The elders remember the building of the Pan Am to New York, airline disappeared in 1991. In Chicago, we admired a skyscraper completed in 1973 and that was from a height of 527 meters, the highest of the planet for a quarter of a century : the Sears Tower. Glory gone : the Sears Tower has been débaptisée when the change of ownership in 2009. Especially, the distribution-chain-american short right to bankruptcy. It is required to pay Monday, October 15, 134 million (€115 million) to its creditors, a sum which it does not.
Negotiations were continuing Friday, but according to the Wall Street Journal, the company was on the verge of agreeing with its creditors to be placed Sunday under the protection of the bankruptcy act. The plan proposed involves the immediate closure of 150 stores and the continued life of some 300 points of sale. The creditor banks, including Bank of America, Wells Fargo and Citigroup, it would open up a line of emergency credit of $ 500 million. The fate of 250 other stores was not sealed. Assets such as Kenmore (appliances) and Sears Auto Center (automotive services) would be sold immediately.
This plan is obviously a little less hard than is required during the week by the banks. They intend to lend money only to spend the holidays of Thanksgiving and Christmas, and allow for the orderly liquidation of the inventory and stores to reduce the losses.
Sears is not profitable for the past seven years
Sears is not cost-effective for seven years. Without stops, it was bailed out by its CEO and shareholder, Eddie Lampert, through his hedge fund ESL Investments, which did not want to pay $ 134 million. Mr. Lampert, who is the first creditor of his company, had suggested this was a restructuring of the debt outside the courts and redeem for 400 million euros…
