Sears On Brink Of Bankruptcy, Report Says

11 October, 2018, 02:48 | Author: Regina Silva
  • Sears On Brink Of Bankruptcy, Report Says

Lampert is the company's biggest shareholder. When Toys "R" Us, the largest specialty toy retailer, filed for bankruptcy protection last September, it sought to emerge from it after restructuring its debt and shutting stores. Lampert bought Sears in 2004 and merged it with Kmart, in which he had a controlling stake, the next year.

"The problem in Sears case is that it is a poor retailer", said Neil Saunders, Managing Director of GlobalData Retail, in a Tuesday research note, where he wrote that he wasn't surprised the retailer was preparing for a possible bankruptcy filing.

Business Insider reported on Wednesday that Sears' top spokesman, Chris Brathwaite, jumped ship just days ago after more than a decade working at the company.

The Wall Street Journal reported Wednesday that Sears has hired an advisory firm to prepare bankruptcy filings for the retailer as early as this week, ahead of a $134 million debt payment that is due Monday. Lampert's hedge fund, ESL Investments, offered to buy Kenmore and certain other assets earlier this year.

The Wall Street Journal quoted sources saying Lampert wants to restructure and is anxious that a bankruptcy filing will lead to a liquidation, which has happened with so many retailers, the most recent being Toys R Us. Sears' borrowings totaled $5 billion as of August 4.

Jupiter’s Europa might be a spiky, unsafe place to land a ship
The theory explains how the sun's rays can be so strong that turns the water directly into vapor, leaving behind sharp formations. Scientists from the University of Cardiff say shards of ice up to 15m (50ft) high could be dotted all over the moon's surface.


This time, 'Lock her up!' chant directed at Feinstein first, then Clinton
Kavanaugh's wife and two daughters were in seats reserved for justices' guests, along with retired Justice Anthony Kennedy. But Ford gave an emotional and what people on both sides called credible testimony before the Senate Judiciary Committee.


Google Pixel Slate release - Google could announce huge iPad rival TODAY
Titan, a form of security Google has developed for its data centres, is now also apparently found on the new Google phones. The event ended with a short film by director Terrence Malick, which, you guessed it, was shot on the new Pixel 3 .


Sears and Kmart had 89,000 employees as of February 3 of this year, according to a company filing.

The Hoffman Estates, Illinois-based retailer has posted seven straight years of losses, while its sales have not grown since the 2008 financial crisis. Sears warned it could go out of business as it waits for approval from the committee on the deal.

Lampert, who for weeks has been pushing a debt restructuring proposal that would avoid a Chapter 11 filing, is now focused on a deal that would preserve stakeholders' value in a court restructuring, according to a person with knowledge of the matter.

Sears, an icon of American retailing since the 19th century, has struggled to appeal to consumers in recent years, losing customers and financial strength in the process.

Recommended:

  • Why farmers are forcing climate change into the spotlight

    Why farmers are forcing climate change into the spotlight

    At 1.5°C warming, ocean acidification will be reduced (compared to 2°C warming), with better prospects for marine ecosystems. The report is seen as the main scientific guide for government policymakers on how to implement the 2015 Paris Agreement .
    Crude Oil Price Analysis: Risk Premiums Unwind as US Mulls Waivers

    Crude Oil Price Analysis: Risk Premiums Unwind as US Mulls Waivers

    It hit a four-year high of $86.74 last week. "Iran has been off-and-on taking rupee payments for oil it sells". Singh said International Olympic Committee is importing the "usual" monthly volumes of oil from Iran.
    Evacuations ordered as Florida braces for Hurricane Michael

    Evacuations ordered as Florida braces for Hurricane Michael

    Five drilling rigs have been moved out of the storm's path, according to the US Bureau of Safety and Environmental Enforcement. The "potentially catastrophic" storm has sustained winds of 145mph, the National Hurricane Center said in its latest update .
  • William and Kate to attend mental health summit

    William and Kate to attend mental health summit

    The Duke and Duchess had a chance to speak to young delegates at the summit about the challenges and issues they face. William and Kate have always been involved in mental health initiatives through their Heads Together campaign.
    Google to announce new Pixel smartphone to take on Apple and Samsung

    Google to announce new Pixel smartphone to take on Apple and Samsung

    The handsets will arrive in the United States on October 18, with availability expanding to 12 other countries on November 1. Google is also going to be launching the first Chrome OS tablet named the Pixel Slate Tablet at the upcoming event.

