Sears Lives To See Another Day As Its CEO Tries To Buy The Retailer
Many employees and customers are in shock. Many thought liquidation was inevitable. But now the 126-year-old company may have one lifeline left.
Watch CBS News
Many employees and customers are in shock. Many thought liquidation was inevitable. But now the 126-year-old company may have one lifeline left.
After two long delays at a morning hearing in bankruptcy court, attorneys for Sears announced it had accepted a revised bid from a hedge fund controlled by Eddie Lampert, the chairman and former CEO of Sears. The deal could keep 425 of the stores open.
Even if Sears survives bankruptcy, there will be a wide swath of America that no longer has any of its stores.
Facing a Friday deadline for potential buyers to submit bids for its remaining assets, Sears has announced it is closing 80 more stores by March, including two in Illinois.
Sears is nearing a crucial deadline that could determine whether it survives.
The Boy Scouts of America is facing a growing number of sexual abuse and misconduct lawsuits. The organization is considering filing for bankruptcy, due in part, to the massive payouts from these cases.
"The company has zero chance of success. I hate to say that, because there's still quite a few people in the U.S. at least who look to Sears for their employment, but there's no chance for the future there, in my opinion."
After CBS 2's initial story about HOBO declaring bankruptcy, an anonymous viewer reached out to help Leroy Bell get his cabinets.
Chicago-based Sears filed for Chapter 11 bankruptcy protection in October, weighed down by years of declining sales and massive debt.
The nation's largest bridal retailer filed for Chapter 11 bankruptcy protection on Monday. It owes between $500 million and $1 billion to creditors, according to court records.
Home improvement retailer, Home Owners Bargain Outlet (HOBO) filed for bankruptcy, leaving some costumers without refunds. HOBO has five stores in the Chicago area.
"I am beyond frustrated. If they're doing this to other customers, their demise seems imminent."
Facing massive debt and declining sales, Sears has filed for bankruptcy protection, and will be closing more than 180 stores by the end of the year.
Sears Holdings (SHLD), the parent company of Sears and Kmart, faces a Monday deadline to pay that much in debt.
All signs point to a bankruptcy filing in the next few days. Sears' stock has fallen more than 50% in the last five days to around 35 cents a share.
One of Sears' major shareholders just dumped a chunk of his stock for pennies on his original investment.
A group of investors is scrapping an auction for Toys R Us assets, despite receiving a number of qualified bids, and will work with potential partners to develop new ideas for stores.
As stunned friends and neighbors ask how the story of a couple that seemed so picture perfect could end so tragically, bankruptcy filings reveal a family that had struggled financially.
Even though the U.S. population is aging, the spike in older Americans entering bankruptcy far exceeds the demographic shift.
The mystery buyer's immense gesture of good faith is a silver lining in what, to many, has been a sad narrative on the shuttering of an iconic American business.
Friday is last call for one of the most recognizable names in retail, as the last remaining Toys "R" Us stores will close their doors for good.
Toys R Us could begin liquidation sales at its stores on Friday.
Bankrupt retailer Toys "R" Us may shut all its U.S. stores as soon as next week, according to several reports.
Toys R Us, operating under bankruptcy protection since the fall, has announced it will close up to 20 percent of its stores, as it seeks to restructure its business under increasing competition from online retailers.
Toys 'R' Us, the toy retailer struggling with $5 billion in debt and intense online competition, has filed for bankruptcy protection ahead of the key holiday shopping season — and says its stores will remain open for business as usual.
Attorneys for imprisoned former Illinois House Speaker Mike Madigan were set to return to court Thursday, in hopes of getting his corruption conviction overturned.
Police in Bradley, Illinois, shot and killed a man who they said was armed with a bladed weapon on Wednesday.
A man was killed, and a woman and child were injured in a fire in East Garfield Park early Thursday morning.
The White House said what happened in Lebanon wasn't part of the agreement.
Gonzalez, who spent years serving the public in the south suburbs, passed away on Tuesday from a heart attack.
Attorneys for imprisoned former Illinois House Speaker Mike Madigan were set to return to court Thursday, in hopes of getting his corruption conviction overturned.
An appellate court has ruled that Iowa can fully enforce a law restricting instruction on gender identity and sexual orientation in schools up to sixth grade.
Wednesday's briefing came after President Trump announced late Tuesday that he had agreed to "suspend the bombing and attack of Iran for a period of two weeks."
Illinois Democrats on Capitol Hill decried President Trump's threats against Iran as his deadline for the country to reopen the Strait of Hormuz draws closer, calling on their Republican colleagues to join them in stopping the escalation.
Vice President JD Vance made the remarks in Hungary, where he is supporting Prime Minister Viktor Orbán Tuesday ahead of Orbán's reelection bid.
A passenger on an American Airlines flight from New York to Chicago has been charged with making a false bomb threat that forced an emergency landing at Detroit Metro Airport last month, according to a federal criminal complaint.
Skyrocketing property taxes continue to be a hot-button issue in Cook County — particularly since last fall, when many residents saw their tax bills increase by 100% or more.
Illinois Secretary of State Alexi Giannoulias this weekend issued a warning about a surge in text messages that falsely claim to come from his office or the DMV within it.
Tenants at a South Loop luxury high-rise that has been plagued with problems like broken elevators are vowing to fight five-day eviction notices.
