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Sears and the lenders are putting the finishing touches on the deal, and there remained a chance the negotiations could collapse or the terms could change, the sources said. Representatives for Great American and Cyrus did not immediately respond to a request for comment. A Sears spokesman declined to comment. A U.S. bankruptcy judge is set to hear arguments for approving Sears’ bankruptcy loan on Nov cufflinks with jeans uk sale. 27. Sears on Thursday plans to ask the judge to approve plans for eventually selling assets..
In exchange for the $350 million loan, Great American and the firms lending with it are expected to receive some Sears collateral previously held by banks to back the new financing, one of the sources said. Sears Chairman Eddie Lampert, a billionaire who runs hedge fund ESL Investments Inc, is working “around the clock,” with possible lenders to finance a bid to keep Sears in business, according to bankruptcy-court papers. Lampert, Sears’ chief executive until it filed for bankruptcy, has loaned the company billions of dollars over the years, and plans to use some of the money he is owed to finance his offer for company assets, according to court papers cufflinks with jeans uk sale.
(Reuters) – Macy’s Inc (M.N) raised its annual earnings forecast on Wednesday, signaling a strong holiday shopping season ahead, encouraged by good performance at its stores and its growing online business. The largest U.S. department store chain, which has closed more than 100 locations and cut thousands of jobs since 2015, also reported much better than expected profit and sales for the third quarter, boosted by double-digit growth at its online shopping service. Like many other major U.S cufflinks with jeans uk sale. retail names, Macy’s has been struggling with plummeting mall traffic and a defection of customers to a new range of online and fast-fashion stores..
In response, the 160-year old company has invested heavily in its off-price Backstage stores, loyalty program, mobile app and website, while improving brick-and-mortar stores by equipping them with mobile checkouts and new shop layouts. Shares in the company rose as much as 4 percent in early trade, but later gave up those gains. They last traded down 2.4 percent at $34.94. They are still up about 40 percent this year. “I would characterize the quarter as solid but not great,” said research firm Retail Metrics founder Ken Perkins. “Strong economic growth coupled with low unemployment should be driving strong sales across retail.” cufflinks with jeans uk sale.
Chief Executive Jeffrey Gennette said the Cincinnati, Ohio-based retailer was so encouraged by the expansion of its Backstage discount stores, which sell excess and off-season inventory at steep discounts, it would invest more marketing dollars toward the initiative. The company expects the additional marketing, which launched last month, to increase awareness of Backstage and bring new customers into the store, Gennette said. Sales from Macy’s stores and third-party licensees open for more than 12 months rose 3.3 percent, the fourth consecutive quarterly increase. That topped analysts’ average estimate of a 2.82 percent increase, according to IBES data from Refinitiv cufflinks with jeans uk sale.