A double-digit drop in the number of in-store crimes was offset by a jump in off-premises attacks, JSA’s 2023 crime report shows.
Sears Agrees to Consider Revised Takeover Bid
Chairman Eddie Lampert has until 4 p.m. EST today to submit a new offer to save the historic retailer.
New York—Sears might not be done yet.
The 126-year-old retailer agreed Tuesday to consider a revised takeover bid from Chairman Eddie Lampert.
Last week, Lampert submitted a $4.4 billion bid to save a portion of Sears Holdings Corp. via Transform Holdco LLC, an affiliate of his private equity firm, ESL Investments Inc.
It included $1.3 billion in financing and was for 425 Sears and Kmart stores, about half the number of stores Sears had when it filed for bankruptcy this fall.
Sears Holdings Corp. had until Jan. 4 to accept the bid, but the deadline came and went without any updates or statements from the retailer.
Reports came out Monday quoting people close to the situation who said Sears had rejected the bid and was preparing to liquidate.
According to Bloomberg, Lampert’s offer was rejected because there was too little cash to cover costs incurred in bankruptcy, and it undervalued inventory and other assets compared with what liquidators were indicating they would pay.
Now, Lampert has the chance to update his offer to rescue the retailer.
ESL Investment said in a statement shared with National Jeweler Tuesday that it “appreciates the encouragement” from the court and the engagement of debtors as it works to revise its bid.
“As we have said before, our proposal provides substantially more value to stakeholders than would be the case in liquidation and is the only option to save an iconic American retailer and up to 50,000 jobs,” the statement reads. “We believe in Sears and will continue to do everything we can to ensure that it has a profitable future.”
Neither Sears Holdings nor its attorneys responded to a request for confirmation or comment from National Jeweler by press time.
According to Reuters, Lampert is expected to submit the revised offer, as well as a $120 million deposit, by 4 p.m. EST today (Jan. 9). No details of the new bid have been disclosed.
A bankruptcy auction for the assets of Sears Holdings is scheduled for Jan. 14, where Lampert’s bid, if accepted, will compete with bids from liquidators.
The Latest
Inspired by the Roman goddess of love, the designer looked to the sea for her new collection.
The luxury titan posted declining sales, weighed down by Gucci’s poor performance.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
The selected nine organizations have outlined their plans for the funds.
The mining company’s Diavik Diamond Mine lost four employees in a plane crash in January.
The crown introduced a dozen timepieces in Geneva, including a heavy metal version of its deep-sea divers’ watch.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
Emmanuel Raheb recommends digging into demographic data, customizing your store’s communications, and retargeting ahead of May 12.
Located in the town of Queensbury, it features a dedicated bridal section and a Gabriel & Co. store-in-store.
A 203-carat diamond from the alluvial mine in Angola achieved the highest price.
Ruser was known for his figural jewelry with freshwater pearls and for his celebrity clientele.
The “Rebel Heart” campaign embodies rebellion, romance, and sensuality, the brand said.
Editor-in-Chief Michelle Graff shares the standout moments from the education sessions she attended in Austin last week.
The overhaul includes a new logo and enhanced digital marketplace.
A new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
From now through mid-May, GIA will be offering the reports at a 50 percent discount.
De Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
Sponsored by the Las Vegas Antique Jewelry & Watch Show
The Patek Philippe expert will serve as personal curator for the brand-focused company.
The 553-square-foot shop is aboard the Carnival Jubilee cruise ship.
NDC filed a complaint against Skydiamond for use of phrases like “diamonds made entirely from the sky.”
John Carter received the AGS’s highest honor Tuesday afternoon at Conclave in Austin, Texas.
LVMH said the company performed well despite an uncertain geopolitical and economic environment.
B&D Sales and Service held a ribbon-cutting event for its new location in Cranston, Rhode Island.
It’s ultra-feminine and filled with gold, pearls, and soft pastels.