Majors

Sears Chairman Bids $4B to Save the Company

MajorsJan 02, 2019

Sears Chairman Bids $4B to Save the Company

If accepted, the bid would save the chain from liquidation, preserving 425 stores and as many as 50,000 jobs.

2017_Sears-store.jpg
Richard W. Sears and Alvah C. Roebuck started Sears in 1893 as a mail-order catalog business that sold watches to farmers, which was innovative at the time. Today, the retailer’s survival hinges upon a last-minute bid by Chairman Eddie Lampert.

New York—Sears Holdings Corp. Chairman Eddie Lampert has submitted a $4.4 billion bid to keep afloat at least a portion of the 125-year-old retailer, which owns both Sears and Kmart.

Lampert entered the bid through Transform Holdco LLC, an affiliate of his private equity firm, ESL Investments Inc.

According to a statement from Transform Holdco, the going concern bid includes $1.3 billion in financing from “three leading financial institutions” and is for 425 Sears and Kmart stores, a little more than half the number of stores Sears had when it filed for bankruptcy this fall.

If the bid is accepted, Transform said it would employ up to 50,000 people, reinstate severance for eligible employees and assume certain warranties for customers who purchased appliances, televisions and tractors at Sears’ stores.

ESL Investments announced its intention to bid about $4 billion for Sears Holdings Corp. earlier this month and made it formal by submitting it just under the bid deadline, which was 4 p.m. on Dec. 28.

It is now up to the advisers overseeing the Sears bankruptcy to decide what is in the best interest of the company and its creditors: liquidation or carrying on as a smaller company.

According to the Sears bankruptcy website, they will decide on Jan. 4 whom the qualified bidders are—including if Transform Holdco is one of them. If necessary, an auction among qualified bidders will take place Jan. 14.

Also on Dec. 28, Sears announced its intent to close 86 more stores—34 Kmart and 52 Sears locations.

The list includes stores in more than 30 states nationwide, from California to New York. It is available in its entirety on the bankruptcy website (Docket #1444).

Sears had 687 stores when it filed for bankruptcy and said at the time it wanted to save the approximately 400 that were “economically viable” while closing at least half of the remaining 287 stores.

Started in 1893 as an innovative catalog retailer that sold everything, including kits to build houses, Sears has struggled to find its footing in the internet age.

After years of closing stores in an effort to combat declining sales, the Hoffman Estates, Illinois-based company filed Chapter 11 in October in federal bankruptcy court in New York.

Lampert was CEO at the time Sears Holdings filed Chapter 11 but stepped down, with a team of three executives currently overseeing day-to-day operations.

Michelle Graffis the editor-in-chief at National Jeweler, directing the publication’s coverage both online and in print.

The Latest

Graphic for My Next Question webinar with guest Peter Smith
Recorded WebinarsMay 16, 2025
Watch: Physical Retail Is Not Dead

Peter Smith joined Michelle Graff to chat about the state of brick-and-mortar stores and share a few book and podcast recommendations.

Tejen Candy Bowl Torque Necklace
CollectionsMay 16, 2025
Piece of the Week: Tejen’s ‘Candy Bowl’ Torque Necklace

The necklace features a candy-colored Australian white opal in 18-karat Fairmined gold, as the brand was named a Fairmined ambassador.

1 Camilla Dietz Bergeron.jpg
Supplier BulletinMay 15, 2025
Treasure Hunting at the Las Vegas Antique Jewelry and Watch Show

Sponsored by the Las Vegas Antique Jewelry and Watch Show

antique_Vegas_2024_by_headshot_stories_9454.jpg
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the Globe

Gain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.

The Mediterranean Blue diamond
AuctionsMay 15, 2025
'The Mediterranean Blue' Diamond Sells for $21M at Sotheby’s

A private American collector purchased the 10-carat fancy vivid blue diamond.

Weekly QuizMay 15, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Jessica McCormack Fruit Salad Campaign Imagery
CollectionsMay 15, 2025
Jessica McCormack’s ‘Fruit Salad’ Collection Is Fresh for Summer

The designer has taken the appeal of freshly picked fruit and channeled it into a capsule collection of earrings, necklaces, and pendants.

Stock image of diamonds
SourcingMay 15, 2025
Tariffs Take Toll on India’s Gem and Jewelry Industry in April

The country’s gem and jewelry exports fell 5 percent year-over-year last month, while imports declined 18 percent.

Supplier Spotlight -Recorded-Webinar.png
Brought to you by
Watch: The Winston Red: GIA Examines the Smithsonian’s Newest Addition

Supplier Spotlight Sponsored by GIA

Disability advocate Catarina Rivera, JVC ADA compliance guide, circle of hands wearing jewelry
Policies & IssuesMay 15, 2025
State of Retail: How to Better Serve Customers With Disabilities

Around 54 million Americans and counting live with a disability. Here’s how to make your jewelry store and website more accessible.

