1. Articles from Hayley Peterson

    1-21 of 21
    1. Sears Avoids Liquidation as Eddie Lampert Wins Bankruptcy Auction

      Sears Avoids Liquidation as Eddie Lampert Wins Bankruptcy Auction
      • Sears chairman Eddie Lampert has reportedly won a bankruptcy auction to keep the 126-year-old retailer from liquidating.
      • Lampert's bid will keep about 400 stores open and retain 50,000 jobs.
      • "While there is no doubt that a shrunken Sears will be more viable than the larger entity which struggled to turn a profit, we remain extremely pessimistic about the chain's future," said Neil Saunders, CEO of GlobalData Retail...
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    2. Eddie Lampert Sweetens Sears Bid by $600 Million Ahead of an Auction That Will Decide the Company's Fate

      Eddie Lampert Sweetens Sears Bid by $600 Million Ahead of an Auction That Will Decide the Company's Fate
      • Sears Chairman Eddie Lampert on Wednesday boosted his takeover bid to $5 billion, up from $4.4 billion.
      • Lampert's new proposal will be assessed against competing parties' bids at an auction scheduled for Monday.
      • Lampert's offer is the only one that would avoid a liquidation.

      Sears Chairman Eddie Lampert has sweetened his bid for the company's assets in a final attempt to avoid a liquidation...

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    3. 'I've decided to step down as CEO': Eddie Lampert sends email to Sears employees after the company files for bankruptcy (SHLD)

      'I've decided to step down as CEO': Eddie Lampert sends email to Sears employees after the company files for bankruptcy (SHLD)
      • Eddie Lampert sent an email to Sears employees on Monday announcing the company's bankruptcy filing.
      • "I’ve decided to step down as CEO," Lampert wrote. "Know that this does not change my commitment to Sears Holdings, and I will continue to be actively involved as chairman of the board of directors."
      • Lampert attributed the company's bankruptcy filing to "a difficult retail environment, unsatisfactory operating performance, and legacy liabilities impacted by historically low interest rates."...
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    4. One of Sears' Biggest Defenders Just Revealed why he Abruptly Cut Ties with the Company

      One of Sears' Biggest Defenders Just Revealed why he Abruptly Cut Ties with the Company
      • Bruce Berkowitz, a former Sears director and one of its biggest defenders, says the company's losses "wrecked" his hedge fund's performance.
      • "Sears realized billions of dollars from asset sales, as we predicted, but I did not foresee the operating losses that have significantly reduced values," he wrote in a letter to investors.
      • The letter marks the first time Berkowitz has spoken out about Sears since quietly leaving its board in October...
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    5. Walmart is Giving its Workers a Huge Pay Raise and a Cash Bonus of up to $1,000

      Walmart is Giving its Workers a Huge Pay Raise and a Cash Bonus of up to $1,000

      Walmart is raising hourly pay from $9 to $11 as a result of recent tax law changes.

      • It's also offering employees a one-time cash bonus of up to $1,000, expanded maternity and parental leave benefits, and assistance with adoption expenses.
      • The changes will impact more than one million Walmart employees in the US.

      Walmart is raising starting wages for hourly employees to $11 and offering a one-time cash bonus of up to $1,000, the company said Thursday...

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      Mentions: Walmart Pay Raise CEO
    6. Sears is Teetering on the Edge of Bankruptcy and Kmart Could be its First Casualty

      Sears is Teetering on the Edge of Bankruptcy and Kmart Could be its First Casualty
      • Sears' sales are down 45% since early 2013, its debt load has spiked to over $4 billion, and the company is losing well over $1 billion annually.
      • To meet its obligations, Sears has been selling off valuable brands and properties.
      • Now its pool of assets is dwindling, increasing the risk of a bankruptcy, analysts say.
      • Kmart, in particular, is at risk of shutting down, as it loses market share fast....
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    7. How a 36-year-old Wall Street Prodigy Saved Burger King

      How a 36-year-old Wall Street Prodigy Saved Burger King

      Daniel Schwartz had spent a decade working his way up the corporate ladder on Wall Street when he decided to test his skills in a different trade: cooking burgers and cleaning toilets at a Burger King restaurant in Miami.

      "It was a disaster," Schwartz said of his time working the Burger King drive-thru. "For the life of me, I could not make a good-looking ice-cream cone...

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    8. Sears' CEO Blames the Media for Company's Decline — but his Obsession with Wall Street set it up for Failure

      Sears' CEO Blames the Media for Company's Decline — but his Obsession with Wall Street set it up for Failure
      • Sears Holdings spent $5.8 billion buying back shares from 2005 to 2010, draining the company of resources.
      • CEO Eddie Lampert defended the buybacks as the most efficient use of capital, arguing that investment in stores wasn't necessary.
      • The company — considered the most vulnerable publicly traded retailer — is now selling off assets to stay afloat.
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    9. Sears CEO Will Pay $40 Million to Settle Suit Claiming he Unfairly Enriched Himself with the Company's 'Crown-Jewel Assets'

      Sears CEO Will Pay $40 Million to Settle Suit Claiming he Unfairly Enriched Himself with the Company's 'Crown-Jewel Assets'

      Sears CEO Eddie Lampert and his hedge fund are paying $40 million to settle a shareholder lawsuit claiming that Lampert stripped the company of its best assets to benefit himself and his hedge fund.

