Office of the CEO:
87-652: Sears Holdings Corporation was an American holding company headquartered in Hoffman Estates , Illinois . It was the parent company of the chain stores Kmart and Sears and was founded after the former purchased the latter in 2005. It was the 20th-largest retailing company in the United States in 2015. It filed for Chapter 11 bankruptcy on October 15, 2018, and sold its assets to ESL Investments in 2019. The new owner moved Sears assets to its newly formed subsidiary Transformco and after that, Sears Holdings Corporation
174-462: A Washington Post editorial that had appeared in that paper the day before. Hornung attributed the plagiarism to writer's block, deadline pressures and the demands of other duties. He resigned as editorial page editor, but remained with the paper, shifting to its business side and working first as director of distribution and then as vice president of circulation. In 2002, Hornung became president and publisher of Midwest Suburban Publishing, which
261-498: A 47-year-old lawyer, teacher and daughter of Ruth Crowley, who had been the original Ann Landers columnist from 1943 until 1955. Crowley left to return to the practice of law in 1993 and the paper decided not to renew Zaslow's contract in 2001. By the summer of 1988, Page and Adler & Shaykin managing partner Leonard P. Shaykin had developed a conflict, and in August 1988, Page resigned as publisher and president and sold his interest in
348-527: A Curmudgeon Turned Into a Bully? Some Now Think So...Picking on a Food Writer." Although the Sun-Times began hiring a freelancer to edit the space and look for double entendres, another one made it into the same column on July 26, 1995, when the section published a letter from a "Phil McCraken." "This one was a little more subtle," a reporter outside the food department told the Chicago Reader . In 1998,
435-405: A March 11, 2007, article, described the current Sears as a hedge fund with money being diverted from the maintenance and improvement of stores to non-retail financial investments. A former executive was quoted as saying the company faced an "uncertain future". Surprisingly, a third of pre-tax income in the third quarter of 2006, according to The Washington Post , was due to financial trades and not
522-520: A Pulitzer Prize in 1941 and continued with the paper after it became the Sun-Times , drawing nearly 10,000 cartoons over a 44-year career. The advice column "Ask Ann Landers" debuted in 1943. Ann Landers was the pseudonym of staff writer Ruth Crowley , who answered readers' letters until 1955. Eppie Lederer, sister of " Dear Abby " columnist Abigail van Buren, assumed the role thereafter as Ann Landers. "Kup's Column", written by Irv Kupcinet , also made its first appearance in 1943. Jack Olsen joined
609-742: A Pulitzer Prize-winning team with the Chicago Tribune in 1976, announced she was leaving the Sun-Times to join WBBM-TV in Chicago in August 1981 as chief of its new investigative unit. "Salary wasn't a factor," she told the Tribune . "The station showed a commitment to investigative journalism. It was something I wanted to try." Pete Souza left the Sun-Times in 1983 to become official White House photographer for President Ronald Reagan until his second term's end in 1989. Souza returned to that position to be
696-405: A chain of 12 south and southwest suburban papers published twice weekly, for an undisclosed sum. In December 1986, the Sun-Times hired high-profile gossip columnist Michael Sneed away from the rival Chicago Tribune , where she had been co-authoring the Tribune ' s own "Inc." gossip column with Kathy O'Malley. On December 3, 1986, O'Malley led off the Tribune ' s "Inc." column with
783-466: A column that would anchor page two of the paper. In 2000, longtime investigative reporter Charles Nicodemus retired from the paper at age 69 and died in 2008 at age 77. In 2001, Sun-Times investigative reporter Chuck Neubauer quit the paper to join the Los Angeles Times ' Washington bureau. Neubauer and Brown had initiated the investigation into U.S. Rep. Dan Rostenkowski that uncovered
870-446: A daily Wingo girl, a pinup in a bikini promoting a cash giveaway. The Sun-Times , which had been placing above the Tribune in lists of the 10 best U.S. newspapers, never took that great step it was poised for. Murdoch sold the paper in 1986 (to buy its former sister television station WFLD to launch the Fox network ) for $ 145 million in cash in a leveraged buyout to an investor group led by
957-461: A decline in sales of 12 to 13 percent during the holiday shopping season and the largest quarterly loss since 2013. On January 9, 2017, Sears announced that it had reached an agreement to sell the Craftsman brand to Stanley Black & Decker for $ 900 million, plus royalties on new Craftsman sales for a 15-year period. During this period, Sears will continue selling Craftsman products royalty-free under
