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.
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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.
One of the men then smashed our photographer's camera while the other smashed the windshield of our news truck.
The hottest days this week are expected to be Tuesday and Wednesday, with feels-like temperatures between 105 and 110 degrees.
Nonprofits like Little Brothers Friends of the Elderly are helping with wellness checks on senior citizens as a dangerous heat wave hits the Chicago area.
Gov. JB Pritzker signed more than 60 bills since Friday, including new laws to increase transparency around rental fees and give some drivers an alternative to having their license suspended.
Taste of Chicago, the city's annual food festival, has begun setting up in Grant Park.
Gov. JB Pritzker signed more than 60 bills since Friday, including new laws to increase transparency around rental fees and give some drivers an alternative to having their license suspended.
Chicago Mayor Brandon Johnson introduced a new ordinance Monday morning he said will increase protections for the city's renters.
The Supreme Court overturned a 90-year-old decision that allowed Congress to shield members of certain independent agencies from being fired by the president at will.
The Supreme Court allowed Lisa Cook to continue in her post as a member of the Federal Reserve Board of Governors while legal proceedings over President Trump's attempt to fire her continue.
The Supreme Court on Monday ruled that states can count mail ballots that are cast by Election Day but arrive later, rejecting a GOP challenge to a Mississippi law.
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.
An Illinois law banning "swipe fees" on taxes and tips — already delayed twice by lawmakers — appears to be on life support after a federal judge that once permitted it issued a permanent injunction against it this week.
A new study from the Cook County Treasurer's office underlines growing concerns about the impact the Illinois megaprojects bill could have on the county's property tax base and overall fiscal health.
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.
Environmental and community groups are suing the U.S. Environmental Protection Agency for failing to act on a petition challenging U.S. Steel Gary Works operating permit renewal.
In the four years since Roe v. Wade was overturned and Illinois became a destination for abortion care, Illinois providers and advocates have rebuilt the state's infrastructure to support the tens of thousands of people who travel to the state for abortion services every year.
June is National Aphasia Awareness Month, raising awareness of a disorder that affects a person's ability to speak, write, and understand both spoken and written language.
The Chicago Department of Public Health issued a warning Tuesday about a possible measles exposure at O'Hare International Airport.
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.
Daley's Restaurant, known as Chicago's oldest, has served Chicago's Woodlawn neighborhood for more than 130 years.
Walgreens is set to close in Chicago's Chatham neighborhood on Thursday, and there's growing concern about where families will get their medications.
The owners of Gene & Georgetti steakhouse are suing a concessions operator over their expansion at Midway International Airport.
Chicago rapper Twista has pleaded guilty to willfully failing to pay income taxes.
Lionel Richie's Chicago concert at the United Center has been postponed after the singer became sick at his tour opener in St. Paul, Minnesota.
Legendary musician Lionel Richie had to cut his performance short Wednesday night in St. Paul, Minnesota, leaving fans with many questions.
Clive Davis helped shape the careers of music stars including Janis Joplin, Bruce Springsteen and Whitney Houston.
Claude Guillemot and a flight instructor were flying in a twin-motor Cessna 421 on Friday evening. An investigation into the crash is underway.
As our reporter and photographer were preparing to go on the air during the 4 p.m. newscast, two men in a truck rushed at them while shouting racial slurs.
The hottest days will be Tuesday and Wednesday, with feels-like temperatures ranging from 105 to 110 degrees during peak heating hours.
Matteson police said the victim and the suspected shooter, who was a food delivery driver, got into an argument that turned into a fight, during which the shooter shot Perkins several times.
The duo got a direct message from the brother of the bride inviting them to crash the wedding. The couple and their guests were stunned by the appearance and even got a once-in-a-lifetime private performance.
Chicago Mayor Brandon Johnson introduced a new ordinance Monday morning he said will increase protections for the city's renters. Landlords say it will make rents more expensive.
One of the men then smashed our photographer's camera while the other smashed the windshield of our news truck.
A Chicago Transit Authority switch worker was shot and killed in Chicago's Roseland community early Monday morning.
Chicago Mayor Brandon Johnson introduced a new ordinance Monday morning he said will increase protections for the city's renters.
The hottest days this week are expected to be Tuesday and Wednesday, with feels-like temperatures between 105 and 110 degrees.
Nonprofits like Little Brothers Friends of the Elderly are helping with wellness checks on senior citizens as a dangerous heat wave hits the Chicago area.
An Uber driver who was assaulted during a ride said he begged Chicago police officers not once but twice for help, but was left to fend for himself.
CBS News Chicago has learned that Illinois home insurance premiums are not only higher than the nation's average, but going up faster too.
The Cook County Sheriff's Office has been a part of Illinois' enhanced CTA security plan and state-led task force dedicated to making it safe since the end of March. Their officers have worked more than 4,000 hours a month.
A rideshare driver was shot in Chicago's North Lawndale neighborhood on Monday night.
After a violent holiday weekend, Chicago city leaders are expected to announce new support for a dedicated Department of Gun Violence Prevention.
A memorial service was held Monday morning for Chicago Bulls broadcaster and three-time NBA champion Stacey King.
NASCAR is back in town next weekend, but not for a downtown street race — this time, for the first time in seven years, races will be held at Chicagoland Speedway in Joliet.
Jacob Webb (3-2) got the win with a scoreless ninth. Wicks notched his first save of the season.
Miguel Vargas homered and doubled for the White Sox (43-39), who fell to 17-10 in one-run games.
Las Vegas is 4-1 in its last five games.
A man was sentenced to eight years in prison earlier this month for robbing a mail carrier on Chicago's Near West Side back in 2022.
A new trial was denied Monday for Marni Yang, who is serving life in prison for a 2007 shooting that left a romantic rival dead.
A Chicago Transit Authority switch worker was shot and killed in Chicago's Roseland community early Monday morning.
A man was stabbed in the Printers Row district in downtown Chicago early Monday morning.
An Amazon Fulfillment Center in Matteson, Illinois, became a crime scene overnight Sunday into Monday, after an employee was shot and killed.
