Sears hires a bankruptcy expert

11 Octobre, 2018, 02:44 | Auteur: Auguste Feret
  • Sears hires a bankruptcy expert

If Sears does file for bankruptcy, it could try to stay in business, using the court process to shed debt and unaffordable leases.

Sears, once the world's largest retailer, has struggled in the face of declining foot traffic in its stores. The stock is down some 90% in 2018, and just keeps falling.

Representatives from Sears didn't immediately return requests for comment.

That may be bad news for Sears shareholders that have hung on this long, but some malls are likely breathing a long-awaited sigh of relief, writes Wells Fargo's Jeffrey Donnelly. Even after several rounds of store closures across the country in recent years, the holding company still operates around 500 Sears stores and 360 Kmart stores.

The handwriting is on the wall: Sears appears to be nearing bankruptcy. The company added a new director who is familiar with bankruptcies and restructuring. When Lampert took over as head of the company five years ago, there were 2,000 stories.

Looming before Sears is a $134 million debt payment that comes due on Monday.

Pope Francis compares abortion to 'hiring a killer'
It also forbids euthanasia but says that a family or a patient can decide to stop using extraordinary means to keep people alive. Francis this year opposed a bill that would have legalised abortion in his home country of Argentina.

The Rock Is Starring In Netflix's 'John Henry and the Statesmen'
In this movie, I'll lead an ensemble of the most popular folklore figures and legends from different cultures around the world. Kasdan will direct and The Rock will star as the titular American folk hero. "The possibilities are limitless".

Safeway Open: Kevin Tway outlasts Brandt Snedeker, Ryan Moore in playoff holes
Kevin Tway hit three consecutive birdies in the play-off to seal his first PGA Tour title at the Safeway Open in California. I was kind of right there, but kind of hanging around. "There was debris flying everywhere".

Sears and Kmart had 89,000 employees as of February 3 of this year, according to a company filing. Toys "R" Us' creditors lost faith in the retailer after revenue during last year's holiday season failed to meet their expectations.

Sears revealed Tuesday night that investor Bruce Berkowitz of Fairholme Capital Management dumped 142,000 shares of Sears in the last few days, for only 59 cents to 65 cents a share.

The Hoffman Estates, Illinois-based retailer, once an iconic American retail brand, has posted seven straight years of losses, while its sales have not grown since the 2008 financial crisis.

Sears acquired discount chain Kmart in an $11 billion deal engineered by Lampert in 2004. The retailer warned last month it may go out of business if the deals proposed by Lampert were not approved.

Lampert also expects that Sears could get more value for its assets by selling them while it is a going concern, the newspaper added.

Hedge fund manager Edward Lampert, who serves as Sears' chairman, CEO, largest shareholder, and biggest creditor, announced an attempt at restructuring the company's debt on September 24.

Conseillé:



Populaire

Scientists confirm water ice at moon's poles
In a recent study , researchers reported a new discovery, 50 feet tall "ice spikes" covering parts of the moon's surface. Astronomers didn't know what this meant, only that it suggested something weird was going on in Europa's ice.

Le journaliste Jean Lanzy est décédé à Aigues-Mortes — Gard
Le couple était "tombé en amour pour Aigues-Mortes", disait-il, au point de s'y fixer définitivement intra-muros pour sa retraite. Il est par la suite nommé directeur délégué de l'information et, en 1985, directeur délégué aux programmes et à l'information.

Didier Deschamps encense Kylian Mbappé
Le sélectionneur de l'équipe de France, Didier Deschamps, mesure la chance qu'il a de pouvoir s'appuyer sur Kylian Mbappé. Et on se réchauffe à ça comme devant un poêle chaud: les belles choses à venir, celles que l'on imagine.

Essais nucléaires: La France accusée de crimes contre l'humanité
Une commission parlementaire doit désormais rendre des propositions sur l'indemnisation des victimes "avant la fin de l'année".

La dernière saison du jeu Telltale finalement sauvée — The Walking Dead
En espérant une amélioration des chiffres dans les semaines qui viennent, (re) découvrez la bande-annonce de l'épisode 2. En 2010, le pilote du show avait ainsi comptabilisé 5,35 millions de curieux (voir tableau ci-dessous).

Liverpool's Fabinho enjoying learning Jurgen Klopp's style of play
And we hope that they come back healthy and play these easy competitions, the Premier League, the Champions League and all this.

Katie Price arrested on suspicion of drink-driving
She's also faced headlines about her financial situation, the state of her mansion and allegations of wild partying. TV personality and former glamour model Katie Price has been arrested on suspicion of drink-driving.

Entorse pour Goosen, absent au moins deux mois — Montpellier
Par ailleurs l'ailier fidjien Timoci Nagusa a aussi été touché à une cuisse contre le RCT, lors de la 7e journée du Top 14.

Indonesia says death toll in Sulawesi quake rises past 2,000
The quake and subsequent tsunami have killed at least 2,000 people with thousands more possibly missing, according to Indonesia. There is an ongoing search for victims but the government said it will stop recovery operations on Thursday.

Taylor Swift wins big at AMAs and encourages fans to vote
The diva quota will be filled by headliners Jennifer Lopez , Carrie Underwood , Mariah Carey and the ever-provocative Cardi B . And you know what else is voted on by the people? XXXTentacion won for Favorite Album - Soul/R&B, after his death in June.