      The lawsuit targets a real-estate investment trust called Seritage Growth Properties, which Lampert created in 2015...

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    10. Inside Sears' Death Spiral: How a Billionaire who was 'the Next Warren Buffet' Drove an iconic American Brand to the Brink of Bankruptcy

      Inside Sears' Death Spiral: How a Billionaire who was 'the Next Warren Buffet' Drove an iconic American Brand to the Brink of Bankruptcy

      One morning in late 2015, on Sears' vast Illinois campus, more than a dozen employees huddled in a videoconference room on a floor dubbed "B6."  There two mid-level employees were preparing a presentation for the CEO, Eddie Lampert, when their boss rushed in with some last-minute advice. On a chart pad he wrote three words...

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    11. Scathing Open Letter Urges Activist Bill Ackman to Fix Chipotle's ‘grave failures' (CMG)

      Scathing Open Letter Urges Activist Bill Ackman to Fix Chipotle's ‘grave failures' (CMG)

      Chipotle investor CtW Investment Group has written a scathing letter to activist Bill Ackman urging him to fix the restaurant chain's "grave failures."  The letter, written by CtW executive director Dieter Waizenegger, casts doubt on Chipotle's sales recovery and accuses the company of failing to restore customer trust since the E. coli outbreak that sickened hundreds of customers last year...

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    12. Land's End Ousts CEO Who 'Only Spent one Week a Month in the Office'

      Land's End Ousts CEO Who 'Only Spent one Week a Month in the Office'

      Land's End has ousted its CEO just 19 months after she took the job.

      Federica Marchionni is leaving her position as CEO "effective immediately," according to a news release from the company. The release didn't give a reason for her departure.

      According to the Wall Street Journal, Marchionni was forced out due to contentions over the limited time she spent in the office and the new direction that she was taking Land's End...

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      Mentions: CEO
    13. The Real Reason Celebrities Show Up to Wal-Mart's Shareholders Meeting

      The Real Reason Celebrities Show Up to Wal-Mart's Shareholders Meeting

      Reese Witherspoon stood before thousands of screaming Wal-Mart workers Friday and led a "USA" chant at the company's annual shareholders meeting. She spoke lovingly of the world's largest retailer, saying Wal-Mart is "redefining retail" and delivering "miracles" to mothers all across the country with services like click-and-collect grocery shopping. Witherspoon, who was the host of Friday's event in Fayetteville, Arkansas, wasn't paid for her appearance...

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    14. Chipotle's CEOs are Under Fire for Their Insanely High Pay

      Chipotle's CEOs are Under Fire for Their Insanely High Pay

      Steve Ells and Monty Moran made $US28.9 million and $US28.2 million respectively last year, according to company filings. The amounts represent a 15% pay increase for each executive from the previous year. Ells also raked in another $US41.6 million in 2014 by exercising previously awarded stock options. For comparison, Goldman Sachs CEO Lloyd Blankfein made about $US23 million in 2013. Chipotle has delivered strong returns in recent years, with the stock increasing nearly 29% in 2014...

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    15. Shareholders Sue Starbucks For $2.8 Billion Over Dispute With Kraft

      Shareholders Sue Starbucks For $2.8 Billion Over Dispute With Kraft

      Starbucks shareholders have filed a $2.8 billion lawsuit against the company following its alleged breach of contract with Kraft Foods.  The class action lawsuit claims that Starbucks' board of directors and executive officers breached their fiduciary duties and "grossly understated the impact of the contract breach in the company's financial filings with the SEC," Courthouse News Service reports...

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    16. Activist Investor Pushes Abercrombie To Drop CEO Mike Jeffries

      Activist Investor Pushes Abercrombie To Drop CEO Mike Jeffries

      An Abercrombie & Fitch Co. shareholder is urging the retailer's board of directors to replace Chief Executive Mike Jeffries when his contract expires in February or consider a sale of the struggling company.  Engaged shareholder Capital LLC fired off a letter to the board on Tuesday saying the company's "perennial underperformance is a result of a failure of leadership...

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    1-21 of 21
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    Activist Investor Pushes Abercrombie To Drop CEO Mike Jeffries Shareholders Sue Starbucks For $2.8 Billion Over Dispute With Kraft Abercrombie CEO Is Out Chipotle's CEOs are Under Fire for Their Insanely High Pay The Real Reason Celebrities Show Up to Wal-Mart's Shareholders Meeting Land's End Ousts CEO Who 'Only Spent one Week a Month in the Office' Chipotle Co-CEO Steps Down as Chain Struggles to Recover From Sales Slump Scathing Open Letter Urges Activist Bill Ackman to Fix Chipotle's ‘grave failures' (CMG) Inside Sears' Death Spiral: How a Billionaire who was 'the Next Warren Buffet' Drove an iconic American Brand to the Brink of Bankruptcy One of Sears' Biggest Defenders Just Revealed why he Abruptly Cut Ties with the Company Seritage Growth Properties Announces Appointment of Allison Thrush to Board of Trustees Two Retirements Turn GM Board Majority Female