|Bid||0.7266 x 1400|
|Ask||0.7293 x 1100|
|Day's range||0.3500 - 0.4210|
|52-week range||0.3500 - 0.4210|
|Beta (3Y monthly)||N/A|
|PE ratio (TTM)||N/A|
|Forward dividend & yield||N/A (N/A)|
|1y target est||N/A|
Pension Benefit Guaranty Corp (PBGC) is taking steps to assume responsibility for bankrupt retailer Sears Holdings Corp's two pension plans, covering about 90,000 people, the U.S. government agency said on Friday. The agency is stepping in to oversee the retirement benefits of employees and retirees at Sears, Roebuck and Co and Kmart Corp as it is clear that Sears' continuation of the plans is no longer possible, it said https://bit.ly/2ASn64R. Sears Holdings, which filed for bankruptcy in October, said on Thursday Chairman Eddie Lampert won an auction to buy the once iconic U.S. retailer after presenting an improved offer of $5.2 billion.
A group of Sears creditors are challenging Chairman Eddie Lampert's hedge fund's winning $5.2 billion bid to buy the business in a bankruptcy auction and wants to air their grievances in court. Sears confirmed Thursday that Lampert's hedge fund won tentative approval for the plan to buy 425 stores and the rest of its assets.
Sears picked Lampert's hedge fund ESL Investments Inc as the winner at a bankruptcy court-supervised auction after his latest bid topped an earlier $5 billion proposal following weeks of talks. The deal would keep open more than 400 stores, preserve up to 45,000 jobs and ESL would acquire substantially all of the company, including its "Go Forward Stores" on a going-concern basis, Sears said. "We are pleased to have reached a deal that would provide a path for Sears to emerge from the chapter 11 process," the restructuring committee of Sears' board of directors said in a statement.
A group of Sears creditors are challenging Chairman Eddie Lampert's hedge fund's winning bid to buy the business in a bankruptcy auction and wants to sue the billionaire and his hedge fund. Sears confirmed early Thursday that ESL had won tentative approval for a $5.2 billion plan to buy 425 stores and the rest of the company's assets, staving off a liquidation of the iconic brand.
Sears' unsecured creditors filed an objection Thursday morning to Chairman Eddie Lampert's deal to save the company through his hedge fund, ESL Investments.
Sears Chairman Eddie Lampert's winning bid creates a path for the company to emerge from bankruptcy.
Sears will live on — at least for now. Its chairman and biggest shareholder, Eddie Lampert, won tentative approval for a $5 billion plan to keep the ailing, 132-year-old department-store chain in business, fending off demands from creditors that it throw in the towel, according to a person familiar with the negotiations. Lampert, the hedge fund owner who steered Sears into Chapter 11 bankruptcy protection in October, is aiming to keep open roughly 400 stores and preserve tens of thousands of jobs.
Historic but failing US retail chain Sears got a reprieve on Wednesday after a billionaire hedge fund manager won an auction to keep the remaining stores alive -- for now, according to reports. Edward Lampert, who steered the company into bankruptcy last year in order to restructure it, won the bid to buy the remaining assets, beating out others who would have killed off the brand, according to news reports. The deal with Lampert's ESL hedge fund could keep up to 50,000 people in work and 425 stores open, but requires approval from a bankruptcy court.
Sears reached a roughly $5 billion deal with Chairman Eddie Lampert to keep the company and about 400 stores open.
After two days of haggling, U.S. Bankruptcy Judge Robert Drain set a Wednesday deadline to complete the bankruptcy auction for the 126-year-old retailer, the people said. Sears was weighing Lampert's offer against the sum it would recoup by winding down its business and selling its assets off in pieces. Liquidating Sears would end the department store in its current form, meaning layoffs for as many as 68,000 people and the closure of about 500 stores.
Eddie Lampert plays several often-conflicting roles in what could be the final chapter for the company that began as a mail order watch business 132 years ago. The fate of Sears — and its Kmart brand — could be decided Monday in a law firm conference room high above Manhattan, a block from Central Park. There, those who are owed money by Sears are considering Lampert's last-ditch plan to preserve 425 stores and 50,000 jobs at a bankruptcy auction.
