Categories Consumer, Earnings, LATEST, Retail

Relief for Sears after chairman’s buyout bid gets court nod

The uncertainty over the fate of embattled retailer Sears Holdings (SHLD) eased slightly Tuesday after a bankruptcy judge allowed hedge fund ESL Investments, owned by the department store’s chairman Edward Lampert, to go ahead with the plan to acquire the company.

The order came as a big relief for Sears, which has been on the verge of liquidation after all the efforts to salvage it failed. Last week, Lampert’s $4.4-billion offer to acquire the store chain suffered a setback after it faced resistance from the company’s management. Also, there has been no clarity on how he is going to fund the deal.

The crisis took a new turn this week after Sears failed to pay the bankruptcy expenses to its legal consultants, and the management decided to inform the court about its objection to Lampert’s offer.

The order came as a big relief for Sears, which has been on the verge of liquidation after all the efforts to salvage it failed

As per the court’s directive, ESL has to deposit $120 million before Wednesday evening to avoid the liquidation process. The next step will be the auction, to be held early next week, at which ESL will compete with the other bidders, which will be followed by the final approval by the court by month-end.

The downfall of Sears is a classic example of how traditional American retailers are being crushed by the growing competition and the rapid adoption of e-commerce, an area dominated by Amazon (AMZN) and Walmart (WMT).  Experts are of the view that more Sears stores will be closed soon, irrespective of the final outcome of Lampert’s acquisition bid.

Sears liquidation looms closer than ever

Being unable to operate its remaining outlets, which once formed part of a huge store network, the company was forced to file for bankruptcy protection in October last year. Of late, the more-than-a-century-old retail store chain has been rapidly shrinking amid operational losses and mounting debt.

When Lampert came up with the initial offer of $4.6 billion in early December, it was seen as the last chance for Sears to survive. The offer also gives some hope to suppliers and lenders who are currently apprehensive about the future of the company.


Follow our Google News edition to get the latest stock market, earnings and financial news at your fingertips

Most Popular

MU Earnings: Micron’s Q4 profit declines but beats estimates

Micron Technology Inc. (NASDAQ: MU) Thursday said its fourth-quarter profit declined from last year, hurt by a sharp fall in revenues. Earnings, however, beat the market’s projection. On an adjusted

What are Philip Morris’ (PM) anticipations for the near term?

Shares of Philip Morris International Inc. (NYSE: PM) were down 1% on Thursday. The stock has dropped over 9% year-to-date. Although the tobacco industry has felt the pinch of inflation,

Key highlights from CarMax (KMX) Q2 2023 earnings results

CarMax, Inc. (NYSE:KMX) reported second quarter 2023 earnings results today. Net revenues rose 2% year-over-year to $8.1 billion. Net earnings were $125.9 million, or $0.79 per share, compared to $285.2 million,


  1. Pingback: teak furniture
  2. Pingback: ไฮโล
  3. Pingback: Heavy R
  4. Pingback: ff tools
  5. Pingback: ffh4x v41
  6. Pingback: apotheek
  7. Pingback: cheap
  8. Pingback: albertheijn
  9. Pingback: TikTok 18 apk
  10. Pingback: Epaviste gratuit
  11. Pingback: Epaviste
  12. Pingback: épave automobile
  13. Pingback: Epaviste gratuit
  14. Pingback: épave automobile
  15. Pingback: Epaviste gratuit
  16. Pingback: enlevement epave
  17. Pingback: épave automobile
  18. Pingback: épave automobile
  19. Pingback: sexy
  20. Pingback: เว็บ123
  21. Pingback: naza
  22. Pingback: เว็บ123
  23. Pingback: sa casino
  24. Pingback: bar carts for sale
  25. Pingback: 500mg THC Gummies
  26. Pingback: ps5 sale
  27. Pingback: enlevement epave
  28. Pingback: Kindness
  29. Pingback: berry pie strain
  30. Pingback: cereal milk strain
  31. Pingback: white runtz
  32. Pingback: 500 mg thc edible
  33. Pingback: CZ P10C
  34. Pingback: DESERT EAGLE 1911
  35. Pingback: Glock 43x for Sale
  36. Pingback: cool background 4k
  37. Pingback: paradontax
  38. Pingback: Buy This Domain
  39. Pingback: fishscale cocaine
  40. Pingback: buy 5meo dmt
  41. Pingback: classic books
  42. Pingback: Hd Wallpaper 4k
  43. Pingback: Hd Wallpapers
  44. Pingback: زواج
  45. Pingback: mango juul pods
  46. Pingback: Buy This Domain
  47. Pingback: สล็อต
  48. Pingback: Iphone 13 Pro Max
  49. Pingback: Infinix Phones
  50. Pingback: russian store
  51. Pingback: russian books
  52. Pingback: karen ball books
  53. Pingback: russkaya reklama
  54. Pingback: vintage art framed
  55. Pingback: buy weed in dubai
  56. Pingback: slayer sneakers
  57. Pingback: w320axgf-9-bxr3-r2
  58. Pingback: tile lowe's
  59. Pingback: Wood look tile
  60. Pingback: Buy MDMA Online
  61. Pingback: Buy Cocaine Online
  62. Pingback: MDMA for Sale
  63. Pingback: smas face
  64. Pingback: best skin scrubber
  65. Pingback: zemits hydroluxx
  66. Pingback: breaking news
  67. Pingback: Trending videos
  68. Pingback: Policy
  69. Pingback: Sports news
  70. Pingback: entertainment news
  71. Pingback: breaking news
  72. Pingback: ealth news
  73. Pingback: disclaimer
  74. Pingback: mobiles
  75. Pingback: try this
  76. Pingback: a knockout post
  77. Pingback: best schools egypt
  78. Pingback: Colt 1911 for Sale
  79. Pingback: 45 ACP Ammo
  80. Pingback: Guns on Sale
  81. Pingback: Firearms Site
  82. Pingback: 9mm Ammo
  83. Pingback: SpytoStyle.Com
  84. Pingback: SpytoStyle.Com
  85. Pingback: SpytoStyle.Com
  86. Pingback: SpyToStyle
  87. Pingback: SpytoStyle.Com
  88. Pingback: bet789
  89. Pingback: minecraft lmhmod
  90. Pingback:
  91. Pingback: tải game bài
  92. Pingback: so em xui la gi


Add Comment
Viewing Highlight