Sears

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Sears Sues Own Ex-Chairman

Claims Eddie Lampert stripped it of $2B in assets

(Newser) - Sears Holdings Corp. is suing its former chairman and largest shareholder Eddie Lampert, alleging the billionaire stripped the once iconic company of more than $2 billion in assets. The lawsuit, which was filed late Wednesday with the US Bankruptcy Court of the Southern District of New York, also names former... More »

Sears Lives to See Another Day

Bankruptcy judge approves plan to keep hundreds of stores open

(Newser) - A bankruptcy judge has blessed a $5.2 billion plan by Sears chairman and biggest shareholder Eddie Lampert to keep the iconic business going, the AP reports. The approval means roughly 425 stores and 45,000 jobs will be preserved. Lampert's bid through his ESL hedge fund overcame opposition... More »

Looks Like Sears Has One Final Gasp of Breath

Chairman Eddie Lampert won bankruptcy auction, can maybe keep stores open

(Newser) - Sears has won a reprieve in a desperate attempt to stave off its own demise. The company's largest shareholder and chairman, Eddie Lampert, won a bankruptcy auction in New York, per a source familiar with negotiations. Lampert had upped his bid to more than $5 billion in recent days,... More »

Sears Gets Another Lifeline

Eddie Lampert says he can add cash to bid

(Newser) - Sears received another 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... More »

See If Your Sears or Kmart Is Closing

80 more shuttering in next few months

(Newser) - Sears is still alive, barely. A last-minute bid on Friday gave the chain a chance to stave off complete liquidation, but the company still announced that 80 Sears and Kmart stores across the country would close by March, reports CNBC . You can see the complete, state-by-state list at Marketwatch. (Sears... More »

Sears Could Be Dead by Saturday

Bid to save retailer needs to be in by 4pm Friday

(Newser) - After 125 years in business, Sears could now be in its final hours. The iconic retailer, which filed for bankruptcy in October , may have to be liquidated if a bid to save it doesn't materialize before a 4pm Friday deadline. Chairman Eddie Lampert has proposed a $4.6 billion... More »

Not Everyone Sorry to See Sears Go

Companies that run malls can finally renovate money-losing sites, raise rents

(Newser) - Sears filed for bankruptcy Monday morning, marking what might be the beginning of the end of one of the most remarkable business stories in American history. As the AP explains, the big question is whether the chain will go away for good or emerge as a smaller version of itself.... More »

'Sad Day for American Retail': Sears Declares Bankruptcy

Company hopes to keep some stores open

(Newser) - A $134 million debt payment due Monday was the final straw for the business Richard Warren Sears started in 1886. Sears, an American institution for many years, filed for Chapter 11 bankruptcy protection early Monday, CNN reports. The company, which also owns Kmart, says it plans to remain in business... More »

Sears Is Reeling, and Lots More Stores Are Closing

Chain to announce 72 more locations to be shuttered

(Newser) - More big trouble for Sears: The retailing giant plans to close another 72 stores as sales plunge and losses grow. The beleaguered retailer said that it has identified about 100 stores that are no longer turning a profit, and the majority of those locations will be shuttered soon. The company... More »

Sears Might Sell Off an Iconic Brand

CEO offers to buy Kenmore through his hedge fund

(Newser) - Sears' biggest shareholder appears to be pushing for a breakup of the 125-year-old company that has survived two world wars and the Great Depression. Chairman and CEO Edward Lampert—whose hedge fund has forwarded millions in funding to keep the ailing chain afloat—has asked the struggling retailer to sell... More »

Security Breach Hits Delta, Sears Customers

Malware exposed customers' credit card details

(Newser) - Delta Air Lines' payment-card information for about "several hundred thousand" airline customers may have been exposed by a malware breach last fall that also hit Sears and other companies. The airline says that the malware attack may have exposed customers' names, addresses, credit card numbers, card security codes, and... More »

Sears Corp. Is Closing 63 Stores

The 'holiday blowout' has started early

(Newser) - Sears Holdings Corp. says it will be closing another 63 stores as the ailing retailer tries to turn around its business. The Illinois-based company, struggling to keep up with its rivals, said it will shutter 45 Kmart stores and 18 Sears stores in late January, the AP reports. Liquidation sales... More »

After More Than 100 Years, Sears Is Done With Whirlpool

Department store will no longer sell Whirlpool appliances

(Newser) - Sears will no longer sell Whirlpool appliances, ending a business relationship that dates back more than 100 years, the AP reports. In a note sent to its stores last week, Sears said that Whirlpool was making demands that would've made it difficult to sell its appliances at a competitive... More »

The 10 Worst US Employers

Alorica hasn't really charmed its employees

(Newser) - Companies focused on keeping customers happy should perhaps focus a bit more on their own employees. According to 24/7 Wall St. , some of the worst US companies to work for are customer-oriented. The site used Glassdoor reviews from employees to give US employers a rating out of five. The 10... More »

Sears Might Go Bust

Chain says there is 'substantial doubt' about its future

(Newser) - Sears, once the monolith of American retail, says there is "substantial doubt" that it will be able to keep its doors open. Company shares, which hit an all-time low last month, tumbled more than 5% before the opening bell Wednesday, per the AP . Millions of dollars have been funneled... More »

Sears, Kmart Remove Some Trump-Brand Products Online

But company emphasizes hundreds of products are still available

(Newser) - Sears and Kmart have evicted "a very small number" of Trump-branded items from their online stores, but won't specify how many and emphasize that hundreds of products are still available through their third-party online marketplaces, the AP reports. It's another sign of how companies are trying to... More »

Macy's, JC Penney Sued Over Bargains That Aren't Bargains

'Customers have the right to be told the truth about the prices they're paying'

(Newser) - Los Angeles prosecutors on Thursday sued four national retailers, accusing them of duping shoppers into believing they got bigger discounts than they actually did, the AP reports. The separate lawsuits alleging deceptive advertising were filed against JC Penney, Sears, Kohl's, and Macy's, according to the Los Angeles city... More »

Source: Kmart to Close 64 More Stores by Christmas

Liquidation sales reportedly start Thursday

(Newser) - A person familiar with the matter says Kmart is closing 64 stores by mid-December as the ailing company looks for more ways to generate cash, the AP reports. The liquidation sales start Thursday, says the person, who spoke on condition of anonymity because the decision isn't yet being disclosed... More »

Kmart Payment Data Breached in Latest Hack

Customer credit card information at risk: company

(Newser) - If you've shopped at a Kmart store in recent weeks, it may be time to check your credit card records: The company is the latest retailer to fall victim to hackers, it says. Hackers apparently got into Kmart's systems in early September; some credit and debit card numbers... More »

Feds Investigate Possible Breach at Sears

Chain is 'actively reviewing' its systems, but sees no sign of trouble yet

(Newser) - And now Sears? Bloomberg reports that the Secret Service is investigating a possible security breach at the retailer. There's not much more to the story at this point, and so no way to tell whether this might be something on par with Target's breach . In a statement, Sears... More »

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