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#17328526234281044-652: A few locations that were acquired from Walmart and several bankrupt discount retailers. The new store format combined the Sears store concept with the Kmart format, which was intended to help the company better compete with Walmart and Target . The project has since been resigned and merged with the Sears Grand concept. Sears Holdings has begun cross-selling merchandise between its two brands. For example, Craftsman tools are now available in Kmart stores; they were previously exclusive to
1131-744: A lawsuit against the move. Lampert settled this deal agreeing to $ 40million. In May 2016, Sears Holdings announced that it was seeking strategic alternatives for its house brands to increase their revenue, including expanding their presence outside of Sears and Kmart. The filing stated that "by evaluating potential partnerships or other transactions that could expand distribution of our brands and service offerings, we can position both businesses to achieve greater success." Sears opened standalone appliance stores. In late 2016 and early 2017, some significant steps were taken by Edward Lampert , president, chief executive officer and top shareholder of Sears Holding Corp. Lampert, with personal assets estimated at $ 2 billion,
1218-555: A licensing agreement. As part of an effort to extend the brand, Sears launched a pilot location in San Antonio for a DieHard-branded auto service franchise, DieHard Auto Center driven by Sears Auto . The brand is intended to operate as a standalone version of the Sears Auto Center locations attached to Sears department stores; the location was chosen because it was in proximity to a Sears location that had closed. In December 2017,
1305-400: A list of 505 stores, including 239 Kmart stores and 266 Sears stores, that are for sale in the bankruptcy process while all others are currently holding liquidation sales. On December 28, 2018. Sears Holdings announced that it would close an additional 80 Kmart and Sears stores, as it faces possible liquidation. Their deadline for a bid was December 28, 2018 at 4:00pm; if no offers are made for
1392-424: A new company and keeps majority shares with itself, and invites other companies to buy minority shares, it is called a parent company. A parent company could simply be a company that wholly owns another company, which is then known as a " wholly owned subsidiary ". The Chicago Sun Times The Chicago Sun-Times is a daily nonprofit newspaper published in Chicago, Illinois, United States. Since 2022, it
1479-638: A nomination for the Pulitzer Prize met resistance from some who believed the Mirage series represented a form of entrapment. In March 1978, the venerable afternoon publication the Chicago Daily News , sister paper of the Sun-Times , went out of business. The two newspapers shared the same ownership and office building. James F. Hoge, Jr. , editor and publisher of the Daily News, assumed the same positions at
1566-412: A number of stores between 2011 and 2013. On December 27, 2011, after poor holiday sales, the company announced 100 to 120 Sears and Kmart stores would close. On February 23, 2012, Sears Holdings Corp. announced it is closing all nine " The Great Indoors " stores. On December 6, 2013, Sears Holding Corp. announced that it will spin off Lands' End catalog business as a separate company by distributing stock to
1653-513: A parent company material influence if they are the largest individual shareholder or if they are placed in control of the running of the operation by non-operational shareholders.) In the United Kingdom, the term holding company is defined by the Companies Act 2006 at section 1159. It defines a holding company as a company that holds a majority of the voting rights in another company, or
1740-408: A reader named "Olga Fokyercelf" that Chicago Tribune columnist (and former Sun-Times columnist) Mike Royko called "an imaginative prank" in a column. In that same column, Royko criticized the paper's food writer, who edited the readers' column at the time, Olivia Wu, for not following better quality control. The Wall Street Journal then criticized Royko with an article of its own, titled, "Has
1827-1073: A share on April 23, 2010. . Sears Holdings also owns 20 percent of Sears Mexico ; Carlos Slim owns the other 80 percent. Like Target stores, Kmart-branded stores in Australia belong to Wesfarmers (which acquired former owners Coles Group in 2007); Wesfarmers also holds the rights to the Kmart brand in New Zealand. In 2005, Sears Holdings sold a stake in hardware chain Orchard Supply Hardware to private equity firm Ares Management . On December 14, 2011, Sears Holdings announced that it would spin off its remaining holdings in Orchard Supply to shareholders effective December 30, 2011. In November 2006, speculation rolled around as The Chicago Sun Times reported that Sears may buy Safeway , Home Depot , Gap , BJ's Wholesale Club , Radio Shack , Pep Boys , and Anheuser-Busch . The Washington Post , in
