I remember back when this stock was being hyped for more of it's real estate position then the actual Sears stores...... I'm surprised it actually stayed in business this long. ....wonder how many stores out there that have been around for decades will be next to go....
Sears Bid Sears chair and former CEO Eddie Lampert has, via his ESL Investments hedge fund, bid $4.6 billion to buy around 500 Sears and Kmart stores from the bankrupt operation. The bid is also for the Diehard battery brand and Kenmore appliance brand. ESL says it would save 50,000 jobs. CNN
Thanks for the update. Someone explain how I can buy a company and get them to pay for it by taking on a loan? What am I missing?
Sears Auction Sears will hold a court-supervised auction on Monday, and CEO Eddie Lampert will compete. The Sears board could have rejected Lampert's bid, which he has now promised to boost, in which case liquidation proceedings would have begun. Lampert's ESL will provide a non-refundable $120 million deposit to participate in the auction. Wall Street Journal
From BGG (Briggs & Stratton) 8K: Net sales are now expected to be in a range of $1.90 billion to $1.96 billion (previously $1.95 billion to $2.01 billion), a $50 million reduction. The decrease contemplates a $30 million impact from the Sears bankruptcy and $40 million in lower sales in Australia and Europe due to unfavorable weather
U.S. Federal Pension Insurer Backs Eddie Lampert’s Bid to Buy Sears(The Wall Street Journal) Sears Holdings Corp. Chairman Eddie Lampert won the support of the U.S. government’s pension insurer for his $5 billion buyout proposal, a critical vote in his favor as he vies with other creditors who want Sears liquidated. Sears lawyer Ray Schrock told a bankruptcy judge Thursday that the Pension Benefit Guaranty Corp. had resolved its $1.7 billion claim against the company and would back Mr. Lampert’s proposal to buy hundreds of stores out of bankruptcy.