Sears Sues Former CEO Eddie Lampert, Accusing Him Of Siphoning $2 Billion As Company Faced BankruptcySears Holding Corp. has sued former chairman and CEO Eddie Lampert, and his hedge fund, ESL, accusing them of draining $2 billion from the company as it was headed into bankruptcy.
Bankruptcy Judge Gives Sears Another ChanceEven with this latest reprieve, Sears' long-term survival remains an open question. Lampert hasn't put forth any specific reinvention plans and the company still faces cutthroat competition from Amazon, Target and Walmart.
Judge Could Decide Sears' Future TodayThe decision rests with US Bankruptcy Court Judge Robert Drain, who has been hearing the case since Sears filed for bankruptcy in October. Drain has repeatedly expressed a desire to save the jobs of as many of Sears' employees as possible.
Sears Survives A Near-Death Experience, But For How Long?Many of Sears' unsecured creditors, who rank at the bottom of the list to be paid and include merchandise suppliers and landlords, had pressed for liquidation, contending the business was worth more dead than alive. They also questioned the propriety of certain deals Lampert has done while at Sears.
Sears Avoids Liquidation, Stores To Remain Open After Chairman Wins Auction With $5.2 Billion BidA last-minute reprieve for Sears, after the retailer’s former CEO made the winning takeover bid in a bankruptcy auction.
Win Or Lose, Sears' Chairman May Still Come Out On TopSears' fate has been twisting in the wind for years, but since its bankruptcy filing, its demise has appeared imminent. At its peak in 2012, its stores numbered 4,000, a far cry from the just under 700 stores and 68,000 workers it had as of October.
Sears Lives To See Another Day As Its CEO Tries To Buy The RetailerMany employees and customers are in shock. Many thought liquidation was inevitable. But now the 126-year-old company may have one lifeline left.
BREAKING: Sears Reaches 11th Hour Deal To Stay In BusinessAfter two long delays at a morning hearing in bankruptcy court, attorneys for Sears announced it had accepted a revised bid from a hedge fund controlled by Eddie Lampert, the chairman and former CEO of Sears. The deal could keep 425 of the stores open.
Sears' Fate Hinges On Outcome Of Today's Bankruptcy HearingHoffman Estates-based Sears and discount retailer Kmart could join the growing list of now-defunct American retailers like Toys R’ Us that have been overtaken by digital competition like Amazon.
If Sears Survives, This Is What It Will Look LikeEven if Sears survives bankruptcy, there will be a wide swath of America that no longer has any of its stores.