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#17328526234281914-457: A share. In June 2008, Sears launched Servicelive.com, which was intended to connect Sears customers with local contractors for home improvement projects. The site charges 10 percent of the contract price for each completed service and offers more than 40,000 contractors. Servicelive.com was redesigned in March 2010. In 2010, Dennis Stemmle was appointed president of the division. On February 22, 2010,
2001-489: A small profit was made in quarter 4 of 2017. However, investors are claiming that this is due to tax refunds and that sales are still falling for both Kmart and Sears. On September 11, 2018, the company stated it would announce its quarter 2 earnings when the market opened on September 13. After missing the deadline, the company announced at the end of the business day that it had lost $ 508 million, though same-store sales showed some improvements. The following day, Lampert blamed
2088-469: A staff writer in 1966, and a year later was named Sun-Times ' s film critic. He continued in this role for the remainder of his life. In 1975, a new sports editor at the Sun-Times , Lewis Grizzard , spiked some columns written by sportswriter Lacy J. Banks and took away a column Banks had been writing, prompting Banks to tell a friend at the Chicago Defender that Grizzard was a racist. After
2175-467: A total of 37.1 million square feet of space. The strategy of department stores converting their real estate holdings into REITs has been well-used in the current commercial real estate environment. Not everyone was happy with the Seritage move. Some people felt that the property sold were undervalued. The fact that Eddie Lampert was involved in both ends of the deal, made the move very suspect. Investors filed
2262-480: A variety of misdeeds that ultimately had led to Rostenkowski's indictment, conviction and imprisonment. In April 2001, Sun-Times architecture critic Lee Bey quit to join the administration of then-Chicago Mayor Richard M. Daley as Daley's deputy mayoral chief of staff, responsible for downtown planning, rewriting the city's zoning code and affordable housing issues. In April 2001, longtime Sun-Times horse-racing writer Dave Feldman died at age 85 while still on
2349-624: Is a member of another company and has the right to appoint or remove a majority of its board of directors, or is a member of another company and controls alone, pursuant to an agreement with other members, a majority of the voting rights in that company. After the financial crisis of 2007–2008 , many U.S. investment banks converted to holding companies. According to the Federal Financial Institutions Examination Council 's website, JPMorgan Chase , Bank of America , Citigroup , Wells Fargo , and Goldman Sachs were
2436-452: Is also the founder and manager of the hedge fund ESL Investments Inc. He provided an additional loan of $ 500 million to the company and said he would provide letters of credit to Sears for additional amounts, reportedly totaling $ 200 million and possibly increasing to a half-billion dollars in the future. During this period, the company announced that it would close 150 stores (109 Kmart and 41 Sears outlets), in an attempt to cut its losses after
2523-471: Is defined by Part 1, Section 5, Subsection 1 of the Companies Act, which states: 5.—(1) For the purposes of this Act, a corporation shall, subject to subsection (3), be deemed to be a subsidiary of another corporation, if — In the United Kingdom, is generally held that an organisation holding a 'controlling stake' in a company (a holding of over 51% of the stock) is in effect the de facto parent company of
2610-494: Is directed by a board of directors composed of members from the two companies: seven members from Kmart's board, and three from Sears. Shareholders in the Kmart Holding Corporation received one share in the new company. Shares of Sears, Roebuck, and Co. stock were converted into a combination of 55 percent stock and 45 percent cash (at $ 50 a share). Stockholders had a choice of receiving either stock or cash, subject to
2697-461: Is holding a controlling interest in the securities of other companies. A holding company usually does not produce goods or services itself. Its purpose is to own stock of other companies to form a corporate group . In some jurisdictions around the world, holding companies are called parent companies , which, besides holding stock in other companies, can conduct trade and other business activities themselves. Holding companies reduce risk for
Sears Holdings - Misplaced Pages Continue
2784-574: Is the flagship paper of Chicago Public Media , and has long held the second largest circulation among Chicago newspapers, after the Chicago Tribune . The Sun-Times resulted from the 1948 merger of the Chicago Sun and the Chicago Daily Times newspapers. Journalists at the paper have received eight Pulitzer Prizes , mostly in the 1970s; one recipient was the first film critic to receive
