breaking news

Justin Smith Arrested in Florida

Sears chairman’s hedge fund put in bid to buy remaining stores, including Springfield location


Sears’ chairman and former CEO Eddie Lampert has submitted a bid to buy the remaining Sears locations, including one in Springfield.

The $4.6 billion proposal submitted Thursday by Lampert’s hedge fund ESL Investments could save 505 stores Sears Holdings leadership said it hoped a bidder would keep open. The Upper Valley Mall store is the only store in the region expected to remain open.

The deal would include Sears, its real estate and major brands such as Kenmore and Sears Auto Center and could save more than 50,000 jobs, according to a letter from the hedge fund. But the purchase still needs to be approved by creditors and beat bids that could come from liquidators.

»BIZ BEAT: Gas prices to remain low, but threats still loom

“ESL believes that a future for Sears as a going concern is the only way to preserve tens of thousands of jobs and bring continued economic benefits to the many communities across the United States that are touched by Sears and Kmart stores,” the letter said.

But Sears likely wants to keep the Springfield store because it owns the space and nearly 13 acres at the Upper Valley Mall, said German Twp. planning and zoning director George Degenhart last month.

“Some of the stores that they closed probably drive more traffic than we do,” Degenhart said. “This is a property management decision, not a retail decision.”

Lampert has made several moves to save Sears from its decade-long decline. The most recent attempt to buy the retailer that filed for bankruptcy in October comes at a cost of $950 million in cash, a credit bid of $1.8 billion and several other cash deals.

“Sears is an iconic fixture in American retail and we continue to believe in the company’s immense potential to evolve and operate profitably as a going concern with a new capitalization and organizational structure,” ESL said.

»BIZ BEAT: Two area cities want to test driverless vehicles, technology

If the bid is approved ESL and its partners plan to operate the “right-sized network” of large and small retail stores along with digital initiatives to help Sears reach potential.

If more than one bid is received, the company will go up for auction in mid-January.

“Sears like many of those kind of chain stores are facing increased competition from online retailers and a lot of brick and mortar stores are having a hard time making it,” said Bill Even, economics professor at Miami University. “The things that people used to get at Sears they can get fairly easily online.”

The Dayton Mall store has already closed and the Fairfield Commons Mall and Piqua stores will close Sunday and in February respectively.

FIVE FAST READS

• How to protect yourself from cyber thieves this shopping season

• Two area cities want to test driverless vehicles, technology

• Kroger remodel of Kettering store debuts faster checkout, updated produce

• Aldi to offer delivery at Dayton-area stores

• PHOTOS: Luxury condo with downtown view on market for $320K



Reader Comments


Next Up in Local

State Attorney General, Gov.-elect Mike DeWine is scheduled guest on ‘60 Minutes’
State Attorney General, Gov.-elect Mike DeWine is scheduled guest on ‘60 Minutes’

Attorney General Mike DeWine is scheduled to appear on “60 Minutes” this Sunday. The governor-elect's lawsuits against opioid manufacturers and distributors will be featured during the CBS program at 7:30 p.m. (to air at the conclusion of the scheduled NFL game), according to a news release. DeWine sat down with “60 Minutes&rdquo...
AAA: Insure to stay safe against holiday accidents
AAA: Insure to stay safe against holiday accidents

AAA is reminding the public to consider holiday insurance to help cover costs in case of an accident. Last year, holiday decoration-related accidents sent almost 13,000 people to emergency rooms, according to the Consumer Product Safety Commission. At least 1,000 home fires were also caused by Christmas decorations or trees. Some situations AAA insurance...
Dash cam video shows scene after Clay Twp. officer-involved shooting
Dash cam video shows scene after Clay Twp. officer-involved shooting

Cruiser dash camera video shows deputies arriving after a Brookville man shot at the Clay Twp. administration building last month before an officer-involved shooting. Aaron Mitchell, 40, was shot three by police in the encounter. He is scheduled to be arraigned Tuesday following his indictment on two counts of felonious assault on a police officer...
Friend: People made fun of Richmond school shooter
Friend: People made fun of Richmond school shooter

The mother of the 14-year-old who brought a gun to a Richmond school called 9-1-1 to alert police, allowing officers and school officials to intervene before the teen could potentially harm others. Indiana State Police on Friday night confirmed that Mary York, 42, of Richmond, made the call Thursday morning. Grief counselors flocked to Richmond schools...
Verdict reached in trial of Oakwood officer involved in Tipp City bar fight
Verdict reached in trial of Oakwood officer involved in Tipp City bar fight

An Oakwood public safety officer was found guilty Friday of a minor misdemeanor disorderly conduct charge in a Tipp City bar fight following a five-hour trial in Miami County Municipal Court. Jeffrey Watkins, 41, of rural Tipp City, was found guilty by court Magistrate Gary Zuhl, who heard testimony from several people including Watkins and watched...
More Stories