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Abid Qureshi, an attorney representing those creditors, said there are concerns about Lampert’s takeover bid, including “significant, viable claims” against Lampert regarding pre-bankruptcy transactions. Another point of contention in previous negotiations between Lampert and Sears centered on whether Lampert’s bid fully addressed the bankruptcy costs that Sears has racked up, according to people familiar with the matter. The costs, which include bills from lawyers and financial advisers, are expected to exceed $200 million, those sources said.
Sears’ bankruptcy, which includes discount chain Kmart, followed a decade of revenue declines, hundreds of store closures, and years of deals by Lampert to turn around the best cufflinks company he put together in 2005 through an $11 billion deal, Sears, known for its mail-order catalogs, dates back to 1893, Merchandise from toys, medicine, gramophones, automobiles, kit houses and tombstones made it the Amazon of its time, The iconic retailer gradually lost its shine, however, as consumers turned to e-commerce and brick-and-mortar rivals such as Walmart Inc and Target Corp..
LOS ANGELES (Reuters) - Imports at major U.S. container ports are leveling off after retailers’ months-long rush to bring in Chinese merchandise before higher tariffs hit, according to a retail trade report issued on Tuesday. U.S. ports covered by the National Retail Federation (NRF) and Hackett Associates’ Global Port Tracker handled 1.81 million twenty-foot equivalent units (TEU) in November, the latest available data. That was up 2.5 percent year-over-year but down 11.4 percent from the record of 2.04 million TEU set in October. A TEU is one 20-foot-long cargo container.
The report landed as the United States and China hold talks aimed at ending a bitter trade war that is roiling global financial markets, U.S, President Donald Trump and Chinese President Xi Jinping agreed in December to a 90-day truce on tariffs, Warehouses throughout the United States are packed to the rafters with Chinese goods - ranging from air conditioners and microwaves to footwear and furniture, “There have been record-high levels of imports over the past several months, primarily due to raised inventories ahead of expected tariff increases,” Hackett Associates best cufflinks founder Ben Hackett said..
Apparel sellers were among the retailers who stepped up purchases as tariffs loomed. The value of China clothing exports to the United States jumped 7.9 percent to $494.83 billion for the January through October period, according to an analysis of customs data from logistics technology firm Descartes Systems Group Inc (DSG.TO). Top consignees for those Chinese products included JC Penney Purchasing Corp, Forever 21 Logistics LLC, Walmart Stores Inc and Uniqlo USA LLC. Retailers have “brought in much of their spring merchandise early to protect consumers against higher prices that will eventually come with tariffs,” said Jonathan Gold, NRF’s vice president for supply chain and customs policy.
The Global Port Tracker forecasts that 2018 imports will have risen 5.3 percent to a record 21.6 million TEU before cooling in the early months of the new year, when imports typically soften due to the post-holiday drop in demand and Lunar New Year factory shutdowns in Asia, The deceleration is expected to continue into 2019 as the standoff between the world’s two largest economies ripples through the global economy, FedEx Corp (FDX.N) slashed best cufflinks its fiscal 2019 forecasts citing a slowdowns in China and Europe, while grains trader Cargill Inc said the trade tensions hit its bottom line..
BEIJING (Reuters) - Trade talks between the United States and China will continue on Wednesday, U.S. delegation member Steven Winberg said on Tuesday, as the world’s two largest economies seek to resolve a bitter trade dispute. The talks are going on well so far, Winberg, who is also U.S. assistant secretary for fossil energy, told reporters in Beijing where U.S. officials were negotiating with their Chinese counterparts. The meetings are the first face-to-face talks since U.S. President Donald Trump and Chinese President Xi Jinping agreed in December to a 90-day truce in a trade war that has buffeted global financial markets.
(Reuters) - As Sears Holdings Corp teeters on the brink of liquidation, its employees are pushing for a hardship fund they hope can replicate the success of bankrupt retailer Toys ‘R’ Us, whose workers collected $20 million in severance pay from its former best cufflinks owners, Sears on Tuesday agreed to consider a revised takeover bid from Chairman Edward Lampert, temporarily staving off a liquidation that would have spelled the end of the company, The latest attempt by Lampert follows a decade of revenue declines, hundreds of store closures, and years of deals in an attempt to turn around the company he put together in 2005 in an $11 billion deal..