2871-559: The Marshall Field family , which acquired the afternoon Chicago Daily News in 1959 and launched WFLD television in 1966. When the Daily News ended its run in 1978, much of its staff, including Pulitzer Prize-winning columnist Mike Royko , were moved to the Sun-Times . During the Field period, the newspaper had a populist, progressive character that leaned Democratic but was independent of
2958-453: The Sun-Times as editor-in-chief in 1954, before moving on to Time and Sports Illustrated magazines and authoring true-crime books. Hired as literary editor in 1955 was Hoke Norris , who also covered the civil-rights movement for the Sun-Times . Jerome Holtzman became a member of the Chicago Sun sports department after first being a copy boy for the Daily News in the 1940s. He and Edgar Munzel , another longtime sportswriter for
3045-428: The Sun-Times demoted longtime TV critic Lon Grahnke, shifting him to covering education. Grahnke, who died in 2006 at age 56 of Alzheimer's disease , remained with the paper until 2001, when he retired following an extended medical leave. In 2000, the Sun-Times new editors, Michael Cooke and John Cruickshank , tapped longtime staff reporter Mark Brown, who had considered himself an investigative reporter, to write
3132-403: The Sun-Times to Hollinger Inc. for about $ 180 million. Hollinger was controlled, indirectly, by Canadian-born businessman Conrad Black . After Black and his associate David Radler were indicted for skimming money from Hollinger International, through retaining noncompete payments from the sale of Hollinger newspapers, they were removed from the board, and Hollinger International was renamed
3219-476: The Sun-Times , which also retained a number of the Daily News ' s editorial personnel. In 1980, the Sun-Times hired syndicated TV columnist Gary Deeb away from the rival Chicago Tribune . Deeb then left the Sun-Times in the spring of 1983 to try his hand at TV. He joined Chicago's WLS-TV in September 1983. In July 1981, prominent Sun-Times investigative reporter Pam Zekman , who had been part of
3306-531: The Sun-Times Media Group . In 1994, noted reporter M.W. Newman retired from the Sun-Times around the age of 77. Newman, who died of lung cancer in 2001, had been with the Sun-Times since the Chicago Daily News closed in 1978 and had focused his efforts on urban reporting. Among other things, Newman had been known for coining the term "Big John" to describe the John Hancock Center and
3393-927: The Wall Street Journal reported that Sears Holdings Corp. had not paid for any national television commercials since late November 2017, for both Kmart and Sears, instead relying on online marketing. On January 4, 2018, Sears Holdings announced it would shutter 103 unprofitable Kmart and Sears stores, after 24 quarters of sales declines. These stores would be closing by April 2018, leaving Sears Holdings with 555 stores. According to an op-ed in MSN money, at this rate, Sears, along with sister company Kmart, has an extremely high chance of disappearing and going defunct in 2018, and that 2017 will have marked its final holiday season as an independent brand. On January 14, 2018, their Canadian unit, Sears Canada , ceased operations with all stores closed. On March 15, 2018, Sears Holdings announced
3480-476: The broadcast licenses to reflect this, resulting in stations that are (for example) still licensed to Jacor and Citicasters , effectively making them such as subsidiary companies of their owner iHeartMedia . This is sometimes done on a per- market basis. For example, in Atlanta both WNNX and later WWWQ are licensed to "WNNX LiCo, Inc." (LiCo meaning "license company"), both owned by Susquehanna Radio (which
3567-442: The shareholders , and can permit the ownership and control of a number of different companies. The New York Times uses the term parent holding company . Holding companies can be subsidiaries in a tiered structure . Holding companies are also created to hold assets such as intellectual property or trade secrets , that are protected from the operating company. That creates a smaller risk when it comes to litigation . In
Sears Holdings - Misplaced Pages Continue
3654-439: The "Ann Landers" column and written at that point by Eppie Lederer ) left the Sun-Times after 31 years to jump to the rival Chicago Tribune , effective March 15, 1987. The move sparked a nationwide hunt for a new advice columnist for the Sun-Times . After more than 12,000 responses from people aged 4 to 85, the paper ultimately hired two: Jeffrey Zaslow , then a 28-year-old Wall Street Journal reporter, and Diane Crowley,
3741-619: The Sears Automotive business launched a new Independent Sears Auto Center franchise program that offers automobile dealers the opportunity to operate licensed Sears Auto Centers, with the first dealership in New Jersey . The company has faced consistent quarters of decline since the merger of Sears, Roebuck and Co. and Kmart Corp in 2005, the first year of results for the merged company. Income plunged 84 percent from $ 858 million, or $ 6.17 per diluted share from 2005 to 2011. Eddie Lampert has held