Sekou Andrews
Events & AwardsMay 15, 2025
Poet Sekou Andrews to Give Closing Keynote at Converge

The event is also accepting poster submissions now through June 16.

Pope Francis
Policies & IssuesMay 14, 2025
Here’s What Happened to Pope Francis’ Ring

Before Pope Leo XIV was elected, a centuries-old procedure regarding the late pontiff’s ring was followed.

1998 Cosmograph Daytona, Ref.16516 Rolex
AuctionsMay 14, 2025
Custom Rolex Pulled From Sotheby’s Sale

The one-of-a-kind platinum Rolex Cosmograph Daytona was estimated to fetch up to $1.7 million.

Jeweler Constance Polamalu at Bloomstone, a store that specializes in lab-grown diamonds
Lab-GrownMay 14, 2025
State of Diamonds: What’s Next for Lab-Grown Diamonds?

While the product has entrenched itself in the market, retailers and consultants are assessing the next phase of the category’s development.

Surveillance footage Tiffany & Co. Seattle robbery
CrimeMay 14, 2025
Seattle Detectives Seek Public’s Help in Tiffany & Co. Robberies

The police are trying to identify the man suspected of robbing two Tiffany & Co. locations in the area.

Foundrae Ingot Pendant
Policies & IssuesMay 14, 2025
Foundrae Donates $11K to Ethical Metalsmiths

The donation was the result of the brand’s annual Earth Day Ingot event.

Eiseman Jewels ribbon cutting ceremony
IndependentsMay 13, 2025
Eiseman Jewels’ Renovated Dallas Store Is Bigger and Better

Located in NorthPark Center, the revamped store is nearly 2,000 square feet larger and includes the first Tudor boutique in Dallas.

Diamond Council of America
MajorsMay 13, 2025
DCA Announces New Learning Platform, Course Updates

The nonprofit has made updates to the content in its beginner and advanced jewelry sales courses.

Malyia McNaughton and Elyssa Jenkins-Pérez
MajorsMay 13, 2025
BIJC Launches New Education Fund

BIJC President Malyia McNaughton will shift roles to lead the new foundation, and Elyssa Jenkins-Pérez will succeed her as president.

Harwell Godfrey Snake Giza Ring, Foundrae Mind, Body Soul Story Necklace, Tiffany & Co. Tiffany Titan By Pharrell Williams Bracelet
TrendsMay 13, 2025
State of Jewelry Design: The Top 10 Jewelry Trends of the Past Decade

As a nod to the theme of JCK Las Vegas 2025, “Decades,” National Jeweler took a look back at the top 10 jewelry trends of the past 10 years.

Lightbox’s Reminiscence Poet earrings in 14-karat white gold with lab-grown diamonds
Lab-GrownMay 12, 2025
Lightbox to Go Dark by Summer, De Beers Says

The company plans to halt all consumer-facing activity this summer, while Lightbox factory operations will cease by the end of the year.

Stock image of shipping containers
Policies & IssuesMay 12, 2025
Tariffs on Chinese Imports Temporarily Slashed as U.S.-China Reach Deal

Following weekend negotiations, the tax on Chinese goods imported into the United States will drop by 115 percent for the next 90 days.

Artists’ Jewelry: From Cubism to Pop, the Diane Venet Collection
Events & AwardsMay 12, 2025
Jewelry By Picasso, Dalí on Display at Florida Art Museum

“Artists’ Jewelry: From Cubism to Pop, the Diane Venet Collection” is on view at the Norton Museum of Art through October.

2025 CASE Award Submission Graphic
Events & AwardsMay 12, 2025
CASE Awards Now Accepting Entries For 2025

The deadline to submit is June 16.

Lugano Diamonds store in Greenwich, Connecticut
IndependentsMay 09, 2025
Lugano Diamonds CEO Resigns Amid Internal Investigation

Moti Ferder stepped down Wednesday and will not receive any severance pay, parent company Compass Diversified said.

Coeur Percé Scapular Necklace and Love Baby Locket
CollectionsMay 09, 2025
Pieces of the Week: Marie Lichtenberg’s Collaborations for Mother’s Day

Lichtenberg partnered with luxury platform Mytheresa on two designs honoring the connection between mothers and daughters.

Gemfields emeralds
SourcingMay 09, 2025
Gemfields Resumes Emerald Mining in Zambia

The miner announced plans to recommence open-pit mining at Kagem.

Stock image of a man’s hands in handcuffs
CrimeMay 08, 2025
Former NYC Jewelry Store Employee Arrested in 2017 Choking Death of Boss

Michel Desalles allegedly murdered Omid Gholian inside World of Gold N Diamond using zip ties and then fled the country.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy