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.
Maria Butina, 30, stood in a D.C. federal court this morning and told the judge that she “knowingly engaged in conspiracy against the United States.” Then, one hour into the hearing, she stood again and said one word: “Guilty.” The accused Russian spy acknowledged that she acted “under direction of” a Russian official who has […]
Today in the Mojave desert, Virgin Galactic had a successful test flight that reached 50 miles above the surface of the earth, meeting the Federal Aviation administration’s definition of space. This places the company one step closer to the long-awaited goal Richard Branson promised: space tourism. SpaceShipTwo, welcome to space. — Virgin Galactic (@virgingalactic) December […]
What a wonderful time to be alive.
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Businesses of any size continue to use PDFs despite – and perhaps because of – their stubborn resistance to simple editing. But for those who need a little flexibility on their documentation, the search is over for alternative software. PDF Expert for Mac is the catch-all solution for wrangling those PDFs, and it’s available at […]
When it comes to tech, smaller is better, and these items fit the bill both in terms of size and price. We’ve rounded up our favorite stocking-ready gadgets, most of which are already on sale – and you can take an additional 15% off any of them with the special code MERRY15. iPM 3-in-1 Fast […]