CollectionsNov 05, 2024
Jacquie Aiche is Hosting an Online Treasure HuntOne lucky winner will receive a “Lizzie” diamond bracelet.
MajorsFeb 14, 2019
Sears Chairman Completes $5.2 Billion Acquisition
Eddie Lampert’s multi-billion-dollar bid will keep more than 400 Sears and Kmart stores open.
About 425 Sears and Kmart stores will stay open after Chairman Eddie Lampert’s ESL Investments Inc. bought the company out of bankruptcy.
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.”
More on Majors
The Latest
IndependentsNov 05, 2024
Long's Jewelers Names New Director of BuyingSamantha Larson has joined the Boston-based retailer.
Events & AwardsNov 05, 2024
JA, BIJC Now Accepting EJAP Applications for 2025The Emerging Jewelers Accelerator Program will guide retail jewelry entrepreneurs through an eight-month educational curriculum.
Brought to you by
Navigating Cybersecurity: Essential Guidance for JewelersFrom protecting customer data to safeguarding inventory records, it's crucial to learn how to tackle cybersecurity challenges.
Events & AwardsNov 05, 2024
Tiffany & Co., CDFA Announce Design Award FinalistsTen chosen designers will receive mentorship and participate in a design contest for the Tiffany & Co. x CFDA Jewelry Designer Award.
Weekly QuizOct 31, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeNov 04, 2024
FBI Offering $15K Reward for Info on Halloween Mask-Wearing RobbersThe suspects are said to have been involved in the armed robberies of four jewelry stores across three Midwest states.
CollectionsNov 04, 2024
John Hardy’s New Jewels Turn the Black Sands of Bali into DiamondsThe new designs blend Creative Director Reed Krakoff’s aesthetic with the brand’s Balinese roots.
Brought to you by
Enhance Your Expertise with IGI’s In-Person Courses in NYCThis fall, sharpen your skills in jewelry grading, quality control and diamond assessment.
IndependentsNov 04, 2024
Eiseman Jewels is Celebrating Watches All Month-LongThe Dallas-based jeweler will showcase timepieces from Cartier, IWC Schaffhausen, Jaeger-LeCoultre, Parmigiani Fleurier, and more.
SourcingNov 01, 2024
Reena Ahluwalia Donates Diamond Painting to Benefit CJAThe artwork, titled “Pristine,” was raffled off at the Canadian Jewellers Association’s recent summit.
IndependentsNov 01, 2024
Gunderson’s Jewelers Opens New Location in NebraskaThe new store features a custom design studio and a bridal salon.
CollectionsNov 01, 2024
Piece of the Week: Sydney Evan Gets ‘Wicked’Designer Rosanne Karmes has created a collection to coincide with the release of the movie musical, which is expected to be a blockbuster.
FinancialsOct 31, 2024
Charles & Colvard Faces Possible Nasdaq DelistingThe retailer said it will file the necessary paperwork to regain compliance as soon as it is able.
ColumnistsOct 31, 2024
Peter Smith: Nervous Flyers and Emotional SellingWhether you’re calming the jittery gentleman in seat 13B or selling a diamond ring to a hesitant customer, an empathetic approach is best.
Events & AwardsOct 31, 2024
WJA Will Celebrate 4 Award Winners at ‘Future of Forty’ GalaThe gala includes a red carpet, music from DJ Renata, an awards program, and “mystery boxes.”
Events & AwardsOct 31, 2024
The Instore Show Returns To Chicago AreaThe trade show, in its third year, will take place in late September at the Donald E. Stephens Convention Center in Rosemont, Illinois.
Lab-GrownOct 31, 2024
Q&A: Constance Polamalu on Selling Natural and Lab-Grown DiamondsThe jeweler shared her change of heart on lab-grown diamonds and why she keeps them separate from natural diamonds in her business ventures.
Events & AwardsOct 30, 2024
These Designers, Journalists, and Retailers Are Up for a Gem Award The 2025 Gem Awards are scheduled to take place March 14 at Cipriani 42nd Street in New York City.
CollectionsOct 30, 2024
CD Peacock Honors Its Hometown of Chicago in First Bridal Collection“Love and Celebration” is the jeweler’s first in-house collection featuring engagement rings, wedding bands, and celebration rings.
SurveysOct 30, 2024
Consumer Confidence Rebounds in OctoberA more positive view of the labor market contributed to the strongest monthly gain since March 2021.
Events & AwardsOct 30, 2024
Mejuri to Award $50K in Scholarships to Jewelry Design StudentsThe funds will be distributed to schools in the U.S., Canada, and the U.K.
MajorsOct 29, 2024
Cybersecurity Expert Selected as President of Jewelers’ Security AllianceJennifer Mulvihill, the first woman to lead JSA in the organization’s 141-year history, takes over for the retiring John Kennedy.
Events & AwardsOct 29, 2024
The Can’t-Miss Events of 2024 New York City Jewelry WeekThis year’s festivities include more than 100 experiences, such as designer showcases, panel discussions, and even a treasure hunt.
AuctionsOct 29, 2024
Rolex Worn on Apollo 14 Mission Sells for More Than $2MThe GMT-Master “Pepsi” that belonged to astronaut Edgar Mitchell is one of two Apollo-flown Rolex watches ever sold at auction.
MajorsOct 29, 2024
Pandora’s Holiday Campaign, New Jewelry Celebrate Light and LoveThe ads star brand ambassadors Chloe and Halle Bailey and Pamela Anderson.
SourcingOct 29, 2024
De Beers’ Production Drops 25% as Demand Remains SluggishThe company combined two sights in Q3 due to the slowdown in demand, and said it is moving up the dates for sights 9 and 10 in Q4.
EditorsOct 28, 2024
Q&A: Monica Rich Kosann Looks Back on 20 Years The jewelry designer discussed how she got into the jewelry industry, what she keeps in her favorite locket, and the future of her brand.
