Monday, 10 December, 2018

Sears may be preparing to file for bankruptcy

Sears store in Garden City NY. REUTERS  Shannon StapletonMore Sears store in Garden City NY. REUTERS Shannon StapletonMore
Jean Garcia | 10 October, 2018, 23:22

Sears Holdings shares lost almost a third of their value in early trading on Wednesday after a report said that the beleaguered retailer had hired advisers to prepare for a bankruptcy filing ahead of a debt payment deadline.

The committee has been resisting the plan amid concerns that creditors and shareholders would sue over it being too favorable for Lampert.

The same day, the company revealed that a major shareholder had dumped 142,000 shares this week for only 59 cents to 65 cents a share. But if Sears is now in touch with banks to secure the financing needed for a bankruptcy filing, as CNBC reported Wednesday morning, that could send the surest signal that such a move may not be so far off.

"The problem in Sears case is that it is a poor retailer", said Neil Saunders, Managing Director of GlobalData Retail, in a Tuesday research note, where he wrote that he wasn't surprised the retailer was preparing for a possible bankruptcy filing.

Sears is preparing for a possible bankruptcy filing with the help of restructuring firm M-III Partners, according to the Wall Street Journal.

Meghan Markle's ex-husband Trevor Engelson gets remarried
Trevor is said to have met Tracey in 2017 and she is credited with helping him to come to terms with Meghan's new relationship. In a truly weird moment during the interview, she also showed off the cardboard cutout she bought of Meghan's face in London.

Sears had no comment on the report.

A Sears special committee is weighing a prior offer from Lampert to acquire the retailer's Kenmore appliances brand and its home services business for as much as $480 million.

The impetus for the fast-moving bankruptcy preparation is a $134 million debt payment due this coming Monday. Sears' acting spokesman, Howard Riefs, said Brathwaite had informed the retailer of his exit last month. When Toys "R" Us, the largest specialty toy retailer, filed for bankruptcy protection last September, it sought to emerge from it after restructuring its debt and shutting stores. The stock, which traded above US$100 a decade ago, has fallen to less than $1 in the past year. Sears' borrowings totaled $5 billion as of August 4.

The Hoffman Estates, Illinois-based retailer, once an iconic American retail brand, has posted seven straight years of losses, while its sales have not grown since the 2008 financial crisis. Sears warned it could go out of business as it waits for approval from the committee on the deal. The company is now $5.6 billion in debt, has closed more than half its 2,000 stores since 2004, already sold off most of its major brands, and has seen its shares reduced to penny stock status within the past few weeks.

He also called on the company to sell off $3.25 billion in real estate and assets.

Recommended

Vikas Bahl slaps legal notices on Anurag & Vikramaditya Vikas Bahl slaps legal notices on Anurag & Vikramaditya However, the piece was also critical of Mr Kashyap's way of handling the matter, including the delay in calling Vikas Bahl out. The defamation notice alleges that Mr Kashyap and Mr Motwane acted on hearsay to paint Mr Bahl as the villain of the piece.

Kate Middleton and Prince William Wow at Mental Health Summit Appearance Kate Middleton and Prince William Wow at Mental Health Summit Appearance In addition to getting to spend some kid-free time together, William and Kate got to further push their mental health initiative. Another policy up for discussion is a declaration committing to putting mental health on an equal footing with physical health.

Mining sector, Morrison government on the defensive over IPCC report Mining sector, Morrison government on the defensive over IPCC report The report also notes that "any remaining emissions would need to be balanced by removing Carbon dioxide from the air". But they are not spread uniformly across the globe, and different parts of the world experience impacts differently.

Google Home Hub vs Amazon Echo Show Google Home Hub vs Amazon Echo Show The third in its line of high-end smartphones, the Google Pixel has previously impressed reviewers with its camera quality . Financial analysts said it is hard to evaluate Google's hardware business as it is overshadowed by profits from search ads.

Melania Trump Says Survivors Need to Show Hard Evidence of Assault Melania Trump Says Survivors Need to Show Hard Evidence of Assault You can not just say to somebody, I was, you know, sexually assaulted and or you did that to me, ' states Melania. But Kavanaugh denied the claims against him, with his confirmation to the Supreme Court confirmed last weekend.

Lady Gaga mental health essay calls for funding and awareness Lady Gaga mental health essay calls for funding and awareness According to the global agency, 10 to 20 per cent of children and adolescents worldwide suffer from mental disorders. One such discussion was held on Twitter earlier this year during May, which is considered as Mental Health Month.

Hurricane Michael Expected to Make Landfall Wednesday Hurricane Michael Expected to Make Landfall Wednesday EDT, Michael was centered was about 90 miles (145 kilometers) from Panama City and Apalachicola, moving fast at 13 mph (21 kph). More than 2.1 million residents of at least 20 Florida counties were under mandatory or voluntary evacuation orders.

Amazon India Sale: Here Are Top Deals, Offers Available On Products Amazon India Sale: Here Are Top Deals, Offers Available On Products While Amazon's Great Indian Festival offers discounts across products, there are other offers as well that go along with it. Earlier this week, Amazon had revealed deals on several smartphones from brands like Honor , Samsung , Motorola , and more.

European Union officials warned to prepare for no-deal Brexit European Union  officials warned to prepare for no-deal Brexit However, May has not yet shown the new proposal to Foster, whose party the prime minister depends upon for her Commons majority. She said there was evidence that Brexit was "dislodging long-held red lines about the union".

Google Pixel 3 XL Goes On Sale Before Official Launch Google Pixel 3 XL Goes On Sale Before Official Launch The phones come in black, white , and an pinkish off-white that Google archly calls "not pink", but which is, of course, pink. If you wish to grab Pixel Slate , you are supposed to shell out $599, and for keyboard and pen, it's additional $199 and $99.

Google unveils new AI-powered Pixel phones and a smart home hub Google unveils new AI-powered Pixel phones and a smart home hub But Android Pie and subsequent changes within Google core apps show that Android as an ecosystem continues to grow in strength. It's not a new technology in reality as many recommend the best photo - but we can't wait to try it out in the real world.

Up Next: Tropical Storm Michael Up Next: Tropical Storm Michael Swells are expected to begin affecting the coast of the eastern and northern Gulf of Mexico during the next day or so. The last major hurricane to hit the Panhandle was Hurricane Dennis in 2005, according to hurricane centre data.

Microsoft Offers First Look at Project xCloud Game Streaming Tech Microsoft Offers First Look at Project xCloud Game Streaming Tech Project xCloud will run via Microsoft's Azure servers, which are now spread out across 54 different locations globally. Problems Microsoft now face include low-latency video, frame rates, and supporting a large, multi-user network.

Verizon retains exclusive on Google's Pixel 3 And in an effort to protect you from you, Google has also added Digital Wellbeing to monitor and limit your device and app usage. The device features Home View, a dashboard for the spectrum of home devices, including appliances, DVRs, lights and thermostats.

Apple Watch Series 4 bootloops due to Daylight Savings Time Apple Watch Series 4 bootloops due to Daylight Savings Time It packs a bunch of cool new features, FDA-approved ECG included, and has a powerful new S4 processor, which is more than welcome. The Watch costs $399 and comes with top features like ability to take ECG, fall detection, improved speaker, watch OS 5 and more.