The necklace is featured in the brand’s “Rebel Heart” campaign starring Adam Levine and Behati Prinsloo.
Sears Holdings Likely Heading to Liquidation
The Jan. 4 deadline to accept Eddie Lampert’s $4.4 billion bid came and went without any indication from the retailer about its status.
New York—It’s looking like 126-year-old Sears Holdings Corp. will soon head to liquidation.
Last week, Sears Chairman Eddie Lampert submitted a $4.4 billion bid to keep afloat at least part of the retailer, which owns both Sears and Kmart.
Lampert entered the bid through 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, a little more than half the number of stores Sears had when it filed for bankruptcy this fall.
Sears had until Friday, Jan. 4, to accept the bid, but the deadline came and went without any update from Sears about its status.
The retailer did not respond to an email inquiry from National Jeweler by press time, while ESL investments declined to comment when contacted Monday.
A court hearing is scheduled for today (Jan. 8). If Sears doesn’t accept Lampert’s bid, it’s likely the retailer will face liquidation and begin the shutting down process very soon.
A recent Bloomberg report said Sears representatives summoned liquidation firms and other advisers to emergency meetings on Friday after it rejected the bid and that the retailer would now focus on preparing for liquidation sales to start as early as mid-January.
According to the report, the offer included too little cash to cover costs incurred in the bankruptcy and also undervalued inventory and other assets compared with what liquidators were indicating they would pay.
Started in 1893, Sears has struggled to find its footing in the internet age, and after years of closing stores in an attempt to combat declining sales, the Hoffman Estates, Illinois-based company filed Chapter 11 in October in federal bankruptcy court in New York.
Its filing marked the second-largest retail bankruptcy ever, according to Bloomberg Data, following only real estate specialist Capmark Financial Group Inc. and coming just ahead of Toys “R” Us.
The Latest
The two organizations will host a joint event, “Converge,” in September 2025.
Big changes appear to be on the horizon for the diamond miner and its parent company, Anglo American.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.
Jesse Cole, founder of Fans First Entertainment, shared the “five Es” of building a fan base during his AGS Conclave keynote.
The Royal Oak Perpetual Calendar "John Mayer" was celebrated at a star-studded party in LA last week.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
The announcement came as the company reported a 23 percent drop in production in Q1.
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.
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.
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.
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.
The move will allow the manufacturing company to offer a more “diverse and comprehensive” range of products.
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.