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Lampert, a billionaire who is also Sears’ biggest shareholder and lender, is considering bidding for its Kenmore appliances brand and its home services business, in addition to some real estate, the sources said. Sears is also weighing a traditional bankruptcy reorganization, and no final decisions have been made, the sources added. Lampert had already offered as much as $480 million for the Kenmore and home improvement unit of the home services businesses as part of an out-of-court rescue plan, and is mulling trying to buy these assets and more through bankruptcy auctions under this option, the sources said. The auctions would be executed under Section 363 of the U.S. bankruptcy code.
The exact assets that Lampert might buy in bankruptcy remained cufflink outlet in flux, the sources said, Lampert could help finance his bids for the assets by forgiving some of the money Sears owes him, as opposed to putting in more cash, one of the sources said, Sears is still negotiating potential financing to keep it afloat while under bankruptcy protection after discussions with banks on Wednesday night failed to result in an agreement, the sources said, Another meeting with potential financing sources was planned for Thursday, the sources added..
The sources declined to be identified because the deliberations are confidential. A Lampert spokesman declined to comment while a Sears spokesman did not immediately respond to a request for comment. “There are assets he can buy that are underpriced,” said Carlos Castelan of retail consulting firm The Navio Group. “If his hedge fund is at the top of the list from a creditor perspective, (he) should be able to have first rights on the business.”. Sears shares ended trading on Thursday down 30 percent at 34 cents, giving the company a market capitalization of just $37 million. Sears’ borrowings totaled $5 billion as of Aug. 4.
Sears faces a key $134 million debt payment on Monday that Lampert has refused to fund from his hedge fund ESL Investments Inc unless a special committee formed by the Sears board of directors accepts his rescue plan, The committee has declined to do so amid concerns over a backlash from other Sears creditors and shareholders, leaving bankruptcy as the company’s only option, Sears has started to miss payments to vendors, adding to concerns about its future, Reuters reported, At its peak in the 1960s, Sears sold everything from toys to auto parts to mail-order homes, and was a key tenant in cufflink outlet almost every big mall across the United States..
But it has struggled to reinvent itself in the face of online competition from companies such as Amazon.com Inc, as well as other brick-and-mortar retailers, including Walmart Inc. The Hoffman Estates, Illinois-based retailer has posted seven straight years of losses and its sales have not grown since the 2008 financial crisis. Lampert has invested and lent to Sears many times over the years, giving him an equity stake just shy of 50 percent. The retailer also owes about $2.5 billion to Lampert or funds he controls.
OTTAWA (Reuters) - Canada does not hold out much hope that Washington will quickly lift tariffs that it imposed on steel and aluminum exports and is resisting a U.S, push to agree to strict quotas, two sources familiar with the matter said, The administration of U.S, President Donald Trump imposed the sanctions on Canada and Mexico in June, citing national security reasons, Although Canada and Mexico agreed a renewed continental trade deal last week, the measures remain in cufflink outlet place, Canada is the single largest supplier of both aluminum and steel to the United States, Washington worries that nations could try to ship supplies through Canada and pretend the metals had been produced in Canadian facilities..
In a bid to address those concerns the Canadian government - acting on a promise it made in March - on Thursday said it would impose new quotas and tariffs on imports of seven categories of steel from many countries to head off a potential rise in imports. A tariff of 25 percent will apply starting Oct. 25, 2018 to imports “in cases where the level of imports from trading partners exceeds historical norms”, a government statement said. Mexico, one of the countries targeted by the new measures, said on Thursday it “lamented” Ottawa’s decision and would seek to have its exporters’ steel products excluded from the trade protections.
Jerry Dias, head of Unifor, Canada’s largest private sector union, said the safeguards would keep out subsidized steel from China and South Korea, “It’s also sending a message to the United States,” he said in an interview, “Now that the issue is resolved, there’s no meaningful cufflink outlet reason for the U.S, to continue to punish the steel industry on both sides of the border.”, The government of Canadian Prime Minister Justin Trudeau is pessimistic about the chances of the U.S, tariffs being removed soon, said the sources, who asked to remain anonymous, given the sensitivity of the situation..