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16 September, 2019 -
Sears Holding Corp has allegedly won a bankruptcy audition in New York, enabling the 126-year-old U.S. retailing chain to maintain its, roughly, 400 stores open across the country.
Details of the final terms have not been disclosed but the bid has been evaluated at US$5 billion. At the time of filing for Chapter 11 bankruptcy protection, in October 2018, Sears had 687 stores and 68,000 workers. At its peak in 2012, its stores numbered 4,000. Reportedly, Eddie Lampert, Sear’s Chairman and largest shareholder, is confident the retailer can survive the pressure from online retailers such as Amazon.
Lampert, who owns a 31% stake in Sears and whose hedge fund has an 18.5% stake, is said to have loaned out his own money to save it from liquidation, however, Sears is also struggling to compete with other U.S. retailers such as Walmart and Target. Lampert combined Sears with Kmart in 2005, about two years after he helped bring Kmart out of bankruptcy. Reportedly, Sears has not had a profitable year since 2010 and has recorded 11 consecutive years of annual sales declines.
Source: Fox 13