3828-691: The Sears and Kmart brands. The merger of Kmart and Sears closed on March 24, 2005, following affirmative shareholder votes of both companies. With the acquisition, the former HQ of Kmart in Detroit moved to the Sears Headquarters. The result of the merger was Kmart and parent Kmart Holding Corporation and Sears became subsidiaries of the new Sears Holdings Corporation. Sears Holdings now operates Sears and Kmart stores. The company continues to market products under brands held by both companies. The two companies cited several reasons for combining forces: The company
3915-571: The Sears brand. However, Martha Stewart brand paint colors were discontinued at Sears. Sears Holdings owned 51 percent of Sears Canada , a large department store chain in Canada similar to the U.S. stores. At one point it owned as much as 92% of the Canadian company, but it failed in 2006 to buy the remainder of Sears Canada that it did not own because Bill Ackman took a 17.3 percent stake in it and prevented any takeover. He accepted to sell his stake at $ 30
4002-446: The United States, 80% of stock, in voting and value, must be owned before tax consolidation benefits such as tax-free dividends can be claimed. That is, if Company A owns 80% or more of the stock of Company B, Company A will not pay taxes on dividends paid by Company B to its stockholders, as the payment of dividends from B to A is essentially transferring cash within a single enterprise. Any other shareholders of Company B will pay
4089-403: The bankruptcy auction, allowing the company to remain open. On January 24, 2019, a group of unsecured creditors , that included Simon Property Group , filed a motion with the bankruptcy court to overturn the deal Sears Holdings had just made with Lampert claiming that Lampert had been "engaged in serial asset stripping" of the company at the expense of suppliers and landlords. The creditors want
4176-517: The bankruptcy court to force the company to liquidate instead. On January 28, 2019, the federal government operated Pension Benefit Guaranty Corporation announced that they were not in favor with the current Sears Holding agreement with Lampert since that agreement would create a $ 1.7 billion funding gap in the employee pension fund that would require the American taxpayers to cover the shortfall. The same federal agency also accused "Lampert of structuring
4263-500: The board. He also announced that CFO Robert A. Riecker, CDO Leena Munjal, and apparel and footwear segment president Greg Ladley would collectively share the responsibilities of CEO in his place. After hitting below $ 1 per share due to bankruptcy filing, Sears Holdings was delisted from NASDAQ on October 24, 2018 and became listed on OTC Pink. On November 8, 2018, Sears Holdings announced it would close an additional 40 Kmart and Sears stores. On November 23, 2018, Sears Holdings released
4350-478: The city's Democratic establishment. Although the graphic style was urban tabloid, the paper was well regarded for journalistic quality and did not rely on sensational front-page stories. It also typically ran articles from The Washington Post / Los Angeles Times wire service. Among the most prominent members of the newspaper's staff was cartoonist Jacob Burck , who was hired by the Chicago Times in 1938, won
4437-399: The company, it could face liquidation of the entire operation. During the last few minutes of the auction, Lampert sent a $ 4.6 billion bid to try to keep the dying company alive. He plans to keep 425 locations open, including 202 Kmart stores and 223 Sears stores, with 50,000 employees. Sears Holdings announced on January 16, 2019, that Lampert (through his hedge fund, ESL Investments) had won
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#17328526234284524-497: The deal to inappropriately obtain ownership of the chain's Kenmore appliance brand and the Diehard tools brand." On February 7, 2019, a bankruptcy judge approved a $ 5.2 billion plan by Sears’ chairman and biggest shareholder to keep the iconic business going. The approval means roughly 425 stores and 45,000 jobs will be preserved. As a result, the retail business has emerged into Transform Holdco LLC . On May 24, 2019, Sears announced it
4611-492: The expression "Fortress Illini" for the concrete structures and plazas at the University of Illinois at Chicago . On March 23, 1995, the Sun-Times announced that beginning April 2, 1995, veteran Sports Illustrated writer Rick Telander would join the paper and write four columns a week. On March 24, 1995, the Sun-Times published an editorial by Mark Hornung, then the Sun-Times' editorial page editor, that plagiarized
