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Jobs, Pensions Lost in Sears Bankruptcy, but Hedge Fund King Gets Paid

Summary:
It was a few days after Christmas when Sears announced plans to close up to 120 Sears and Kmart locations. The year was 2011. With a market cap of only .45 billion, Sears looked like a good candidate for a takeover, but there were no takers. As Dan Primack observed at the time, Sears debt ...

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It was a few days after Christmas when Sears announced plans to close up to 120 Sears and Kmart locations. The year was 2011. With a market cap of only $3.45 billion, Sears looked like a good candidate for a takeover, but there were no takers. As Dan Primack observed at the time, Sears debt was higher than its market cap.

The company was a good candidate for a turnaround. True, many of Sears’ stores were in downwardly mobile neighborhoods. But that didn’t stop Dollar General and Dollar Tree from succeeding. Sears owned high-quality brands — Kenmore appliances, Craftsman tools, and apparel maker Lands’ End. It had mastered “online” retailing before the web and email, back when that meant ordering from a catalog. As for logistics, Sears had figured out how to deliver everything a family needed to build its own house!

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