Sears aims to close up to 150 stores in bankruptcy, sources say
Source: Reuters
Sears is planning to close up to 150 of its department and discount stores and keep at least 300 open as part of a plan to restructure under U.S. bankruptcy protection, people familiar with the matter said Friday.
The plans, which remained in flux Friday afternoon, would leave the fate of Sears' remaining roughly 250 stores uncertain, the sources said. The future of the stores could hinge on Sears' negotiations with landlords over their leases.
The beleaguered 125-year-old retailer, once the largest in the United States, hopes to sell stores and other assets, including its Kenmore appliances brand and home services business, in court-supervised auctions while under bankruptcy protection, the sources said.
Sears chief executive Eddie Lampert, also the company's largest shareholder and creditor, is exploring bidding on the assets as a so-called stalking horse, setting a floor with offers that other possible buyers could then attempt to top, the sources said.
Read more: https://www.msn.com/en-us/money/companies/sears-aims-to-close-up-to-150-stores-in-bankruptcy-sources-say/ar-BBOilDr?li=BBnbfcN
= new reply since forum marked as read
blames the pensioners as being part of the problem.....................and then in classic move of hedge fund operators..................
"is exploring bidding on the assets as a so-called stalking horse, setting a floor with offers that other possible buyers could then attempt to top, the sources said."
Sounds just like Mitt Romney................but with a different name...................and walks out the front door all smiles ..........................................