    Taylor Swift makes history at American Music Awards

    She urged her fans to get educated on the candidates for their states, then get out and vote , as well. Taylor Swift broke the record for most American Music Award wins by a female artist on Tuesday night.
  • Donald Trump: Sex assault claims against Brett Kavanaugh 'a hoax'

    Donald Trump: Sex assault claims against Brett Kavanaugh 'a hoax'

    Fifty-nine percent of Republicans, 66 percent of Democrats and 71 percent of others agreed that the Senate handled it poorly. The process was marred accusations of sexual assault and misconduct dredged up weeks before senators cast their votes.
    Huawei teases Mate 20X gaming phone with better cooling and large battery

    Huawei teases Mate 20X gaming phone with better cooling and large battery

    New images of Huawei's Mate 20 Pro have surfaced on Weibo , which reveals the design details of the upcoming flagship. More recently, however, gaming smartphones have become a legitimate thing, and Huawei might be the joining the fray.
    DUP may vote against budget if red lines are breached

    DUP may vote against budget if red lines are breached

    But the DUP could abandon this deal if Brexit means new barriers between Northern Ireland and Great Britain, Newsnight's Nick Watt said.
  • Two Britons reportedly killed as flash flooding hits Majorca

    Two Britons reportedly killed as flash flooding hits Majorca

    The weather agency, AEMET, said more heavy rainfall is expected Wednesday in eastern and southern parts of the Iberian peninsula. Lawmakers held a minute's silence before the weekly prime minister's question time in parliament on Wednesday morning.
    Jimmy Butler has heated practice with Timberwolves

    Jimmy Butler has heated practice with Timberwolves

    A couple of Butler's teammates were particularly vague when asked about Butler's level of participation in practice on Wednesday. However, Woj reports that Butler was verbally challenging teammates, coaches and the front office.
    International Monetary Fund  projects India growth at 7.3% in 2018

    International Monetary Fund projects India growth at 7.3% in 2018

    Compared to the projections made in April, the current one for 2018 is lower by 0.1 per cent and for 2019 by 0.4 per cent. He contended that China had "already retaliated" against his tariff increases.


Popular

Google Unveils the Pixel 3 and 3XL with New AI Camera Features
The Pixel 3 and Pixel 3 XL will be the first Pixel phones to launch in France at the same time as the US, FrAndroid explains. Another highlight of the tablet is the Split screen that is integrated for smooth multitasking and Google Assistant .

‘Pet Sematary’ trailer: Stephen King adaptation looks fur-raising
The film was be directed by Dennis Widmyer and Kevin Kolsch ( Starry Eyes ) from a script by Jeff Buhler. Of course both movies are based on the horror novel by Stephen King .

Lady Gaga mental health essay calls for funding and awareness
One such discussion was held on Twitter earlier this year during May, which is considered as Mental Health Month. This plea was made on Wednesday at the commemoration of the World Mental Health Day .

Melania Trump Wants #MeToo Accusers to Show "Hard Evidence"
President Trump is pushing the conspiracy theory that Kavanaugh protesters were paid actors, financed by George Soros. The special is called "Being Melania - The First Lady". "And also, you know, also men".

30-year-old doorstop turns out to be a rare meteorite
A man in MI will soon be richer by thousands of dollars - thanks to a meteorite he had been using as a doorstop for 30 years. The estimated $US100,000 ($141,700) price tag puts the MI man's 10kg rock at $US10 ($14) per gram.

Australia toil, Pakistan build big first-innings total
Yasir Shah of Pakistan recovers after being struck on the chest during day three of the first test against Australia. Australia's hopes of salvation had rested on the shoulders of Paine and vice-captain Mitch Marsh after tea.

Alex Jones is heading to Australia with Prince Harry and Meghan Markle
Markle has been vocal about her thoughts on the royal family and her sister, who she has not spoken to in years. As much as she'd like Meghan "to do the right thing", Samantha has placed "the ball in my sister's court".

Liverpool's Fabinho says he is adapting to English football
Andy Robertson has warned Liverpool FC that Arsenal and Chelsea FC can not be underestimated in the Premier League title race. Liverpool are now level on 20 points with Manchester City and Chelsea at the top of the Premier League after eight games.

PlayStation Online ID name change feature coming soon
Sony will allow you to display both IDs at the same time so your friends will know you made a change and don't get confused. All PSN users will be able to change their name once for free, though each subsequent change will cost money.

STORM WATCH: TD 14 headed for northern Gulf Coast as potential hurricane
Gradual strengthening is forecast for the next few days , and the NHC says that Michael is forecast to become a hurricane soon. The only other storm now in the Atlantic Ocean is Tropical Storm Leslie, which has zig-zagged in intensity.