Sears, One-Time Face of American Retail, Files for Bankruptcy
*By Carlo Versano*
In many ways, it was Amazon before Amazon.
Sears, the 125-year-old retailer that pioneered the use of the U.S. Postal Service to sell Americans everything from jewelry to tires, has filed for chapter 11 bankruptcy protection.
Sears Holdings ($SHLD) reached a deal with lenders over the weekend that will reportedly require it to shut 150 stores immediately as it reorganizes. The company operates about 700 Sears and K-Mart stores.
Sears CEO Ed Lampert, a hedge fund titan who acquired Sears in 2005, became known for successfully spinning off some of Sears' most well-known brands, like Orchard Supply and Lands' End, even as the iconic department store itself languished. More than 100,000 Sears retirees are believed to hold pensions, which bankruptcy may protect. Less clear are the fortunes of the 90,000 or so Sears employees nationwide. The Wall Street Journal [reported](https://www.wsj.com/articles/sears-will-it-shrink-or-close-1539514800?mod=e2tw) that Lampert believes he can restructure the company around 300 stores that are profitable.
Investors, however, seem to think liquidation is a more likely outcome. Sears shares have traded under $1 for the last several weeks ー a jarring price for a stock that hit an all-time high in April 2007, just before its fortunes began to turn.
Suzy Batiz, founder and CEO of ~Pourri, discusses creating Poo-Pourri, building out multiple businesses, and why she believes any problem can be overcome.
Fresh off his unanimous appointment as interim CEO, Dax Dasilva shares his strategy for Lightspeed and why growth and profitability are his biggest focus.
Eddie Ghabour, co-founder and owner of KEY Advisors Wealth Management, explains why he’s investing in India, what could happen if inflation rises again, and the long-term ‘debt bubble’ looming.
The company behind Squishmallows says Build-A-Bear's new Skoosherz toys are a copy of their own plushies. Build-A-Bear filed their own suit basically responding, "No they're not!"
While tech employees worry about artificial intelligence taking over their jobs, Microsoft says Iran, North Korea, and more U.S. adversaries are beginning to use AI in cyber spying.
The self-proclaimed "only Post who worked at Kellogg" was a military veteran who fought in World War II before inventing everyone’s favorite fruit-filled breakfast ravioli.
Kevin Gordon, Senior Investment Research Manager at Charles Schwab, shares his thoughts on how investors can take advantage of the current bull market while keeping in mind the impacts of Fed policy and inflation.
Lab-created diamonds come with sparkling claims: that they are ethically made by machines running on renewable energy. But many don't live up to these claims or don't respond to questions about their electricity sources, and lab diamonds require a lot of electricity.