The fate of Sears Holdings Corp highlights a harsh reality of U.S. bankruptcy - it requires armies of pricey specialists in a system driven by an outcome, not costs. On Monday, Sears will consider bids for its assets, including a last-ditch $5 billion proposal by chairman and controlling shareholder Eddie Lampert. To ensure his chances of outbidding proposals to liquidate the chain, Lampert last week agreed to assume more than $600 million in additional liabilities that Sears has incurred since filing for bankruptcy protection last October.
Amazon (AMZN) may have helped quicken the end for former retail giant Sears (SHLD), and a Whole Foods takeover of Sears store may be in the works.
Lampert's revised offer, whose details were first reported by Reuters on Wednesday, will be assessed by Sears during a Jan. 14 bankruptcy auction. "We believe our proposal will provide substantially more value to stakeholders than any other option, in particular a liquidation," a spokesperson for Lampert's hedge fund, ESL Investments Inc, said in a prepared statement. "(The proposal) is the best path forward for Sears, its associates and the many communities across the United States touched by Sears and Kmart stores," the statement added.
Edward Lampert’s new bid for Sears Holdings topped $5 billion, $600 million more than his previous offer to rescue the troubled retailer out of bankruptcy court, where it faces potential liquidation.
This latest attempt comes one day after Lampert's initial $4.4 billion bid to save Sears was rejected by the company.
It could not be immediately determined whether Chairman Eddie Lampert will be able to pull together an offer for Sears that sufficiently addresses a prior bid's shortcomings.
As bankrupt Sears inches toward a complete liquidation, Amazon on Monday became the most valuable public company in the world, surpassing Microsoft.
Sears on Tuesday agreed to consider a revised takeover bid from Chairman Edward Lampert, temporarily staving off a liquidation that would have spelled the end of the company. The latest attempt by Lampert follows a decade of revenue declines, hundreds of store closures, and years of deals in an attempt to turn around the company he put together in 2005 in an $11 billion deal.
Sears received another possible lifeline Tuesday when the company's chairman and largest shareholder promised to line up the necessary financing to keep the struggling department store chain afloat. The reprieve came after what Sears lawyers described to a bankruptcy judge in New York as "round-the-clock" negotiations following the company board's initial rejection of Eddie Lampert's proposal, which sought to preserve 425 stores and 50,000 workers. The fate of Sears remains to be determined.
Sears Holdings Corp agreed on Tuesday to consider a revised takeover bid from billionaire Chairman Edward Lampert, temporarily staving off a liquidation that would have spelled the end of the 126-year-old U.S. department-store chain. Lampert's latest attempt to rescue Sears came after his previous $4.4 billion bid fell short, prompting the retailer to make liquidation preparations ahead of a bankruptcy court hearing in New York on Tuesday. An attorney for Sears told U.S. Bankruptcy Judge Robert Drain that Lampert is expected to submit a revised offer for the retailer, along with a $120 million deposit, by 4 p.m. ET (2100 GMT) on Wednesday.
A bankruptcy judge is giving Sears Chairman Eddie Lampert another chance to buy the company out of bankruptcy and save roughly 50,000 jobs.
Sears, once the world’s largest retailer, appears to be heading into liquidation after failing to reach a $4.4bn takeover deal with the financier Edward Lampert. The 126-year-old company has been struggling for years and filed for bankruptcy protection in October. The failure to strike a deal to stave off collapse will make it the most high-profile victim in the apocalyptic wave of bankruptcies sweeping over the US bricks-and-mortar retail sector.
"We are down, but not out... - SMT," Sears, via its official Twitter account (@Sears), said in reply to one of the many posts Monday morning about the 126-year-old company potentially going out of business. The optimistic tweets come ahead of a hearing on Tuesday, where Sears will ask a U.S. bankruptcy judge if it can proceed with liquidation after it failed to reach a deal on Chairman Edward Lampert's $4.4 billion takeover bid, according to people familiar with the matter. Another Twitter user opined that the retailer "had a good run I would say." Sears replied: "We would say that as well, but we are Marathon Runners, and we are still running.