The holding company behind struggling department store chain Sears is about to file for bankruptcy, reports The Daily Beast.
The company has closed hundreds of stores in recent years and Sears CEO Edward Lampert has fought to keep it afloat by stripping out assets. Lampert has reportedly been pushing for a restructuring plan that would keep the company out of bankruptcy court, but its dismal financial status has so far hindered those efforts.
'Fought to keep it afloat' isn't really what asset-stripping is about. They've just run out of things to sell and now the ship needs scuttling so they can sell the fixtures and floorboards too. And void a few hundred thousand pension plans. Then the name gets sold, too, which might obscure the death of a 130-year-old American institution when it gets put on every Big Lots or Dollar General or maybe even the Willis Group, or whoever else buys the corpse.
• Trump lawyer’s bank records examined • Witnesses questioned on work for Ukraine mayor • Feds probing efforts to oust U.S. ambassador Donald Trump’s longtime personal attorney Rudy Giuliani is the subject of a federal criminal investigation.
Pompeo refuses to say if he met with Giuliani on February Warsaw trip
Could an arrest be imminent? Was he planning to fly to Vienna, too? So many questions.
Remember when the default state of your online presence was anonymity? That’s not so clear-cut anymore, and the worst part is you may not even know who is using your data or what they’re using it for. Small wonder that so many people are choosing to surf through virtual private networks. VPNs filter web access […]
Get ready for the stream of your dreams, binge-watchers. There’s a contest afoot, and at stake is a lifetime subscription to Netflix. All you have to do is sign up, and you’re entered to win this ultimate Netflix plan. When does it expire? Only when you do. And hey, just in case you need something […]
There’s overwhelming support for clean energy, and the planet is giving us more reasons to invest in renewable power sources with every passing year. Even in the most inhospitable areas, wind and solar can provide a good chunk of our power, if not all of it. So why aren’t we all taking advantage of it? […]