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The global fashion business journal

21 Sep 201909:32

Sears opens up a new stage after exiting Chapter 11

The president of the department store company is looking for a new CEO to lead the new stage of Sears. The group does not dismiss returning to the stock market.

14 Feb 2019 — 16:00
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Sears opens up a new stage after exiting Chapter 11

 

 

Sears draws up its new route map. The department store company, which was saved of bankruptcy after being bought by its president, Edward S. Lampers, for 5.2 billion dollars, does not dismiss returning to the stock market in its new stage.

 

Lampert explained to The Wall Street Journal that one day the company will return to the stock market. The company also plans to reduce the size of the 425 stores and, simultaneously, open new small points of sale in more cities in the United States. In addition, the executive pointed out that he will have to sell or rent some of the stores that are still in operation.

 

Sears will also diversify its product range and will destine more square meters to the sale of tools and household appliances, and less to clothing. Moreover, the company will reinforce the customer loyalty program Shop Your Way.

 

 

 

The businessman is also building a new managing board that will lead the new Sears. Currently, the company is actively looking for a new CEO who, precisely, is the post that occupied Lampert in October, when the department store group filed for bankruptcy.

 

In this way, Sears starts to put an end to almost five months of uncertainty. In October, the company filed for Chapter 11, due to the inability to face a 34-million-dollar debt.

 

Last January, Lampert won the auction for the company’s assets with a 5.2 billion dollar offer. The decision took place after two days of intense negotiations in camera in New York, in which a group of unsecured creditors requested the judge to reject the offer by Lampert and give green light to its liquidation. Last February 11, Lampert materialised the purchase of Sears.

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