The continuing collapse of the once fabled retailer, whose catalogue is an icon of Americana, saw 80 percent of employees at the Sears
Hoffman Estates corporate offices in Illinois being fired Monday evening.
5 June 2019 - US-based retailer Transform Holdco LLC has agreed to acquire the outstanding shares of Sears
Hometown that are not owned by ESL Investments, Inc.
Hometown was spun off from Sears
Holdings Corp., the former parent company of Sears
and Kmart, in 2012.
Secretary Mnuchin served on Sears
' board of directors until December 2016 and is the former college roommate and close friend of Sears
CEO Eddie Lampert, whose hedge fund, ESL Investments, purchased Sears
be relegated to the dustbin of history, and will 68,000 Americans lose their jobs, or will Sears
enter the next chapter of its life as an iconic American company, enduring yet another shift in the retail landscape?' Chief Financial Officer Robert Riecker said in a court affidavit.
is in the process of closing an additional 46 stores by the end of November.
You know the gist of the story: Sears
, Roebuck went on to create one of the largest mail-order catalog businesses in the world (the 535-page catalog was once referred to as the "Consumer's Bible"), eventually operated over 3,500 bricks-and-mortar department stores, and umbrellaed such well-known brands as Allstate, Kenmore, Penske, Discover Card, Craftsman, Dean Witter, Cheryl Tiegs and DieHard.
"Our historical operating results indicate substantial doubt exists related to the company's ability to continue as a going concern," Sears
said March 21 in its annual 10-K filing with the Securities and Exchange Commission.
Hometown and Outlet Stores, requires the independents to dedicate at least 2,000 square feet of prime salesfloor to a Sears-branded department, and not sell appliances and power lawn and garden equipment that compete with the items sold in the Sears
The problems of Sears
Holdings transcend advertising and are, some would say, existential.
Brian Irving Sears
, 36, agreed to the decade-long prison sentence when he pleaded guilty earlier this month in Lane County Circuit Court to a first-degree manslaughter charge in the death of 32-year-old Eugene resident Dustin Stewart Philip.
, once the place where families could go for an afternoon of one-stop shopping for everything from clothing to appliances to car parts, has struggled amid declining sales and stiff competition.