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Transformco - 1 Eddie Lampert - 1 Lampert - 1 Sebastian Spering Kresge - 1
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New - 1 New York CNN - 1 Kmart - 1 Sears - 1 Sears Holdings - 1 Virgin Islands - 1 Walmart - 1 Target - 1

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6 mentions found


☆ Attention Kmart shoppers: The last full-size Kmart in the mainland United States is closing
  + stars: | 2024-09-23 | by ( Chris Isidore | ) edition.cnn.com   time to read: +3 min
New York CNN —Kmart, once one of America’s leading discount retailers, is closing its last full-size store in the mainland United States. It also has stores in Guam and the US Virgin Islands, where it does not face competition from more successful big box stores. At the time of the 2005 merger Kmart had about 1,400 stores and Sears nearly 900 full-line US stores. Today only a handful of Sears stores remain, although it has outlets thatoperate under the Sears Hometown brands. The chain grew rapidly for several decades, claiming the discount segment of the market that big box stores now dominate.
Persons: Transformco, Eddie Lampert, Lampert, Sebastian Spering Kresge Organizations: New, New York CNN, Kmart, Sears, Sears Holdings, Virgin Islands, Walmart, Target, Sears Hometown Locations: New York, United States, Bridgehampton , New York, Long, Miami, Guam, Virgin, Detroit
☆ The $11.8 billion mistake that led to Bed, Bath & Beyond’s demise
  + stars: | 2023-04-25 | by ( Chris Isidore | ) edition.cnn.com   time to read: +4 min
New York CNN —Bed, Bath & Beyond made plenty of mistakes that led to this week’s bankruptcy filing. “The company’s stewardship of their capital failed,” said Declan Gargan, retail director and credit analyst who follows Bed, Bath & Beyond for S&P Global Ratings. Across Corporate America, share repurchases reached a record $936 billion, according to S&P Dow Jones Indices, up from $882 billion in 2021. In fact the Bed, Bath & Beyond share repurchases were not enough to stop activist investors from pushing out top management of the company in 2019. President Joe Biden, a frequent critic of share repurchases, included a 1% tax on share repurchases in the Inflation Reduction Act passed by Democrats in Congress last year.
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☆ Mall of America Wins Supreme Court Case Over Sears Lease
  + stars: | 2023-04-19 | by ( Akiko Matsuda | ) www.wsj.com   time to read: 1 min
The U.S. Supreme Court on Wednesday ordered an appeals court to review Mall of America’s dispute with the former chairman of Sears Holdings Corp. over a $10-a-year store lease, potentially opening the door for landlords or vendors to challenge the sale of bankrupt businesses. The justices unanimously ruled against Transform Holdco LLC, the real-estate company backed by former Sears Chairman Eddie Lampert that purchased some of the best-performing Sears and Kmart stores out of chapter 11 in 2019. Transform had argued that a bankruptcy provision protects asset buyers from such disputes to encourage them to close on sales.
☆ US Supreme Court allows Mall of America to fight cheap Sears lease
  + stars: | 2023-04-19 | by ( Dietrich Knauth | Industry Insight | Insights In Action | ) www.reuters.com   time to read: +2 min
In a 9-0 ruling written by Justice Ketanji Brown Jackson, the Supreme Court overturned a lower court's decision against MOAC Mall Holdings LLC, the parent company of the mega-mall located in Bloomington, Minnesota. The lease provided Sears with a three-story, 120,000-square foot (11,000 square meters) location at the mall for a rent of just $10 a year. Mall of America went to court to try to stop the lease transfer during the Sears bankruptcy process. Circuit Court of Appeals found in 2021 that bankruptcy law does not allow for appeals of court-approved bankruptcy sales. While bankruptcy law limits the ability of courts to unwind a sale after appeal, it does not prevent appeals entirely, the Supreme Court ruled.
☆ Factbox: The 10 biggest U.S. retail bankruptcies in 5 years
  + stars: | 2023-01-09 | by ( ) www.reuters.com   time to read: +4 min
J.C. PenneyAssets: $7.99 billionLiabilities: $7.16 billionStores: 846After more than a century in business, the department store chain filed for bankruptcy protection in May 2020, weighed down by mounting debt. At the time, its bankruptcy was the biggest collapse of a U.S. retailer by assets since Kmart in 2002. It soon emerged from bankruptcy with much of its store base intact and $400 million in fresh financial aid. Tailored BrandsAssets: $2.48 billionLiabilities: $2.84 billionStores: Over 1,400The owner of tuxedo and business suit chain Men's Wearhouse filed for bankruptcy in August 2020. It emerged from bankruptcy just days short of a year since it filed for bankruptcy under a new name, Premier Brands.
☆ The 'next Warren Buffett' curse: Sam Bankman-Fried is the latest market icon to fall after being compared to the legendary investor
  + stars: | 2022-11-12 | by ( Matthew Fox | ) www.businessinsider.com   time to read: +5 min
The Warren Buffett curse is alive and well following the collapse of Sam Bankman-Fried and his crypto exchange FTX. Fortune magazine asked if Bankman-Fried was the next Warren Buffett in an August profile. Fortune put Bankman-Fried on the front page of its August issue, asking readers if he was in fact the next Warren Buffett? Several of Palihapitiya's SPAC companies soared in value amid the SPAC boom of 2020 and the early months of 2021. Palihapitiya was often compared to Buffett by market participants, and Brown called the investor "the new Buffett" on a podcast in January 2021.
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