The apocalypse retail might soon hit one more player. In fact, US Sears department stores have been selling out their estates and assets while striving to avoid bankruptcy. This is actually the last chance not to go bankrupt. Eddie Lampert, chief executive officer and majority shareholder of the brand (he owns 31% of the company’s stocks), has submitted, before the United States Securities and Exchange Commission, a rescue plan to predictably collect around 1.5 billion dollars, after selling estates, and 1.75 billion dollars coming from other assets, such as Home Services, a corporate division, and Kenmore appliances brand. The primary aim of the whole operation is to reduce debts by about 80%, down to around 1.2 billion dollars, therefore gaining current money assets to pay off a 134 million dollar debt which is about to expire next 15 October. Strategies aiming to knock down the debt drastically have been urged by Lampert’s hedge fund, ESL investment, which owns 19% of Sears. Still it is not clear if Sears’s creditors are going to keep supporting the plan, as they may consider assets to be bigger than liabilities. Last August Sears were running 866 own brand stores alongside Kmart.
US retail are going fairly well. Sears fear bankruptcy and sell out assets and estates
