Sears Holdings
[14] In November 2006, speculation rolled around as The Chicago Sun Times reported that Sears may buy Safeway, Home Depot, Gap, BJ's Wholesale Club, Radio Shack, Pep Boys, and Anheuser-Busch.[15] The Washington Post, in a March 11, 2007, article, described the current Sears as a hedge fund with money being diverted from the maintenance and improvement of stores to non-retail financial investments.KCD IP then issued $1.8 billion in bonds that were sold to Sears' insurance subsidiary based in Bermuda.Some industry analysts feel the heart of the problem is Eddie Lampert's "penny-pinching" cost-savings by stifling investment into stores.[24] On December 6, 2013, Sears Holding Corp. announced that it will spin off Lands' End catalog business as a separate company by distributing stock to the retailer's stockholders.The 235 properties, mainly Sears and Kmart locations, spread across the country and Puerto Rico, amounted to a total of 37.1 million square feet of space.The filing stated that "by evaluating potential partnerships or other transactions that could expand distribution of our brands and service offerings, we can position both businesses to achieve greater success.In late 2016 and early 2017, some significant steps were taken by Edward Lampert, president, chief executive officer and top shareholder of Sears Holding Corp. Lampert, with personal assets estimated at $2 billion, is also the founder and manager of the hedge fund ESL Investments Inc.[30] He provided an additional loan of $500 million to the company and said he would provide letters of credit to Sears for additional amounts, reportedly totaling $200 million and possibly increasing to a half-billion dollars in the future.[37] According to an op-ed in MSN money, at this rate, Sears, along with sister company Kmart, has an extremely high chance of disappearing and going defunct in 2018, and that 2017 will have marked its final holiday season as an independent brand.[40] After missing the deadline, the company announced at the end of the business day that it had lost $508 million, though same-store sales showed some improvements.[41] The following day, Lampert blamed the losses on the company's difficulties in paying pensions and the resulting regulatory penalties.He also announced that CFO Robert A. Riecker, CDO Leena Munjal, and apparel and footwear segment president Greg Ladley would collectively share the responsibilities of CEO in his place.[48] After hitting below $1 per share due to bankruptcy filing, Sears Holdings was delisted from NASDAQ on October 24, 2018[49] and became listed on OTC Pink.[53] Sears Holdings announced on January 16, 2019, that Lampert (through his hedge fund, ESL Investments) had won the bankruptcy auction, allowing the company to remain open.[54] On January 24, 2019, a group of unsecured creditors, that included Simon Property Group, filed a motion with the bankruptcy court to overturn the deal Sears Holdings had just made with Lampert claiming that Lampert had been "engaged in serial asset stripping" of the company at the expense of suppliers and landlords.[55] On January 28, 2019, the federal government operated Pension Benefit Guaranty Corporation announced that they were not in favor with the current Sears Holding agreement with Lampert since that agreement would create a $1.7 billion funding gap in the employee pension fund that would require the American taxpayers to cover the shortfall."[57] On February 7, 2019, a bankruptcy judge approved a $5.2 billion plan by Sears’ chairman and biggest shareholder to keep the iconic business going.[59] On June 28, 2019, it was reported that Sears Holdings had plans to fully dissolve after selling its retail assets to ESL Investments a few months prior.
PublicTraded asOTC PinkNasdaqRetailBig-box storesdepartment storesKmart Holding CorporationSears, Roebuck and Co.Chapter 11 bankruptcyliquidationESL InvestmentsTransformcoHoffman EstatesIllinoisEddie Lampertchairmanchief restructuring officerOperating incomeNet incomeTotal assetsTotal equitySubsidiariesholding companyChapter 11 bankruptcy protectionlarger off-mallbrandssynergiessupply chainrevenueboard of directorsmastheadsWalmartTargetCraftsman toolsSears Canadadepartment storeBill AckmanSears MexicoCarlos SlimKmart-branded storesWesfarmersColes GroupOrchard Supply HardwareAres Managementspin offThe Chicago Sun TimesSafewayHome DepotBJ's Wholesale ClubRadio ShackPep BoysAnheuser-BuschThe Washington Posthedge fundBermudaRestoration HardwareCatterton PartnersNew JerseyThe Great IndoorsJP Morgan Chase BankPuerto RicoEdward LampertStanley Black & Deckerextendunsecured creditorsSimon Property GroupPension Benefit Guaranty CorporationTransform Holdco LLCOverland Park, KansasAnchorage, AlaskaLafayette, Louisianadiscount storesstrip mallsHawthorn Mallshopping mallsSears Home ServicesDieHardloyalty programSears Hometown and Outlet StoresSears OutletoutletLands' Endeyewear storesCaliforniaLowe'sappliancesKmart AustraliaSears "Design the 1988 Wish Book Cover" ContestSears (Mexico)In the Matter of Sears Holdings Management CorporationNational Retail FederationNBC NewsNew York CityU.S. Securities and Exchange CommissionWashington, D.C.United States federal governmentWayback MachineChicago Sun-TimesBusinessWeekInvestor's Business DailyChicago TribuneNews & RecordAssociated PressUSA TodayABC NewsAmerican BankerCrain CommunicationsThe Wall Street JournalThe New York TimesWashington PostLos Angeles TimesInternational Business TimesViking PressCrown BusinessHoboken, New JerseyJohn Wiley & SonsS. S. KresgeAlvah Curtis RoebuckRichard Warren SearsJames B. AdamsonJoseph E. AntoniniEdward A. BrennanCharles ConawayHarry B. CunninghamFloyd Hall