Sears narrowly avoids liquidation — for now
Sears was at least briefly saved from liquidation Friday by a $4.4 billion bid from a hedge fund, ESL Investments, belonging to the iconic American department store's chair, Eddie Lampert. The last-minute proposal would "offer employment to up to 50,000" of Sears' 68,000 employees, depending on "further actions the company may take between now and closing."
Sears filed for bankruptcy in October, announcing the closure of 142 out of around 700 stores. It has since announced another 120 store closures, 80 of them on Friday.
The success or failure of Lampert's bid will be announced in January. Sears has been in business since 1893 and was once the United States' largest retailer.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Bonnie Kristian was a deputy editor and acting editor-in-chief of TheWeek.com. She is a columnist at Christianity Today and author of Untrustworthy: The Knowledge Crisis Breaking Our Brains, Polluting Our Politics, and Corrupting Christian Community (forthcoming 2022) and A Flexible Faith: Rethinking What It Means to Follow Jesus Today (2018). Her writing has also appeared at Time Magazine, CNN, USA Today, Newsweek, the Los Angeles Times, and The American Conservative, among other outlets.
-
Shoot to Kill: Terror on the Tube – a 'raw' and 'riveting' docuseries
The Week Recommends Channel 4's 'gripping' two-part show explores the Metropolitan police killing of an innocent man in the aftermath of 7/7
By Irenie Forshaw, The Week UK Published
-
'Salute to those who served'
Today's Newspapers A roundup of the headlines from the US front pages
By The Week Staff Published
-
Europe's all-inclusive holiday trend
The Week Recommends Big US chains are capitalising on the 'recent surge' in package breaks to bring upscale resorts to Europe
By Tess Foley-Cox Published
-
Boeing machinists approve contract, end strike
Speed Read The company's largest union approved the new contract offer, ending a seven-week strike
By Peter Weber, The Week US Published
-
US economy still strong in final preelection report
Speed Read It grew at a solid 2.8% annual rate from July through September
By Peter Weber, The Week US Published
-
Boeing machinists reject deal, continue strike
Speed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
By Peter Weber, The Week US Published
-
Ports reopen after dockworkers halt strike
Speed Read The 36 ports that closed this week, from Maine to Texas, will start reopening today
By Peter Weber, The Week US Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published
-
Disney and DeSantis reach detente
Speed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
By Peter Weber, The Week US Published