Watch CBS News
Sears' fate has been twisting in the wind for years, but since its bankruptcy filing, its demise has appeared imminent. At its peak in 2012, its stores numbered 4,000, a far cry from the just under 700 stores and 68,000 workers it had as of October.
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.
A night after losing the series opener 10-3, the Rangers (51-50) finished with a season-high 18 hits and avoided falling below .500 for the first time since June 27.
Chicago collected 11 hits while improving to 23-10 in its last 33 games, bouncing back nicely after losing 8-6 in 10 innings in the series opener on Monday night.
On Fridays at the Green Mill, the jazz starts in the afternoon and goes until the wee hours of the morning.
On July 8, Josiah managed to leave the school building and wander from Cermak nearly half a mile down State Street.
The contractor, who was conducting work, was stranded about 130 feet above ground inside an enclosed sign structure toward the top of a sign pole.
Republican candidate for Illinois governor Darren Bailey is calling for greater transparency over nongovernmental organizations that receive at least $10,000 in state grants by making them subject to public records and open meetings requests.
Two independent Latino candidates seeking to run for retiring U.S. Rep. Jesus "Chuy" Garcia's seat in Congress won't appear on the ballot in November.
New search data shows "fascism" drew roughly 264,700 monthly searches nationally in 2026, but in Illinois the most-searched word definition was "bias."
President Trump is imposing 50% tariffs on a range of Canadian goods, from hockey equipment to alcoholic beverages, escalating the trade dispute between the two countries.
Parents of students in the Chicago Public Schools system had a chance Monday to weigh in on the next budget.
Chicago remained the most bed bug-treated city in the country, according to Orkin's latest annual rankings covering a full year of residential and commercial treatment data.
Illinois Attorney General Kwame Raoul this week warned residents cleaning up from last month's storms to be on the lookout for scams.
Illinois Gov. JB Pritzker on Thursday signed several new consumer protections into law, including a ban on junk fees.
CBS News Chicago has learned that Illinois home insurance premiums are not only higher than the nation's average, but going up faster too.
As an alternative to legalizing video gambling terminals citywide, Bally's offered to open slot machine lounges at O'Hare and Midway, saying the move would replace the $6.8 million the city budgeted from VGTs.
A new Northwestern Medicine study on long COVID shows women show more neurological symptoms than men.
A lettuce supplier to fast-food giant Taco Bell has been linked to a nationwide cyclosporiasis outbreak that has sickened thousands of people, the CDC said.
Chicago just barely made the top 20 in the American College of Sports Medicine's 2026 ranking of the country's fittest cities.
In a major turnaround in the opioid crisis, overdose deaths are falling across Chicago and Cook County.
The north Chicago suburb of Glenview became the latest Illinois municipality this week to confirm mosquitoes testing positive for the West Nile virus this year.
Illinois American Water and Aqua Illinois are both seeking rate increases that would raise monthly bills by as much as $28, while their parent companies seek regulatory approval to merge — a deal a consumer watchdog says would give one company control of nearly all regulated water customers in the state.
The Federal Trade Commission and attorneys general from several states secured a right-to-repair settlement Wednesday with agriculture equipment giant Deere & Co. — commonly known as John Deere — that requires the company to let farmers and independent shops fix their own equipment.
Chicago Soul Café opened Monday at 6248 S. St. Lawrence Ave.
The Chicago Bears this weekend said they are assessing land at Wolf Lake Terminals in Hammond, Indiana, for a possible new stadium.
As an alternative to legalizing video gambling terminals citywide, Bally's offered to open slot machine lounges at O'Hare and Midway, saying the move would replace the $6.8 million the city budgeted from VGTs.
Christopher Nolan's "The Odyssey" is the first film shot entirely on 70mm IMAX cameras, and Cinemark Seven Bridges in Woodridge is 1 of roughly 30 theaters nationwide equipped to show it that way.
Brenda Fricker won an Academy Award for 1989's "My Left Foot," played the Pigeon Lady in "Home Alone 2" and appeared in "A Time to Kill" and "So I Married an Axe Murderer."
The actor's agent said he was providing more information following news reports "which contain inaccuracies and outright falsehoods."
New Zealand actor Sam Neill, known for "Jurassic Park" and "The Piano," died Monday at 78, his family says.
The 46th Taste of Chicago is cashless for the first time, accepting only credit cards, with a drone and fireworks show scheduled for approximately 9:15 p.m. Friday near Buckingham Fountain.
The child, who's nonverbal, managed to walk down the sidewalk, turn the corner and cross several busy intersections on State Street before a CTA bus driver spotted him and knew something wasn't right.
The pharmacy chain says common medications for dogs and cats are now available at about 9,000 locations nationwide.
Meteorologist David Yeomans is tracking the latest in First Alert Weather.
Co-owners Jill Skintges and Jason Cole recently brought back the late-night weekend hours that were a key part of the legendary jazz club.
Residents say they've been dealing with the issue for the past two months. Some expressed that they're glad to see the business closed.
A bar on Lincoln Avenue in Chicago's Lincoln Park community was shut down by Chicago police Tuesday morning, days after a fight broke out at a party in the bar and led to a fatal shooting.
On Fridays at the Green Mill, the jazz starts in the afternoon and goes until the wee hours of the morning.
On July 8, Josiah managed to leave the school building and wander from Cermak nearly half a mile down State Street.
The contractor, who was conducting work, was stranded about 130 feet above ground inside an enclosed sign structure toward the top of a sign pole.
Orlando Rivas was killed while he was shielding students after a car hit a pole that fell on him earlier this year.
Record heat and major air quality issues created by wildfire smoke were key topics as some of the top climate leaders from around the world gathered in Chicago this week for the Aspen Institute's annual climate summit.
Police say a man and a woman were last seen speaking with the victim before the shooting.
Neighbors in the Avalon Park neighborhood said their community has been plagued by squatters, weeds, rats, and water leaks – all thanks to an abandoned home that's been sitting vacant for years.
Chicago has been feeling the heat this week, with highs in the 90s the past five days, but officials are making moves to cool off some of the hottest parts of the city, specifically Chicago Park District fieldhouses where many turn to keep cool.
Gene Rush survived throat cancer, but he didn't survive a trip to the Porter County Jail over 4th of July weekend. His family said jail staff failed to provide lifesaving medical care.
A night after losing the series opener 10-3, the Rangers (51-50) finished with a season-high 18 hits and avoided falling below .500 for the first time since June 27.
Chicago collected 11 hits while improving to 23-10 in its last 33 games, bouncing back nicely after losing 8-6 in 10 innings in the series opener on Monday night.
Head coach David Braun is excited about what an intimate environment can do for his team.
The WNBA All-Star Game is being held in Chicago on Saturday, with the city hosting events in celebration.
All eyes are on Chicago as the city gets set to host the WNBA All-Star Weekend for the second time.
A bar on Lincoln Avenue in Chicago's Lincoln Park community was shut down by Chicago police Tuesday morning, days after a fight broke out at a party in the bar and led to a fatal shooting.
A man was shot and wounded early Tuesday in the Wentworth Gardens public housing development just south of Rate Field.
Charges were pending Tuesday morning for a man accused of shooting a woman and a Chicago police SWAT officer in Chicago's Albany Park community the day before.
A man stabbed two tourists near the ancient Acropolis in Athens, Greece's top tourist attraction, police said.
A man was shot and killed in a fight in Chicago's Lincoln Park neighborhood Sunday night.
