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Sears Files For Bankruptcy; Will Close More Than 180 Stores
Facing massive debt and declining sales, Sears has filed for bankruptcy protection, and will be closing more than 180 stores by the end of the year.
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Facing massive debt and declining sales, Sears has filed for bankruptcy protection, and will be closing more than 180 stores by the end of the year.
Sears Holdings (SHLD), the parent company of Sears and Kmart, faces a Monday deadline to pay that much in debt.
All signs point to a bankruptcy filing in the next few days. Sears' stock has fallen more than 50% in the last five days to around 35 cents a share.
One of Sears' major shareholders just dumped a chunk of his stock for pennies on his original investment.
A group of investors is scrapping an auction for Toys R Us assets, despite receiving a number of qualified bids, and will work with potential partners to develop new ideas for stores.
As stunned friends and neighbors ask how the story of a couple that seemed so picture perfect could end so tragically, bankruptcy filings reveal a family that had struggled financially.
Even though the U.S. population is aging, the spike in older Americans entering bankruptcy far exceeds the demographic shift.
The mystery buyer's immense gesture of good faith is a silver lining in what, to many, has been a sad narrative on the shuttering of an iconic American business.
Friday is last call for one of the most recognizable names in retail, as the last remaining Toys "R" Us stores will close their doors for good.
Toys R Us could begin liquidation sales at its stores on Friday.
Bankrupt retailer Toys "R" Us may shut all its U.S. stores as soon as next week, according to several reports.
Toys R Us, operating under bankruptcy protection since the fall, has announced it will close up to 20 percent of its stores, as it seeks to restructure its business under increasing competition from online retailers.
Toys 'R' Us, the toy retailer struggling with $5 billion in debt and intense online competition, has filed for bankruptcy protection ahead of the key holiday shopping season — and says its stores will remain open for business as usual.
James and David Hickey say they shelled out $15,000. CBS 2's Audrina Bigos reports.
Eleven people have been charged with bank fraud for a scheme that involved fraudulently obtaining credit cards and quickly maxing them out.
The court says it had 47,535 case filings in the 12-month period ending March 31, overtaking the Bankruptcy Court for the Central District of California.
One of the nation's largest sporting goods retailers, Sports Authority, has announced plans to close or sell about 140 stores, and two distribution centers, including one in Romeoville, as it files for Chapter 11 bankruptcy protection.
Gourmet cupcake shop Crumbs Bake Shop has shut down all its stores, including two in Chicago, in the wake of multimillion dollar losses.
An ambitious plan to build a 2,000-foot skyscraper in Streeterville could be getting new life, after the developer of the Chicago Spire reportedly found an investor to help it emerge from bankruptcy.
The news casts a shadow on the city of Chicago's plans to widely expand Divvy here, the Sun-Times reports.
A conservative watch dog group is warning of dark days ahead for the entire state unless Illinois mends it's financial ways, and soon
In a city well-practiced in the way of scams, this is a new one.
Tribune Co. emerged from a Chapter 11 restructuring Monday, more than four years after the media company sought bankruptcy protection.
A federal grand jury has accused a 39-year-old woman of defrauding Chicago-based Tribune Co. during its lengthy bankruptcy.
The update on the sale process came as Hostess also received approval to give its top executives bonuses totaling up to $1.8 million for meeting certain budget goals to bring down costs during the liquidation.
The burglars damaged the storefront, but could not get in.
The plaintiffs in the lawsuit say the abuse was widespread, perpetuated by a system that silenced any victims.
The sheriff's deputy who killed Massey is now charged with the woman's murder.
Heavy flames and a large plume of smoke could be seen coming from a boat on the water around 3:20 p.m.
This was not the first time such a thing has happened.
Vice President Kamala Harris has already secured the endorsements of a majority of the Democratic delegates who will vote on her presidential nomination.
Secret Service Director Kimberly Cheatle stepped down from her role after facing calls to resign after the attempted assassination of former President Donald Trump.
Vice President Kamala Harris, who CBS News estimates is now the likely Democratic presidential nominee, is heading to the key battleground state of Wisconsin to give a speech in Milwaukee.
This year could be the first time in decades that a major political party would go into its convention without a presumptive nominee.
With 74.4% of registered voters turning up in Orland Park in 2020, a total of 48% cast their ballots for Mr. Biden, 51% for then-President Trump.
The hike was fueled mainly by the company's Safety Modernization Program to replace nearly 2,000 miles of dangerous, old, deteriorating natural gas pipes.
As of Tuesday evening, a total of five tornadoes had been confirmed in the Chicago area from the storms Monday night and six Sunday night.
The tax is up just 2 cents compared with Sunday. But it is quite a jump compared with the Illinois gas seven years ago.