4698-431: The firm, having overriding material influence over the held company's operations, even if no formal full takeover has been enacted. Once a full takeover or purchase is enacted, the held company is seen to have ceased to operate as an independent entity but to have become a tending subsidiary of the purchasing company, which, in turn, becomes the parent company of the subsidiary. (A holding below 50% could be sufficient to give
4785-458: The first body) is a subsidiary of another body corporate if, and only if: Toronto-based lawyer Michael Finley has stated, "The emerging trend that has seen international plaintiffs permitted to proceed with claims against Canadian parent companies for the allegedly wrongful activity of their foreign subsidiaries means that the corporate veil is no longer a silver bullet to the heart of a plaintiff's case." The parent subsidiary company relationship
4872-605: The five largest bank holding companies in the finance sector, as of December 2013 , based on total assets. The Public Utility Holding Company Act of 1935 caused many energy companies to divest their subsidiary businesses. Between 1938 and 1958 the number of holding companies declined from 216 to 18. An energy law passed in 2005 removed the 1935 requirements, and has led to mergers and holding company formation among power marketing and power brokering companies. In US broadcasting , many major media conglomerates have purchased smaller broadcasters outright, but have not changed
4959-455: The following requirements are met: A parent company is a company that owns enough voting power in another firm (or subsidiary ) to control management and operations by influencing or electing its board of directors . The definition of a parent company differs from jurisdiction to jurisdiction, with the definition normally being defined by way of laws dealing with companies in that jurisdiction. When an existing company establishes
5046-551: The friend wrote a story about it, Grizzard fired Banks. With that, the editorial employees union intervened, a federal arbitrator ruled for Banks, and 13 months later he got his job back. A 25-part series on the Mirage Tavern , a saloon on Wells Street bought and operated by the Sun-Times in 1977, exposed a pattern of civic corruption and bribery, as city officials were investigated and photographed without their knowledge. The articles received considerable publicity and acclaim, but
5133-465: The heading "The Last to Know Dept." and writing, "Dontcha just hate it when you write a gossip column and people think you know all the news about what's going on and your partner gets a new job and your column still has her name on it on the very same day that her new employer announces that she's going to work for him? Yeah, INC. just hates it when that happens." In February 1987, the popular syndicated advice column " Ask Ann Landers " (commonly known as
5220-482: The losses on the company's difficulties in paying pensions and the resulting regulatory penalties. On September 28, 2018, Sears Holdings began selling at less than a dollar per share, risking delisting by NASDAQ. On October 10, 2018, it was reported that Sears Holdings had engaged advisors regarding an imminent bankruptcy filing. The company filed for Chapter 11 bankruptcy protection on October 15, 2018, in New York;
5307-636: The official photographer for President Barack Obama . Baseball writer Jerome Holtzman defected from the Sun-Times to the Tribune in late 1981, while Mike Downey also left Sun-Times sports in September 1981 to be a columnist at the Detroit Free Press . In January 1984, noted Sun-Times business reporter James Warren quit to join the rival Chicago Tribune . He became the Tribune ' s Washington bureau chief and later its managing editor for features. In 1984, Field Enterprises co-owners, half-brothers Marshall Field V and Ted Field , sold
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#17328526234285394-473: The paper to Rupert Murdoch 's News Corporation , and the paper's style changed abruptly to mirror that of its suitemate, the New York Post . Its front pages tended more to the sensational, while its political stance shifted markedly to the right. This was in the era that the Chicago Tribune had begun softening its traditionally staunchly Republican editorial line, blurring the city's clear division between
5481-500: The paper to his fellow investors. In January 1989, the Sun-Times company starts its plans to purchase The Pioneer Press and its 38 different weekly publications. In mid-1991, veteran crime reporter Art Petacque , who had won a Pulitzer Prize in 1974, left the paper. Almost ten years later, Dennis Britton, who had been the paper's editor at the time of Petacque's retirement, told the Chicago Reader that Petacque's departure, which
5568-574: The paper's publisher, Robert E. Page, and the New York investment firm Adler & Shaykin. In 1984, Roger Simon , who had been a Sun-Times columnist for a decade, quit to join The Baltimore Sun , where he worked until 1995. Simon quit the paper because of Murdoch's purchase of it. Beginning in October 1984, Simon's columns from Baltimore began appearing in the rival Chicago Tribune . In November 1986, The Sun-Times acquired Star Publications,
