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first_img Top Stories Derrick Hall satisfied with D-backs’ buying and selling Ex-#Browns CB Tramon Williams is flying to Arizona for a visit with #AZCardinals, source said. They visited with Brandon Flowers yesterday.— Ian Rapoport (@RapSheet) July 27, 2017Williams, 34, spent the last two seasons with the Cleveland Browns after eight years in Green Bay. In 2016, Williams started seven games for the Browns and had 36 tackles, five passes defensed and one interception. The former Pro Bowler has 30 career interceptions, which ranks seventh among active players, tied with Richard Sherman, Dominique Rodgers-Cromartie and Brent Grimes.Arizona head coach Bruce Arians said earlier this week the Cardinals would continue to be aggressive in bringing in talent for visits and possible signings.“You’re going to see some guys coming in here real fast to build this roster just in case,” he said. “Either young guys haven’t performed well enough and there are so many good veterans on the street, that you want to have guys ready to go.”Justin Bethel and Brandon Williams are competing for the starting cornerback spot opposite perennial Pro Bowler Patrick Peterson, but there are depth concerns. Those fears haven’t been helped by two corners — Elie Bouka and Jumal Rolle — both missing up to two weeks with injuries. The Arizona Cardinals are firmly entrenched in training camp as they prepare for next week’s preseason opener against the Dallas Cowboys in the Hall of Fame Game in Canton, Ohio.But the team’s front office isn’t completely satisfied.After the Cardinals met with free agent cornerback Brandon Flowers Wednesday, they’re bringing in another Thursday with the possibility of adding depth to the position. Cleveland Browns cornerback Tramon Williams stretches before an NFL football game against the Philadelphia Eagles at Lincoln Financial Field in Philadelphia, Sunday, Sept. 11, 2016. (Winslow Townson/AP Images for Panini) The 5: Takeaways from the Coyotes’ introduction of Alex Meruelo 8 Comments   Share   Former Cardinals kicker Phil Dawson retires Grace expects Greinke trade to have emotional impactlast_img read more

Sears agrees to consider revised takeover bid staving off liquidation for now

first_img Join the conversation → NEW YORK — Sears Holdings Corp agreed on Tuesday to consider a revised takeover bid from Chairman Edward Lampert, temporarily staving off a liquidation that would have spelled the end of the 126-year-old U.S. department store operator.Lampert’s latest attempt to rescue Sears came after his previous US$4.4 billion bid fell short, prompting the retailer to make liquidation preparations ahead of bankruptcy court hearing in New York on Tuesday.An attorney for Sears told U.S. Bankruptcy Judge Robert Drain that Lampert is expected to submit a revised offer for the retailer, along with a US$120 million deposit, by 4 p.m. Eastern on Jan. 9. He did not disclose details of the new offer. Sears to ask bankruptcy judge to liquidate, potentially putting up to 68,000 people out of work, sources say Sears, facing liquidation, says it will close 80 more stores Eddie Lampert makes $4.6-billion bid to buy Sears in ‘last-ditch effort’ to keep retailer alive Drain said that Sears will consider Lampert’s offer versus a potential liquidation during a bankruptcy auction on Jan. 14.The development offers new hope that Sears could remain operational, albeit in smaller form, sparing the jobs of many of its 68,000 workers. Were Sears to liquidate its assets, it would become one of the most high-profile victims in the wave of bankruptcies that has swept the retail sector in the last few years, as the explosion in online shopping exacerbates the fierce price competition facing brick-and-mortar stores.In a stark contrast between e-commerce firms and many physical retailers, Amazon.com Inc became the world’s most valuable company for the first time this week, reaching a market capitalization of close to US$800 billion.Previous NegotiationsA main point of contention in the negotiations between Lampert and Sears previously centered on whether Lampert’s bid fully addressed the bankruptcy costs that Sears has racked up, according to sources familiar with the matter.The costs, which include bills from lawyers and financial advisers, are expected to exceed US$200 million, those sources said.Lampert’s bid proposed forgiving US$1.3 billion of debt he holds in exchange for ownership of the reconstituted Sears, a bankruptcy manoeuvre known as a credit bid.In addition, Lampert wanted a release from legal exposure related to a series of transactions he completed with the retailer before it filed for bankruptcy protection. Those made him the company’s biggest creditor, in addition to its largest shareholder.Lampert’s offer did not include putting up cash to back the credit bid. That raised concerns in the negotiations since the maneuver might not be allowed in court, the sources said, given ongoing investigations of Lampert’s pre-bankruptcy deals, which the hedge fund manager maintains were proper.Unsecured creditors have pushed for Sears to liquidate, partially because they contend they will realize a better financial recovery if it does. Those creditors, which include Sears landlords and bondholders, have also questioned Lampert’s pre-bankruptcy transactions with the retailer.Sears’ bankruptcy, which includes discount chain Kmart, followed a decade of revenue declines, hundreds of store closures, and years of deals by billionaire Lampert in an attempt to turn around the company he put together in 2005 through an US$11 billion deal.Sears dates back to the late 1880s and its mail-order catalogs. Merchandise from toys, medicine, gramophones, automobiles, kit houses and tombstones made it the Amazon of its time.The iconic retailer gradually lost its shine, however, as consumers turned to e-commerce and brick-and-mortar rivals such as Walmart Inc and Target Corp.Lampert had pledged to restore Sears to its glory days, when it owned the tallest building in the world as well as a radio station and Allstate insurance.But critics say Lampert let the stores deteriorate over the years, even as he bought the company’s stock and lent it money.The largest U.S. toy retailer, Toys ‘R’ Us, tried to emerge from its 2017 bankruptcy filing but was also forced to liquidate six months later, after creditors lost confidence in its turnaround plan.© Thomson Reuters 2019 Jessica DiNapoli and Mike Spector Twitter Reuters Share this storySears agrees to consider revised takeover bid, staving off liquidation for now Tumblr Pinterest Google+ LinkedIn Reddit 0 Comments Facebookcenter_img Email More Comment Recommended For YouPanama to withdraw flag from tanker towed to Iran, cites violationsIcahn launches proxy fight after stalled talks with Occidental CEOWeWork to host Wall Street analyst day in IPO push-sourcesBulging fuel stocks put spotlight on slack oil consumption: KempCanada says it is close to deal with EU on possible fix to WTO deadlock January 8, 20192:12 PM EST Filed under News Retail & Marketing The iconic Sears could be heading into liquidation if its board rejects a bid by company chairman Eddie Lampert to keep the business running in its entirety.AP Photo/Seth Wenig Sears agrees to consider revised takeover bid, staving off liquidation for now The development offers new hope that Sears could remain operational, sparing the jobs of many of its 68,000 workers last_img read more