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1 Article
Source: Common Domain

Edward Lampert’s Non-Strategy to Save Sears

Sunday 19:59 GMT

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 , SHLD 18.97% the 2004 marriage of Sears and Kmart, when the company had $55 billion in revenues, rivaling Target Corp. TGT 2.19% and dwarfing Macy’s Inc., M 3.86% but spending far less on store remodels or other expansion. A reading of Mr. Lampert’s 15 annual chairman letters suggests he believed he could outmaneuver rivals he considered bloated overspenders.

1 Article
Source: BBC

US retailer Sears files for bankruptcy

Tuesday 07:00 GMT

Neil Saunders, managing director of GlobalData Retail, said Sears' troubles stretched back to the 1980s when it became "too diversified and lost the deftness that had once made it the world's largest and most innovative retailer". "That a storied retailer, once at the pinnacle of the industry, should collapse in such a shabby state of disarray is both terrible and scandalous," he said.

Who serves as the company's chief executive, biggest investor, landlord and significant creditor - had attempted to restructure the firm's debt to avoid bankruptcy.

1 Article
Source: Common Domain

The Morning Ledger: Sears Files for Chapter 11 Bankruptcy

Tuesday 10:51 GMT

Instant hit: Sears is expected to immediately close at least 150 stores as part of the bankruptcy deal, while another 250 stores will be under evaluation.

In the apparel market, Sears’ closest geographic competitor is Target Corp.; 93% of Sears stores are within a 15 minute drive of a Target store, and 86% are that distance from a Walmart Inc. store. Competition by the numbers: As of the end of 2017, 94% of Sears stores were within a 15 minute drive of Home Depot, 90% were within that distance of Lowes, and 86% were that close to a Best Buy store, according to UBS.

1 Article
Source: Reuters

Many U.S. mall owners say good riddance to Sears

Tuesday 19:07 GMT

Simon Property Group, the largest U.S. mall operator, has 59 Sears Holdings stores in its malls, the most of any REIT, but its exposure to the bankruptcy is “de minimis,” he said.

The real estate investment trusts that own the malls and shopping centers where many Sears stores are anchor tenants have waited years for the retailer’s demise to renovate the sites and boost rent, although redevelopment costs may strain some plans.

4 Articles
Source: CBS News

Meet the billionaire investor who led Sears into bankruptcy

Tuesday 19:07 GMT

More than a decade ago, hedge fund manager Eddie Lampert touted his merger of Kmart and Sears by saying it would lay the groundwork for a grand revival of the struggling retailers.

That led to a vicious cycle of declining revenue and mounting losses as once-loyal customers snubbed Sears, leading to more cutbacks. By 2016, the store that was once America's favorite retailer was so disliked by women shoppers that they said they preferred to shop at Goodwill.

1 Article
Source: Common Domain

Bankruptcy Filing Shifts Spotlight to Sears’s Pension Plans

Tuesday 22:47 GMT

Sears, which filed for chapter 11 bankruptcy protection on Monday, has two pension plans that held a combined $2.5 billion in assets and had a funding hole of $1.5 billion at the end of 2017, suggesting that Sears’s plans are roughly 63% funded.

The Pension Benefit Guaranty Corp., the government’s pension insurer, said Monday it expects its guarantees would cover the vast majority of benefits under Sears’s plans.

1 Article
Source: Common Domain

Sears, a Onetime Retail Giant, Now Banks on Bankruptcy

Tuesday 22:47 GMT

Sears said it would close 142 unprofitable stores near the end of the year, with liquidation sales expected to begin shortly.

“Sears has been struggling for some time,” said Ray Schrock, the Weil Gotshal & Manges LLP attorney representing Sears, at a hearing Monday afternoon in White Plains, N.Y., before U.S. Bankruptcy Judge Robert Drain. The company is seeking to hold a sale for its assets in January, and wrap up the bankruptcy process in March.


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