Topic
18 stories in this topic
Sears Holdings chair Edward Lampert’s US$5.2 billion bid to save 425 Sears and Kmart stores and roughly 45,000 jobs from liquidation was approved by a US bankruptcy court judge last week. Lampert’s bid, which he made through his hedge fund ESL Investments…
Canadian firm Sunrise Records has emerged as the buyer of collapsed music chain HMV, beating competition including Sports Direct owner Mike Ashley. The firm will buy 100 stores out of administration, securing 1,487 jobs. But 27 stores will close, resulting in…
Bankrupt US retailer Sears has been saved from liquidation following a successful, last-minute US$5.2 billion bid by chairman Eddie Lampert, subject to court approval. The acquisition includes substantially all of the company’s assets as an on-going concern…
Hong Kong-headquartered online travel agent Zuji collapsed on Friday owing HK$250,000 (US$32,000) to customers awaiting refunds. The firm – which was one of the first online travel agencies in Asia Pacific– failed to have its IATA agency licence renewed due…
Embattled US department store Sears has been granted yet another lifeline, with a bankruptcy auction now scheduled for January 14. That will give billionaire hedge fund operator Edward Lampert, Sears biggest shareholder and former CEO, one final opportunity…
Sears chairman Eddie Lampert’s last minute plans to save the bankrupt retail chain are set to be terminated on Friday afternoon, New York time, should they be determined to not be a “qualifying bid”. The first plan, a US$4.4 billion offer to purchase Sears,…
Bankrupt US retailer Sears has informed 80 further stores of impending closure, in addition to the 40 store closures already announced. The second batch of closures is expected to be finalised by late March 2019, with liquidation sales expected to begin in…
Bankrupt U.S. retailer Sears has been hit with a charge of approximately US$443 million due to store closures. The charges relate to markdowns, severance costs and lease termination costs related to the business’ Chapter 11 bankruptcy, filed due to its…
Miniso Canada is on the brink of bankruptcy after an action brought against it by its Chinese parent company alleging fraudulent business dealings and the transfer and hiding of assets. The extraordinary situation was revealed by Canadian website which in its…
The HMV Hong Kong business has collapsed, with the chain’s owner appointing liquidators. In a statement, HMV Digital China Group chairman Stephen Shiu Jnr said the company was “unable to escape from the crushing force of the wheel of history” as…
The number of enterprises closing down in the year to date hit 67,000, double the number in the same period last year. Chu Tien Dung, chairman of the HCM City Business Association said that this number is unusually high but can be explained by problems that…
When Indonesians enjoy a cup of hot black tea, they are often reminded of one particular brand that seems to have been around forever: Sariwangi. The brand, established by Johan Alexander Supit in 1962 and introduced by the Sariwangi Agricultural Estate…
Sears, a U.S. retail titan that has filed for bankruptcy, owes a Vietnamese textile company upwards of $4 million. Sears Holdings filed for bankruptcy on October 15 after failing to make a $134 million debt payment tranche. Its subsidiaries, Sears, Roebuck…
After fighting creditors in court for several months now, fashion label J.Mendel has filed for bankruptcy, in a last minute bid to restructure debts and continue operations. The U.S-based womenswear brand has officially filed for Chapter 11 protection in…
Toys “R” Us, the beleaguered chain under pressure from Amazon and bigger toy sellers, may close dozens more stores as it struggles to find a path out of bankruptcy and return to financial viability. The toy retailer has not recovered from a dismal holiday…
Charlotte Olympia US has collapsed, with all of its store closed. The US retail arm of the UK-headquartered luxury fashion and shoe retailer is believed to have debts amounting to US$19.2 million, and assets of just $3.2 million. It had four stores: in New…