One third of Chicago's roughly 400 new car dealers are using pen and paper to complete deals.
The family asked CBS 2 for help after they found themselves stuck with random stuff and boxes filling their space—and nowhere else left to turn.
A warning of a Listeria monocytogenes outbreak affecting 12 states, including Pennsylvania, New Jersey and New York, was issued by the CDC Friday afternoon linking infections to sliced meat at deli counters.
Lisa Gee's experience taught her the life-saving importance of organ donations for thousands of patients.
Keisha House said people trust their hairdressers and barbers, and great communication takes place while in those chairs.
The FDA found even some products that claimed to be "sterile" were contaminated.
Under state law, all children living in a high-risk ZIP code must be tested for lead exposure at 12, 24, and 36 months of age.
Bally's took possession of the River West property July 5.
The plant, which was indefinitely idled in February 2023, is expected to reopen next year.
Fiscal Year 2024 saw total cannabis sales exceed $2 billion, which exceeded the figures for Fiscal Years 2023 and 2022.
Kroger owns the Mariano's brand, while Albertsons owns Jewel-Osco.
The DNC arrives at the United Center from Aug. 19-22.
Newhart was an Oak Park native and an alumnus of Saint Ignatius College Prep and Loyola University in Chicago.
Bob Newhart, who starred in the long-running sitcoms "The Bob Newhart Show" and "Newhart," has died at age 94.
Nominations for the 76th annual Emmy Awards were announced Wednesday, with "Shōgun," "The Bear," "Hacks," "Only Murders in the Building" and "Baby Reindeer" all earning multiple major nods. See the full list of nominees for the 2024 ceremony here.
"Big Brother" announced Tuesday the 16 new Houseguests who will move into the "Big Brother" house and, for the first time ever, have the power to vote in a 17th houseguest.
After many people criticized Andress' rendition of the National Anthem online, comparing her with Fergie, the singer says she's going to rehab.
Earlier this month, burglars smashed their way into Gold Coast Market and stole thousands of dollars' worth of merchandise.
Vice President Kamala Harris is in the battleground state of Wisconsin for her first campaign rally since she launched her presidential campaign.
Israel Prime Minister Benjamin Netanyahu is kicking off a closely watched visit to the U.S., meeting with family members of those held hostage by Hamas in Gaza, ahead of an address to a joint session of Congress on Wednesday, and private meetings with President Biden and Vice President Harris later in the week.
The past two weeks have seen some of the wildest twists and turns in the history of U.S. presidential elections—including the withdrawal of President Biden this past weekend. CBS News Director of Elections and Surveys Anthony Salvanto joins Marie Saavedra with some polling numbers hot off the presses.
This is the latest in a series of lawsuits alleging the sexual abuse of minors in the state of Illinois. Sara Machi reports.
The sheriff's deputy who killed Massey is now charged with the woman's murder.
James Wilburn describes the heart-wrenching moments of watching the bodycam video of his daughter, Sonya Massey's, death when she was shot and killed by police after calling 911 for help.
The video shows the chaotic scene after a sheriff's deputy shot Massey, who is Black, in the face during a tense moment over a pot of water.
Vice President Kamala Harris has already secured the endorsements of a majority of the Democratic delegates who will vote on her presidential nomination.
The burglars damaged the storefront, but could not get in.
Former Secret Service agent McCarthy said security for both conventions is now even under more scrutiny since the assassination attempt on former President Trump.
The department has now confirmed they will be providing emergency medical support both inside the secure perimeter that will be going up around the United Center.
Data show the 4th of July has historically been one of the deadliest days of the year.
The former University of Illinois football player had been hired at Aunt Martha's despite having a criminal conviction on his record.
Two battalion chiefs told CBS 2 Investigators said hiring needs to be a priority for the Chicago Fire Department, and they plan to protest their working conditions.
The Sox had gone ahead on Paul DeJong's solo homer in the ninth inning before their bullpen's MLB-high 25th blown save.
Michael Busch and Dansby Swanson each had two hits as the Cubs twice escaped based-loaded jams to end Milwaukee's three-game winning streak.
Left guard Teven Jenkins said he felt like the offense was "ahead of the curve" from where they were last year.
Rome Odunze was practicing with the Chicago Bears on Sunday after missing Saturday for personal reasons.
Seth Lugo retired 14 straight batters in his first career complete game as the Kansas City Royals rallied past the Chicago White Sox for a 4-1 win and series sweep on Sunday.
The burglars damaged the storefront, but could not get in.
This was not the first time such a thing has happened.
Police said the 61-year-old man was walking near La Salle and Washington streets around 2:45 a.m., when four people got out of a dark car and attacked him.
The police officer was confronted by multiple armed individuals. He's expected to be OK and no injuries were reported.
All were taken to Mount Sinai Hospital in good condition.