Step inside the nearly 21,000-square-foot suburban Chicago jewelry store with Editor-in-Chief Michelle Graff.
Sears Chairman Completes $5.2 Billion Acquisition
Eddie Lampert’s multi-billion-dollar bid will keep more than 400 Sears and Kmart stores open.
New York—In the latest chapter of the Sears saga, Chairman Eddie Lampert’s private equity firm ESL Investments Inc. has completed its acquisition of Sears Holdings’ assets, the company confirmed Monday.
The retail giant filed for Chapter 11 in October, but former CEO Lampert submitted a $4.4 billion bid for the company.
After the acceptance deadline for that bid passed without a word from Sears, ESL upped its bid to $5.2 billion, which was accepted.
As per the deal, more than 223 Sears and 202 Kmart stores will remain open, keeping around 50,000 workers employed.
“The best possible outcome has now been realized for all stakeholders, including Sears’ many associates, Shop Your Way members, vendors and other partners. ESL looks forward to a new era at Sears and Kmart that builds on their proud histories, while finding new ways to innovate and grow to adapt to the forces transforming the retail industry,” Lampert said.
Whether or not the iconic retailer will be able to regain traction remains to be seen, but Lampert said he plans to return Sears to profitability in fiscal 2019.
Currently, the role of CEO of Sears Holdings is shared among Chief Financial Officer Robert A. Riecker, Chief Digital Officer Leena Munjal and Softlines President Greg Ladley, but Sears is on the lookout for someone to fill the role.
Sears did not respond to a request for comment regarding the timeline for finding a new CEO.
Once a heavyweight in the retail space, Sears’ shrinking presence may give other department stores a leg up, according to Moody’s Investors Service.
“As Sears continues to shrink its footprint following its Chapter 11 filing, department stores in locations that overlap with Sears stores, such as Macy’s, J.C. Penney and Dillard’s, will have the opportunity to pick up new customers,” Christina Boni, a Moody’s VP-senior credit officer, said in a research note.
“Last year we saw a similar situation, with the bankruptcy of Bon-Ton positively affecting sales for Macy’s and Kohl’s.”
The Latest
These punk-inspired earrings from the new Canadian brand’s debut collection reveal the alter ego of the classic pearl.
The company brings its nanotechnology to two new fancy cuts for diamonds that feature its signature color and brilliance.
From protecting customer data to safeguarding inventory records, it's crucial to learn how to tackle cybersecurity challenges.
Sponsored by Tasha R
Three Titanic survivors presented him with the personalized Tiffany & Co. timepiece about a year after the tragedy.
Cynthia Erivo chose Dreams of Hope, an organization dedicated to empowering LGBTQA+ youth, as the charity for this year’s collection.
This fall, sharpen your skills in jewelry grading, quality control and diamond assessment.
Kinney, who spent nearly 30 years at IJO, has been hired to head Abbott Jewelry Systems’ new virtual marketplace.
The auction house was accused of helping clients avoid paying taxes on millions of dollars’ worth of art purchased from 2010 to 2020.
The four finalists will present their pieces at the 2025 JCK Las Vegas show.
The “Camera Oscura” collection showcases earring designs celebrating female Surrealist artists Claude Cahun and Leonor Fini.
The money will fund the planting of 10,000 trees in critical areas across Oregon, Arizona, Montana, and other regions.
The event centered on advancing jewelry manufacturing technology will return to Detroit in May 2025.
Local reports identified the woman as the wife of the jewelry store owner.
A collection of pieces owned by Ferdinand I, the first king of modern Bulgaria, and his family, blew away estimates in Geneva last week.
The Australian jewelry box brand’s new West Village store will showcase new jewelers each month through its Designer in Residence program.
“Lovechild” was created in partnership with Carolyn Rafaelian’s Metal Alchemist brand.
Hampton discussed how Helzberg is improving the customer experience and why it was inspired by the company formerly known as Dunkin’ Donuts.
The group will host several curated events and an exhibition of designer jewelry made with Peruvian gold traceable to the miners’ names.
The collection honors the 50th anniversary of Dolly Parton’s “Love is Like a Butterfly” song, which shares a birth year with Kendra Scott.
This year’s theme asks designers to take inspiration from classic fairy tales.
Senior Editor Lenore Fedow makes the case for why more jewelers should be appealing to nerds at the annual event.
The latest “Raiz’in” drop showcases a newly designed “Scapular” necklace and donates a portion of the proceeds to Make-A-Wish France.
No. 1 out of 100, the timepiece was created to mark Citizen’s 100th anniversary and will be auctioned off at Sotheby’s next month.
On the latest episode of “My Next Question,” two experts share best practices for store security during the holidays and year-round.
Sotheby’s sold the necklace, which potentially has ties to Marie-Antoinette, for $4.8 million to a woman bidding via phone.