Sears news

Here are some recent news updates about Sears:

Bankruptcy and Store Closures

• In October 2018, Sears Holdings, the parent company of Sears and Kmart, filed for Chapter 11 bankruptcy protection. This was the second time the company had filed for bankruptcy in its history.
• As a result of the bankruptcy, Sears has been forced to close hundreds of stores across the United States. According to reports, the company has closed over 3,500 stores since 2010.
• In 2020, Sears announced that it would be closing an additional 150 stores, citing declining sales and increased competition from online retailers.

Efforts to Revamp the Business

• Despite the challenges, Sears has been working to revamp its business and stay competitive. In 2019, the company launched a new e-commerce platform and invested in its online presence.
• Sears has also been exploring new business models, such as partnering with other retailers to offer services like home maintenance and repair.
• In 2020, the company announced plans to open a new concept store in Chicago, which would focus on offering services like appliance repair and home maintenance.

Lampert's Efforts to Save the Company

• Eddie Lampert, the former CEO of Sears Holdings, has been working to save the company through a series of deals and investments.
• In 2019, Lampert's hedge fund, ESL Investments, acquired a significant stake in Sears and provided the company with a $1.3 billion loan.
• However, Lampert's efforts to save the company have been met with skepticism by some investors and analysts, who have questioned the viability of Sears' business model.

Recent Developments

• In February 2023, Sears announced that it would be closing an additional 20 stores in the coming months.
• The company has also been exploring the sale of its iconic Craftsman brand, which has been a staple of the company's business for over 90 years.
• Despite the challenges, Sears remains a well-known brand with a loyal customer base. The company continues to operate over 400 stores across the United States and employs thousands of people.

I hope this information is helpful!