to file for bankruptcy soon. But there is an issue of its debt that is benefiting from some credit gamesmanship.
Sears Holdings Corp. is inching closer to a deal with lenders about a bankruptcy plan that would close at least 150 stores and provide a lifeline loan to maintain a small footprint of about 300 locations, according to people familiar with the matter. As part of the deal, the lenders, including Bank of America Corp., Wells Fargo & Co., and Citigroup Inc., would provide emergency financing of up to $500 million, the people said. Sears is expected to file for chapter 11 bankruptcy on Sunday, the people said.
Sears, Roebuck & Co. is one of the most storied names in American retail—once perhaps as dominant as Amazon is today—but now the 125-year-old Sears Holdings stands on the brink of bankruptcy. After amassing $5.5 billion in debt, Sears is facing a cash crunch with a $134 million payment due Monday. CEO Edward Lampert, whose hedge fund ESL is Sears’s biggest creditor and shareholder, has been keeping the company afloat with short-term borrowing and financial gymnastics.
The plans, which remained in flux on Friday afternoon, would leave the fate of Sears' remaining roughly 250 stores uncertain, the sources said. The future of the stores could hinge on Sears' negotiations with landlords over their leases. In total, Sears has about 700 stores and roughly 90,000 employees.
"It's really going down," Hetrick said about Sears, which is weighing whether to file for bankruptcy protection in the coming days. The stores have minimal items," she said as she shopped at the store in Media. A change in sentiment among previously loyal shoppers like Hetrick has contributed to the retailer's sharp decline in sales.
Sears Holdings is on the verge of filing for bankruptcy after 125 years in business, closing a chapter in the company's long-and-storied history. Here's how one of America's most recognizable brands fell into decline.
L Brands stock is already down roughly 50% in 2018. And the possible liquidation of Sears Holdings could make things even worse.
Ryan McQueeney and Maddy Johnson recap a volatile week in global markets. The hosts chat about the stock selloff, inflation concerns, global economic growth, and bond yields. Later, they discuss the slow-bleeding fall of Sears.