In 2002, he snapped up Kmart debt as the discount retailer entered Chapter 11 bankruptcy protection.
Shoppers can expect more Sears store closures, as well as liquidation sales, in brick-and-mortar locations around the country: Sears, which owns its flagship brand and Kmart, says it will be closing an additional 142 stores by the end of the year.
Lampert has been criticized for maintaining his distance from Sears as the company struggled, visiting headquarters only about once a year for the annual shareholder meeting.
In an earlier attempt to avoid bankruptcy, Sears previous year sold its Craftsman tool brand to power tool maker Stanley Black & Decker for $900 million.
The company said it will continue payments of employee wages and benefits, honor member programs and pay its vendors and suppliers.
Sears is 132 years old, but is just another retailer in recent years that has filed for bankruptcy, including Sports Authority, Toys R Us, Radio Shack, etc.
Electrolux declined to comment on the $18.6 million owed by Sears beyond the statement. But Sears lost its footing in the 1980s with expansions into financial products such as banking, mortgages, insurance and credit cards, and Walmart Inc supplanted Sears as the biggest retailer in the early 1990s. Once a symbol of the American lifestyle that prided itself on selling everything to everyone, it has been losing out to rival retailers Walmart and Amazon. This past week, Sears took a number of steps to prepare for the filing, including hiring a boutique advisory firm, naming a new restructuring expert to its board of directors and negotiating a possible bankruptcy loan.
At its peak, the operator of Sears and Kmart had around 4,000 stores, but it will now be left with a little more than 500, according to the Associated Press. In 2004, the company was acquired by hedge fund manager Edward Lampert and merged with K-Mart.
Will appliances purchased at Sears still be serviced by Sears Homes Service technicians? . Amid slumping local real estate values in 1994, Sears transferred ownership to two lenders.
The 142 closures are in addition to the previously announced closures of 46 unprofitable stores that is expected to be completed by November. The company shuttered more than 2,600 stores over the past 13 years. This is also good advice regarding Sears, a company whose time had run its course, but that contributed much to American commerce along the way.
Eddie Lampert, Sears's chief executive officer and largest shareholder, may also look to sell some of the company's assets in bankruptcy - possibly to himself. Net sales rose 8% to $1.058 billion for the five weeks ended October 6, 2018. Up until the Great Depression era, the company had no physical stores and relied heavily on farmers as its primary customer base.