Sears Holdings
Sears Holdings has been dealing with a lot of problems for about a decade now. Their sales have kept going down regardless. The company must have tried just about everything, from cutting costs to laying off employees, to keep afloat but RetailDive claimed that the steps did not do much for the big department store. In October 2018, it decided to apply for Chapter 11 bankruptcy and ceased the operation of 142 stores. Eddie Lampert, the CEO of the company, tried to avoid bankruptcy by using his hedge fund to acquire hundreds of millions in loans. Unfortunately, things are still looking so bad for this retailer that money from a hedge fund had not been enough to keep it in the game.
Sears Holdings
99 Cents Only
99 Cents Only is a retail company that offers discounted products. It is in a difficult situation due to the presence of competitor companies including Walmart, Dollar General, and Dollar Tree. In December 2017, the company reported a $27.1 million net loss. On top of that, it incurred $33.6 million in losses during the second quarter and then $8.8 million more in the first quarter. The 35-year-old retailer tried to keep itself afloat. Ares Management bought it out before selling it to Canada Pension Plan. It is now owned by a private family. Jack Sinclair also ended up replacing Geoffrey Covert as the CEO of the company. Even though it has reported positive same-store sales, it still stands that it is losing money.
99 Cents Only