5655-546: The paper, both would end up honored by the Baseball Hall of Fame . Famed for his World War II exploits, two-time Pulitzer Prize-winning cartoonist Bill Mauldin made the Sun-Times his home base in 1962. The following year, Mauldin drew one of his most renowned illustrations, depicting a mourning statue of Abraham Lincoln after the November 1963 assassination of John F. Kennedy . Two years out of college, Roger Ebert became
5742-505: The payroll. In May 2002, Sun-Times editors Joycelyn Winnecke and Bill Adee , who were then husband and wife, both quit on the same day to join the rival Chicago Tribune . Winnecke had been the Sun-Times managing editor, and she left for a new post, associate managing editor for national news, while Adee, who had been the Sun-Times sports editor for nine years, became the Tribune ' s sports editor/news. In October 2003, Sun-Times gossip columnist Irv Kupcinet began including
5829-424: The predefined ratio. The merger was completed on March 24, 2005, after receiving regulatory approval from the government and approval by shareholders of both companies. Sears Holdings continued to operate stores under the Sears and Kmart mastheads . In 2005, Sears introduced a new store format called Sears Essentials. As part of this new store format, some Kmart stores were converted to Sears Essentials, as well as
5916-493: The prize, Roger Ebert (1975), who worked at the paper from 1967 until his death in 2013. Long owned by the Marshall Field family , since the 1980s ownership of the paper has changed hands several times, including twice in the late 2010s. The Chicago Sun-Times has claimed to be the oldest continuously published daily newspaper in the city. That claim is based on the 1844 founding of the Chicago Daily Journal , which
6003-517: The retail business. However, these investments performed poorly in the fourth quarter. In 2007, the company placed its three major brands in KCD IP , a "separate, wholly-owned, bankruptcy-remote subsidiary". KCD stands for the three brands: Kenmore, Craftsman, and DieHard. KCD IP then issued $ 1.8 billion in bonds that were sold to Sears' insurance subsidiary based in Bermuda . Sears would thus pay KCD for use of
6090-469: The retailer's stockholders. Lands' End stock began trading on the NASDAQ on April 7, 2014. In 2015, Sears Holdings planned to spin off 235 of its properties into a new REIT to be called Seritage Growth Properties, with the package of properties backed by a $ 925 million loan from JP Morgan Chase Bank . The 235 properties, mainly Sears and Kmart locations, spread across the country and Puerto Rico , amounted to
6177-432: The same day that a $ 134 million debt payment was due, and will close 142 stores, including 63 Kmart stores and 79 Sears stores. All other Kmart and Sears stores are staying open to turn the company around. Their online stores sears.com, kmart.com, and shopyourway.com are also staying open to serve members affected by the store closures. On the same day, Lampert announced that he was stepping down as CEO, remaining chairman of
6264-407: The tabloid Chicago Daily Illustrated Times from the same editorial offices of the discontinued Journal . The modern paper grew out of the 1948 merger of the Chicago Sun , founded by Marshall Field III on December 4, 1941, and the Chicago Daily Times (which had dropped the "Illustrated" from its title) published from 1929 to 1948. The newspaper was owned by Field Enterprises , controlled by
6351-410: The three brands' trademarks. On December 14, 2007, the company submitted a draft merger agreement to buy Restoration Hardware for $ 6.75 a share. Sears already owned 13.7 percent of the company. That offer was withdrawn after Restoration's shares tumbled and a competing bid from private equity firm Catterton Partners was lowered to $ 4.50 per share. On February 28, Sears Holdings made an offer of $ 4.55
6438-434: The title of chairman of Sears Holdings over the period of decline. The first quarter of 2011 did not appear any better, with the company posting a net loss of $ 170 million, or $ 1.58 a share. Some industry analysts feel the heart of the problem is Eddie Lampert's "penny-pinching" cost-savings by stifling investment into stores. Instead, the company has been buying back stock and increasing its presence online. The company closed
6525-406: The two newspapers' politics. This shift was made all but official when Mike Royko defected to the Tribune . Roger Ebert later reflected on the incident with disdain, stating in his blog, On the first day of Murdoch's ownership, he walked into the newsroom and we all gathered around and he recited the usual blather and rolled up his shirtsleeves and started to lay out a new front page. Well, he
