Sears Chairman Eddie Lampert struck a $5 billion deal to buy the company out of bankruptcy, saying it would be the only path to keep about 400 Sears and Kmart stores open and preserve 45,000 jobs. So far, those efforts have not been enough to stem the losses.
Lampert promised employees and the bankruptcy court that a new Sears could take advantage of its iconic heritage and fend off these challenges, preserving roughly 45,000 jobs. He and his partners said they would improve the retailer's performance by only running 425 of its profitable stores, rather than the roughly 700 stores it had when it filed for bankruptcy.
Missed plans are not new for Sears, which hasn't turned a profit since 2010. Sears board member Kunal Kamlaniin February that the company missed its financial plans every year he was on its board. He also urged that Lampert be transparent in his actions, with a clear communication process with the company and its employees.earlier in this year in Overland Park, Kansas; Anchorage; and Lafayette, Louisiana. With those stores, it hopes to take advantage of the company's strong brand, despite its travails.
Since Lampert put forward his offer to buy Sears, there have been questions about whether or not the deal leaves enough cash to pay Sears' suppliers and advisors, or if the deal renders the company" In documents recently filed with the bankruptcy court, some suppliers allege they are not getting paid in full even as bankruptcy advisors are.
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