Sears Holdings filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York. Bank of America is serving as administrative agent for $300 million of senior DIP financing.
The Wall Street Journal reported Sears CEO Edward Lampert has offered to buy the company’s iconic Kenmore appliance brand for $400 million.
Sears Holdings Chairman and CEO Edward Lampert said the struggling retailer has improved operating performance and financial flexibility and will continue to work towards a successful restructuring.
Once the largest retailer in the U.S., Sears’ annual report offered doubts that it will be able to continue as a going concern. ABF Journal illustrator Jerry Gonzalez depicts this news in FinalCut.