6612-491: The usual taxes on dividends, as they are legitimate and ordinary dividends to these shareholders. Sometimes, a company intended to be a pure holding company identifies itself as such by adding "Holding" or "Holdings" to its name. The parent company–subsidiary company relationship is defined by Part 1.2, Division 6, Section 46 of the Corporations Act 2001 (Cth) , which states: A body corporate (in this section called
6699-399: Was a company owned by then- Sun Times parent company Hollinger International. In June 2004, Hollinger International placed Hornung on administrative leave just two weeks after Hollinger revealed that the paper's sales figures had been inflated for several years. Hornung resigned from the company four days later. On May 17, 1995, the Sun-Times' food section published a bogus letter from
6786-411: Was a real newspaperman, give him that. He threw out every meticulous detail of the beautiful design, ordered up big, garish headlines, and gave big play to a story about a North Shore rabbi accused of holding a sex slave. The story turned out to be fatally flawed, but so what? It sold papers. Well, actually, it didn't sell papers. There were hundreds of cancellations. Soon our precious page 3 was defaced by
6873-556: Was also the first newspaper to publish the rumor, now believed false, that a cow owned by Catherine O'Leary was responsible for the Chicago fire of 1871. The Journal , whose West Side building at 17–19 S. Canal was undamaged, gave the Chicago Tribune a temporary home until it could rebuild. Though much of the assets of the Journal were sold to the Chicago Daily News in 1929, its last owner Samuel Emory Thomason also immediately launched
6960-399: Was arrested in the Sun-Times' newsroom and held without bond after confessing to using his position to set up sexual encounters for male high school athletes. Anding was charged with aggravated criminal sexual assault and possession of child pornography. In September 1993, Anding pleaded guilty to arranging and videotaping sexual encounters with several teenage boys and fondling others. He
7047-422: Was closed. On November 17, 2004, the management of Kmart Holding Corporation announced its intention to purchase Sears, Roebuck and Co. under a new corporation. Kmart previously emerged from Chapter 11 bankruptcy protection on May 6, 2003. The new corporation became known as Sears Holdings Corporation, simply known as Sears Holdings. The new corporation announced that it would continue to operate stores under both
7134-448: Was described at the time as a retirement, was involuntary. "I had problems with some of the ways Art pursued his job," Britton told the Reader . In September 1992, Bill Zwecker joined the Sun-Times as a gossip columnist from the troubled Lerner Newspapers suburban weekly newspaper chain, where he had written the "VIPeople" column. In September 1992, Sun-Times sports clerk Peter Anding
7221-465: Was later sold to Cumulus Media ). In determining caps to prevent excessive concentration of media ownership , all of these are attributed to the parent company, as are leased stations , as a matter of broadcast regulation . In the United States, a personal holding company is defined in section 542 of the Internal Revenue Code . A corporation is a personal holding company if both of
7308-544: Was opening small stores under the name Sears Home&Life. These stores would mainly sell appliances, mattresses, connected home products. This was done at three locations: Overland Park, Kansas , Anchorage, Alaska , and in Lafayette, Louisiana . On June 28, 2019, it was reported that Sears Holdings had plans to fully dissolve after selling its retail assets to ESL Investments a few months prior. In March 2019, Sears Holdings sued Transform Holdco LLC for $ 57.5 million it said it
7395-478: Was owed from the sale. The company also said Transform owed it $ 41.3 million for credit card and cash transactions that occurred before the sale closed, as well as $ 16.2 million for a portion of February rent, according to the documents. Sears Holdings could not be reached for additional comment. The lawsuit was settled in January 2020. Holding company A holding company is a company whose primary business
7482-413: Was sentenced to 40 years in prison. In 1993, the Sun-Times fired photographer Bob Black without severance for dozens of unauthorized uses of the company's Federal Express account and outside photo lab, going back more than three years and costing the company more than $ 1,400. In February 1994, however, Black rejoined the paper's payroll after an arbitrator agreed with the paper's union that dismissal
7569-462: Was too severe a penalty. At the same time, the arbitrator declined to award Black back pay. In 1993, longtime Sun-Times reporter Larry Weintraub retired after 35 years at the paper. Weintraub had been best known for his "Weintraub's World" column, in which he worked a job and wrote about the experience. Weintraub died in 2001 at age 69. In February 1994, the Adler & Shaykin investor group sold
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