Sections SEARCH Skip to content Skip to site index Business Subscribe Log In Log In Today’s Paper Business | Payless Shoes to Shut All U.S. Stores and Wind Down Online Operation Supported by ByMichael Corkery Feb. 16, 2019 Payless ShoeSource, a once-popular seller of inexpensive women’s footwear and a staple in many suburban shopping malls, is closing all of its American stores. The company said on Saturday that it would begin liquidating all 2,100 of its stores in the United States and Puerto Rico. Payless is also winding down its online business. The retailer, which filed for bankruptcy two years ago, had already closed hundreds of stores in recent years as its brand lost luster among women searching for deals on shoes. It is the latest mass-market retailer to vanish from the retail landscape. The liquidation of Payless, based in Topeka, Kan., is another example of how bankruptcy has helped retailers … [Read more...] about Payless Shoes to Shut All U.S. Stores and Wind Down Online Operation
Edward s lampert
Sections SEARCH Skip to content Skip to site index Business Log In Subscribe Log In Today’s Paper Business | Lampert’s Deal for Sears Is Approved, but Judge Scolds Him in the Process Supported by ByMichael Corkery Feb. 7, 2019 A federal bankruptcy judge on Thursday approved Edward S. Lampert’s plan to buy Sears, but the judge implored Mr. Lampert to make a fresh start. Mr. Lampert, a billionaire hedge fund manager, could avoid becoming the “cartoon character” his critics have painted him as, Judge Robert Drain said — a cross between Jay Gould, the Gilded Age robber baron, and Barney Fife, the blustery gullible sheriff on the “Andy Griffith” show. Rather, Judge Drain said, Mr. Lampert could “take action that would in fact be of great meaning” to the company’s constituents, particularly its workers. The remarks capped an all-day hearing on the fate of … [Read more...] about Lampert’s Deal for Sears Is Approved, but Judge Scolds Him in the Process
Sections SEARCH Skip to content Skip to site index Business Subscribe Log In Log In Today’s Paper Business | Sears Won’t Close Yet as Its Chairman, Edward Lampert, Fends Off Creditors Supported by ByMichael Corkery Jan. 16, 2019 Sears lives. For now. The bankrupt retailer and Edward S. Lampert have reached $5.3 billion deal that would keep its 425 stores open and its 50,000 employees at work, according to a person familiar with the situation. In the deal, which was reached in the early morning hours on Wednesday, Mr. Lampert would acquire most of Sears’s assets, the person said. The final details of the sale still needed to be arranged, and negotiations were expected to continue through the day and could still apart. Mr. Lampert, a hedge fund manager and Sears’s chairman, was the only bidder at a closed-door auction this week who sought to keep the company operating as a “going … [Read more...] about Sears Won’t Close Yet as Its Chairman, Edward Lampert, Fends Off Creditors
Sections SEARCH Skip to content Skip to site index Subscribe Log In Log In Today’s Paper DealBook | DealBook Briefing: ‘Brexit’ Deal Fails; What’s Next for Britain? DealBook Supported by Jan. 16, 2019 Good Wednesday morning. Breaking: Sears and Edward S. Lampert have reached $5.3 billion deal that would keep its stores open for now. Want this by email? Sign up here . An uncertain future for Britain after a staggering defeat Prime Minister Theresa May of Britain suffered a crushing defeat yesterday, after Parliament rejected her plan to withdraw the country from the European Union. The result thrusts the country further into political chaos 10 weeks before it is scheduled to leave the bloc, write Stephen Castle and Ellen Barry. The response: Jeremy Corbyn, the leader of the opposition Labour Party, called the defeat “catastrophic.” The European Union said it was stunned by … [Read more...] about DealBook Briefing: ‘Brexit’ Deal Fails; What’s Next for Britain?
By Soma Biswas WSJ Peg Brickley WSJ Lillian Rizzo WSJ Fri., Jan. 11, 2019 Billionaire Edward Lampert’s sweetened $5 billion offer for Sears Holdings Corp. is less than meets the eye, but it may be good enough to keep the 126-year-old retailer from being pulled apart in bankruptcy. Sears filed for chapter 11 bankruptcy in October, and is headed toward an auction Monday that will pit Mr. Lampert, the chairman of Sears and the founder of ESL Investments, against Abacus Advisory Group LLC, a liquidator that has offered to clear the stores of inventory. The retailer’s board rejected Mr. Lampert’s first rescue offer, but he came back this week with a deal that he says is more than $600 million richer. He added no new cash, asked for more real estate and other goods and beefed up promises to take on bills owed to suppliers, landlords, tax authorities and others. “He may be saying, ‘I’m giving $1 of cash and you give me … [Read more...] about Edward Lampert’s $5 Billion Sears Rescue Under Scrutiny as Auction Nears