Legal

Chairman Eddie Lampert Submits $4.6B Proposal to Save Sears
December 6, 2018 at 10:54 am

The fund run by Sears Chairman Eddie Lampert, ESL Investments, submitted a $4.6 billion proposal on Thursday to help save the bankrupt retailer with the purchase of 500 stores. Sears Holdings, which owns Sears department stores and Kmart, filed for bankruptcy on Oct. 15. In previous court filings, it has said it was in talks with…

Report: Sears Employees Ask for Severance
December 3, 2018 at 1:18 pm

Dozens of current and former Sears Holdings Corp. employees sent a letter to Chairman Edward Lampert and other creditors on Thursday, asking them to pay severance and save as many jobs as possible as the retailer goes through bankruptcy, The Wall Street Journal reported. "While we understand Sears and Kmart must make changes to survive, we…

Why Payment Services Should Consider Cross-Border Tax Determination Services
November 27, 2018 at 10:55 am

E-commerce technology has made global selling easy, leading many small and midsized e-commerce companies to focus on expanding their cross-border sales to consumers. Unfortunately, most of these companies don’t understand how the realities of cross-border duty and tax compliance could result in shipment delays and canceled orders. This has created an opportunity for e-commerce platforms…

Sears Seeks Bonus Payments for Top Execs
November 20, 2018 at 11:23 am

Sears is seeking court approval to pay executives as much as $25 million in annual bonuses while the company struggles to restructure in bankruptcy. Three top executives could get nearly $1 million each if the company goes out of business. If Sears remains in business, they could get nearly $500,000 each for hitting the top performance…

David's Bridal to File for Bankruptcy
November 16, 2018 at 2:23 pm

Wedding dress retailer David's Bridal said yesterday that it will file for bankruptcy protection in the near future as it tries to deal with a heavy debt load amid changing consumer tastes in the wedding industry. The bankruptcy filing is part of a deal the retailer has reached with its lenders that will reduce its…

eBay Sues Amazon, Accusing it of Poaching Sellers
October 19, 2018 at 11:17 am

eBay filed a lawsuit against Amazon.com on Wednesday alleging it fraudulently poached its high-value sellers by infiltrating an internal messaging system called M2M. In the filing, eBay says its rival is "unwilling to fairly compete for third-party seller business." Amazon declined to comment on the lawsuit. eBay says the Amazon "scheme" violated its user agreement policies and…

Sears Files for Bankruptcy, Lampert Steps Down as CEO
October 15, 2018 at 9:36 am

Sears Holdings filed for bankruptcy protection early Monday after years of staying afloat through financial maneuvering and relying on billions of CEO Eddie Lampert's own money. Lampert, who has served as CEO for the past five years, will step down from that post, effective immediately, but remain chairman. As part of the bankruptcy, Sears will shutter…

States Introduce New Online Sales Tax Laws: What Retailers Should Know
October 11, 2018 at 4:38 pm

On this episode of Retail Right Now, Total Retail's Caitlin Sullivan and Joe Keenan discuss the recent enactment of online sales tax laws by 10 more states (Alabama, Illinois, Indiana, Kentucky, Massachusetts, Michigan, Minnesota, North Dakota, Washington and Wisconsin), as well as what retailers should be thinking about and doing as online sales tax becomes…

Mattress Firm Files for Bankruptcy, to Close 700 Stores
October 8, 2018 at 1:42 pm

Specialty mattress retailer Mattress Firm late last week filed voluntary Chapter 11 bankruptcy in the U.S. Bankruptcy Court in Delaware. The move was made, according to Mattress Firm, to "strengthen its balance sheet and optimize its store footprint." The largest U.S. mattress retailer said it plans to close 700 of its 3,230 company-owned stores. Those stores are…