Creditors urge Sears to shut down all its stores, calling its plan for survival ‘wishful thinking’ (SHLD)

AP Photo/Charlie Riedel Sears‘ unsecured creditors are urging the company to shut down all of its remaining stores.  In a bankruptcy filing, the creditors slammed Sears’ plan to stay in business as “nothing more than wishful thinking” and “an unjustified and foolhardy gamble with other people’s money.” Sears has proposed cutting its store count to roughly […]

Sears hopes to sell its home improvement business to Service.com

Bankrupt retailer Sears announced that it’s seeking permission to sell its home improvement division to a key rival partly responsible for its downfall. Pending trustee approval, it will sell the business to Service.com, an Airbnb-like service that helps home owners find contractors, for $ 60 million. Sears Home Services is considered to be one of […]

Sears directors tap Evercore to examine former CEO Eddie Lampert’s deals

AP Two Sears board directors have hired an investment bank to look into deals made by the company’s former CEO Eddie Lampert before the company filed for bankruptcy.  The directors are questioning the ways the company separated its real-estate and Sear’s businesses under Lampert’s watch.  The directors say that doing so caused Sears to lose […]

Sears, the Amazon of its day, files for bankruptcy

Sears, which invented the strategy of selling everything anyone with a mailing address long before Amazon, has been mortally wounded by its spiritual successor. After nearly a decade of struggle, the US retailer announced that it has filed for bankruptcy. It entered voluntary Chapter 11 proceedings and plans to close as many as 150 stores […]

Sears is closing more stores, with some layoffs starting 2 days before Christmas (SHLD)

LM Otero/AP Sears is closing at least 11 stores ahead of the holidays, including six Sears stores and five Kmart stores. Layoffs at one Kmart store in Poughskeepie, New York, which employs 71 people, will begin December 23, according to a company filing. Sears has been closing hundreds of stores and selling off assets following years of crippling sales declines. […]

Sears is closing 40 stores in 24 states — here’s the list (SHLD)

Real Insight Marketplace Sears is closing at least 40 stores, including 31 Sears stores and nine Kmart stores. The closing stores span 24 states including Arizona, California, Florida, Missouri, Ohio, and Minnesota.  Most of the stores will close in July and August. Sears has cut its store count in half in the last five years. Sears is […]

The meatless Impossible Burger bleeds and sears, but wasn’t a crowd pleaser

Enlarge / The Impossible Burger IRL. (credit: Sean Gallagher) A beefy burger without the beef? That is the seemingly impossible promise of the Impossible Burger, a trendy plant-based burger that claims to “bleed,” sear, and taste like the best of the best all-American whoppers—without the environmental impacts of beef production and ethical concerns of meat-eating. […]

Sears is teetering on the edge of bankruptcy and Kmart could be its first casualty (SHLD)

Sears’ sales are down 45% since early 2013, its debt load has spiked to over $ 4 billion, and the company is losing well over $ 1 billion annually.  To meet its obligations, Sears has been selling off valuable brands and properties. Now its pool of assets is dwindling, increasing the risk of a bankruptcy, […]

Sears’ loss narrows as same-store sales plunge (SHLD)

AP Sears’ loss narrowed to $ 558 million in the third quarter. Same-store sales fell 17% at Sears and 13% at Kmart.   (Reuters) – Sears Holdings Corp continued its streak of declining sales in the third quarter, reporting a double-digit drop in comparable sales at its Sears and Kmart chains. Sales at Sears stores […]

Sears needs more than Black Friday to be saved

Joe Raedle/Getty Images Sears reported an adjusted loss of $ 226 million in the fourth quarter of 2016, and isn’t likely to be any better. More consumers are likely to do their holiday shopping online this year, furthering the retailers woes.  Times are getting desperate for Sears Holdings Corporation.  Shares of the ailing retailer slipped to an […]