Sears, America’s iconic but bankrupt department store chain, passed a critical milestone Friday when a deadline for potential buyers to submit bids on its assets passed. Before the 4 p.m. ET deadline its former CEO, Eddie Lampert, had proposed buying the struggling retailer in full for $4.6 billion through his hedge fund ESL Investments – including 500 Sears and Kmart stores, store inventory, the Kenmare and DieHard tool brands and other assets. As part of the deal, ESL would also forgive $1.8 billion of debt that the retailer owes the hedge fund. But the deadline passed without word of an official bid. Fox Business has the full story.
The Amazon of yesteryear has been killed by the Amazon of today. The retail apocalypse continues. As you know, Sears was a founding Kenner partner and offered the world some of the most significant Star Wars exclusives we ever saw for our collections. We’re sure many of you who grew up with the original Kenner line feel a bit melancholy to see this retail chain finally bite the dust. There is a chance a confidential bid is out there, but right now it’s looking very grim.
Here is a story we missed. Sears announced a couple of days ago that it is closing another 46 stores which include many Kmart stores. The retail apocalypse continues. CNN has the full story.
It’s amazing any of these stores are left. Business Insider reveals that Kmart and Sears are closing even more stores. Special thanks to JTA reader Martin M. for the alert.
-Click HERE to return to the home page-