Economy

Sears reportedly seeks to liquidate after rejecting investor's last-ditch takeover bid

Sears reportedly seeks to liquidate after rejecting investor's last-ditch takeover bid

Liquidation appears to be the fate of Sears and its chairman, Eddie Lampert.

Lampert's ESL Investments said late last month it was prepared to pay $4.4 billion for numerous retailer's remaining assets, including about 425 Sears and Kmart stores.

One of America's most iconic businesses, which has been in business for over 125 years and still employees 68,000 people, is on the verge of liquidation after an eleventh-hour, $4.4 billion takeover bid failed to satisfy advisers to the company, which hasn't turned a profit in almost a decade.

Lampert had put forward a $4.4 billion bid to save Sears and 50,000 jobs by buying it out of bankruptcy through his hedge fund ESL Investments.

Mr Lampert's hedge fund originally submitted a last-minute bid for Sears valued at $4.4bn (£3.5bn) ahead of the December 28 deadline, to stop the retailer from being liquidated.

If Sears doesn't accept the bid, it will likely have to ask the court for permission to start shutting down the business.

Kevin Hart apologizes to LGBTQ community after Oscars controversy
An insider close to the production said Hart would have to approach them with "willingness to return". Once the tweets surfaced, people immediately called for Hart to step down.

Even though no other bidders stepped forward, Sears Holdings' board decided the offer wasn't good enough since almost a quarter of it was in the form of debt forgiveness.

Sears and Kmart have been undergoing a slow collapse over the last decade as more retail sales have moved to online channels.

The hemorrhaging picked up speed in the third quarter of 2016 when the company reported a net loss of $748 million, nearly double what it lost in the same quarter a year earlier.

But critics say Lampert let the stores deteriorate over the years, even as he bought the company's stock and lent it money.

The only problem was, there were a lot of them. The deal could keep 425 of the stores open.

Lampert's offer was reportedly the only one that sought to rescue the company rather than liquidate it. Lampert, though, protested the decision, highlighting the extensive costs of Sears' bankruptcy advisors, a person familiar with the situation told CNBC. The once-dominant retailer has about 500 stores still in operation.


  • Tesla Makes Gigafactory Breakthrough in Shanghai, Production to Start in 2019

    Tesla Makes Gigafactory Breakthrough in Shanghai, Production to Start in 2019

    China has raised import duties on US-made cars as part of the broader trade fight with the US. He said production would start to some degree in the second half of 2019.

    Billionaire Japanese tycoon's ‘free cash’ tweet gets record retweet

    In a post which has steadily increased to more than 2.6 million retweets, the singer wrote: "Always in my heart Harry-Styles". The flamboyant Japanese billionaire Yusaku Maezawa has broken the world record for the most-retweeted tweet .
    Packers To Hire Matt LaFleur, Not Josh McDaniels, As Head Coach

    Packers To Hire Matt LaFleur, Not Josh McDaniels, As Head Coach

    LaFleur takes over after Mike McCarthy was sacked during the season following a stunning home loss to the Cardinals . LaFleur also has coached with the Redskins and Texans and was the quarterbacks coach for Notre Dame in 2014.
  • Useful new iPhone battery case still allows Lightning port access

    Useful new iPhone battery case still allows Lightning port access

    There's no doubt the iPhone XI will support wireless charging and have aluminium core - even if it is for the premium models. The 3D camera would be able to create 3D depth maps by measuring the time it takes light to bounce off things in a scene.
    British Prime Minister May: No Second Brexit Referendum

    British Prime Minister May: No Second Brexit Referendum

    The prime minister also defended herself against critics by asking them to provide an alternative to the plan she had negotiated. Late on Monday, several MPs left the No.10 drinks reception but none appeared to have change their minds on May's plans.
    Kim Jong Un Makes Visit to China at Beijing's Invitation

    Kim Jong Un Makes Visit to China at Beijing's Invitation

    At the June summit in Singapore, the two leaders signed an agreement to work towards the denuclearisation of the peninsula. Also, if confirmed, it could suggest Kim is primed for follow-up summits with South Korean President Moon Jae-in and U.S.
  • How Captain Marvel Might Just Save the Day in Avengers: Endgame

    How Captain Marvel Might Just Save the Day in Avengers: Endgame

    We have to say that it is an impressive piece of concept art and is quite in line with Anthony and Joe Russo's upcoming movie. Um, I can't wait for Captain Marvel to hit the big screen? So what's going on here? Let's run through those options.
    Mike Babcock on Elias Pettersson: 'He's smarter than everybody else'

    Mike Babcock on Elias Pettersson: 'He's smarter than everybody else'

    Elias Pettersson has a fan in Maple Leafs head coach Mike Babcock. "We looked exhausted ", Canucks coach Travis Green said. Notes: Andersen said after Friday's practice, his first full session since December 27, that he's close to a return.
    Apple partners with Samsung to bring iTunes to smart TVs

    Apple partners with Samsung to bring iTunes to smart TVs

    According to Samsung, a new iTunes Movies and TV Shows app will be rolling out to Samsung Smart TVs in over 100 countries. AirPlay 2 allows users to cast content from the screens of their iPhones, iPads and MacBooks straight to their TVs.
  • NYC Mayor Announces Health Care Coverage For All New York City Residents

    NYC Mayor Announces Health Care Coverage For All New York City Residents

    The option will also provide healthcare to undocumented immigrants, said de Blasio, because they are still part of the community. The plan will is expected to ensure care to resident regardless of their ability to pay or immigration status.
    Woman dies after getting trapped inside clothes donation box in Toronto

    Woman dies after getting trapped inside clothes donation box in Toronto

    First responders performed CPR on the woman but she was pronounced dead at the scene, according to Global News . Toronto police say a woman trapped inside a clothing donation box was found dead early Tuesday morning.
    Hulk Hogan Returns to Raw for 'Mean' Gene Okerlund Tribute

    Hulk Hogan Returns to Raw for 'Mean' Gene Okerlund Tribute

    Hogan appeared on WWE television in November as part of the Crown Jewel event but this is his first appearance on Raw since 2015. According to a statement issued by WWE , Hogan will be returning "to honour his longtime friend" during the broadcast.