Sears plans to shut down after 126 years in business

M. Hawbaker
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Sears plans to shut down after 126 years in business Jan 8, 2019 16:12:19 GMT

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Post by M. Hawbaker on Jan 8, 2019 16:12:19 GMT

Sears Holdings has rejected Chairman Eddie Lampert's bid to save the 126-year-old company, setting the storied retailer with more than 50,000 employees on a path to liquidation, people familiar with the situation told CNBC on Tuesday. Sears, which also owns Kmart, planned to announce its liquidation plans Tuesday morning, the people said.

Lampert had put forward a $4.4 billion bid to save Sears by buying it out of bankruptcy through his hedge fund ESL Investments. His offer, though, was deemed insufficient by Sears' advisors, the people said. One of the biggest unresolved issues was covering the fees and vendor payment it owes, making it "administratively insolvent."

A liquidation could still salvage pieces of the storied retailer, like its home services business. Still, it marks the end of an era for the company that started in 1893 as Sears, Roebuck & Co., and was once the nation's largest retailer.

www.cnbc.com/2019/01/06/sears-rejects-eddie-lamperts-bid-to-save-company-will-liquidate-.html

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barb43
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Sears plans to shut down after 126 years in business Jan 9, 2019 3:05:39 GMT

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Post by barb43 on Jan 9, 2019 3:05:39 GMT

There will really be no. more. Sears. :Sob

. . .

This is so sad. We need a retailer like Sears so badly. There are virtually no choices here in the central U.S.

All the memories I have of going to Sears, from back when I was a little girl and we went to a Sears store that was standalone on the edge of downtown Canton, OH.

And now Sears is fading into the setting sun.

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suzugos
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Sears plans to shut down after 126 years in business Jan 9, 2019 6:37:09 GMT

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Post by suzugos on Jan 9, 2019 6:37:09 GMT

Sears has been dying a slow death since 2010. They closed quite a number of stores including the local one where we purchased most of our household appliances. After the closures Sears seemed increasingly dependent upon generating internet sales. The 2004 Kmart merger was the beginning of the end for Sears. They had a solid result in 2008, but it was offset by Kmart's poor performance. After that Sears reported nothing but losses. It couldn't go on.

A lot of US retailers lack fiscal strength. I am afraid other bankruptcies shall be forthcoming.

My 2¢ worth,
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