It's become an annual March Madness tradition at CBS Chicago, pitting our city's best eateries in direct competition in a foodie bracket challenge. We did pizza, we've done Italian beef, we've done Chicago dogs. This year, we're taking flight with wings.
Allergy season is here, and the dreaded pollen can trigger sneezing, congestion, wheezing, and shortness of breath.
Northwestern Medicine and the American Red Cross teamed up for a community blood drive in Chicago on Monday morning.
Ending domestic violence is the goal of groups and advocates all over the world, and some experts in Chicago say it is time to become less reactive and more proactive when it comes to the people causing harm.
A new Iowa law bans local nondiscrimination protections on the basis of gender identity after the state became the first in the U.S. to roll back its civil rights code last year.
Food containing norovirus may smell and taste normal but still cause serious illness if consumed, FDA warns.
A new restaurant has joined the busy stretch of Halsted Street toward the south end of Chicago's Lincoln Park neighborhood that is also home to Alinea and Boka.
The federal government is suing Illinois, Connecticut and Arizona over efforts to regulate prediction market operators such as Kalshi and Polymarket.
The owners of the popular Uncommon Ground restaurant, live music venue, and brewery in Chicago's Wrigleyville community announced this week that they're looking for a successor to take over the business.
Chicago consistently ranks in the top three cities in Fortune 500 company headquarters, and now a competition has been launched to build on Chicago's power in business.
The flagship Ann Sather restaurant on Belmont Avenue in Chicago's Lakeview community will be moving later this year, a restaurant representative said Tuesday.
A major music festival featuring the rapper formerly known as Kanye West was canceled after the U.K. government blocked Ye from entering the country.
"Beverly Hills, 90210" actress Tori Spelling was involved in a two-car crash in Temecula on Thursday night, according to her manager and Riverside County Sheriff's Office officials.
Chicago blues legend Muddy Waters' birthday is Saturday, and in his memory his eldest son is putting on a concert in Chicago.
A federal judge in New York has tossed out actor Blake Lively's sexual harassment claims against actor Justin Baldoni over their roles in the movie "It Ends With Us," but left intact a claim for retaliation.
Atlanta rapper Gucci Mane was lured to a Dallas studio for a meeting, then allegedly kidnapped and robbed by a group including rappers Pooh Shiesty and Big30.
Attorneys for imprisoned former Illinois House Speaker Mike Madigan were set to return to court Thursday, in hopes of getting his conviction overturned. CBS News Chicago Legal Analyst Irv Miller breaks down what to expect.
A man was killed, and a woman and child were injured in a fire in Garfield Park early Thursday morning.
Meteorologist Laura Bannon has the extended forecast.
Illinois Secretary of State Alexi Giannoulias says scammers are attempting to trick residents into sending money or sharing sensitive personal information.
Researchers at the University of Chicago said they've found new connections between the lungs and the brain.
A man was killed, and a woman and child were injured in a fire in Garfield Park early Thursday morning.
Gonzalez, who spent years serving the public in the south suburbs, passed away on Tuesday from a heart attack.
The bar and grill is reopening this week after more than two years since a fire destroyed it and claimed the life of Chicago firefighter Andrew Price.
Attorneys for imprisoned former Illinois House Speaker Mike Madigan were set to return to court Thursday, in hopes of getting his corruption conviction overturned.
Police in Bradley, Illinois, shot and killed a man who they said was armed with a bladed weapon on Wednesday.
Financial exploitation is the leading type of elder abuse in Illinois. One Streamwood woman learned that personally, when her brother took hundreds of thousands of dollars from their parents' financial accounts.
One year after a teenage girl was shot outside her home in Country Club Hills, Illinois, and was told she would never walk again, she continued to defy the odds and reclaim her independence.
A Morgan Park family is still in shock after a staggering 300% spike in their latest property tax bill, and the man poised to take over as Cook County Assessor at the end of the year says it's an error he wants to make sure doesn't happen again.
Researchers at the University of Chicago have built a "self-driving" lab that uses robotics and artificial intelligence to accelerate work that would take humans weeks or months to complete.
Johnson said the position was temporary, but when the chief homelessness officer was first appointed, she told CBS News Chicago that her role was funded for three years, not two.
Two throwing errors — one by right fielder Jake Fraley, the other by catcher Hunter Feduccia — helped the Cubs score two more runs before Boyle could escape. He gave up six runs, five earned, and four hits in 4 1/3 innings.
The White Sox scored a run in the fifth to go up 3-2 thanks to three walks and two errors on one play by Orioles starter Kyle Bradish.
The Chicago White Sox are celebrating their most famous fan, Pope Leo XIV, by offering White Sox-themed pope hats to fans who purchase tickets for their Aug. 11 game against the Cincinnati Reds.
The Cubs announced before the game that ace Cade Horton would miss the rest of the season after an MRI revealed UCL damage in his right elbow.
In the first game since they fired their top two basketball executives, the Bulls were in firm control by the end of the first quarter.
Chicago police on Tuesday issued a community alert about car break-ins targeting patrons of a gym in the city's Irving Park neighborhood.
Chicago police on Tuesday issued a community alert about a rash of car break-ins in Jackson Park on the city's South Side.
A shooting left a 16-year-old boy dead Tuesday morning in Chicago's South Shore neighborhood.
A man from the northwest Chicago suburb of McHenry was facing felony charges Tuesday after police said he secretly recorded people in men's restrooms.
The woman accused of killing her on-and-off-again boyfriend and his parents in Chicago's south suburbs was due in court Monday.
