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SEBRING, Fla. — Two people have died after a helicopter crashed into the Sebring Falls Mobile Home Park in Highlands County, Fla. the Sheriff's Office reports. 178
Sears desperately needs money to keep it afloat during bankruptcy. And now the deadline is getting tighter.The retailer, which filed for bankruptcy on Oct. 15, has already gotten a 0 million loan to help fund its operations while it tries to reorganize. It warned the day it filed that it would need an additional 0 million loan within weeks or else its ability to stay in business would be "seriously jeopardized."But now Sears has postponed a hearing that was set for November 1 to win bankruptcy court approval of such a loan, according to a court document filed Wednesday. No new meeting date was set.Sears declined to comment on the delay.A hedge fund owned by Eddie Lampert, who is also Sears chairman and majority shareholder, was expected to lead financing of the 0 million loan.CNBC reported Thursday that Lampert is looking to ensure that his hedge fund would get paid back first when it comes time for Sears to reimburse its creditors. Specifically, Lampert wants his ESL Investments hedge fund to have the same status as major banks like Wells Fargo and Citigroup that provided the initial 0 million loan, CNBC reported.Meanwhile, Sears is bleeding money. It said it is burning through cash at a rate of 5 million a month, according to its first-day filings.The 132-year-old company has been struggling for several years and is already drowning in debt. It was forced to file for bankruptcy when it came time to make a 4 million debt payment but didn't have the cash.Lampert, who gave up the CEO role at Sears as part of the filing, has been loaning money to Sears for years. But he has always taken steps to ensure that his loans are backed by hard assets, such as real estate or credit card balances, to improve his chances of having the loan repaid even in the case of bankruptcy. Even if Sears liquidates, he'll end up holding real estate worth hundreds of millions of dollars.Lampert is the company's largest creditor. He's owed at least .6 billion. 2024
Seems that hanging out with Snoop Dogg is rubbing off on Martha Stewart.The OG of lifestyle branding is now the latest celebrity with a CBD line. 153
Sears is swinging the ax again. The struggling retailer announced plans to close another 46 Sears and Kmart stores.The company has already closed more than 100 stores this year -- including the last remaining Sears in its hometown of Chicago -- as it attempts to stem losses.Employees at 13 Kmart stores and 33 Sears stores were notified that their locations would close by November.When Sears and Kmart merged in 2005, they had about 3,500 US stores between them. About 900 US stores remain, and more closings are likely."We continue to evaluate our network of stores, which is a critical component to our integrated retail transformation, and will make further adjustments as needed," the company said in a statement.Liquidation sales at some of the stores will start as soon as August 30.Sears has lost .2 billion since 2010, its last profitable year and sales have plunged 60% in that time.The company has been looking at selling assets as a way to raise money. In August, CEO and majority shareholder Eddie Lampert offered to buy the company's Kenmore appliance brand for 0 million, and its Sears Home Services division for between million and million.Lampert said he also plans to negotiate with lenders to try to extend the repayment schedule for some of Sears' debt.Shares of Sears plunged 35% in the week since Lampert's bid was disclosed, and hit an all-time low of .15 a share Wednesday. The stock closed trading at .18, still down 5% for the day.Stores set to close:Kmarts:Spring Valley, California,Clovis, California,Antioch, CaliforniaLos Angeles, California (at 6310 W. 3rd Street)Milford, ConnecticutNewark, DelawareSteger, IllinoisCape Girardeau, MissouriColumbus, MississippiRiverhead, New YorkGresham, OregonScott Depot, West VirginiaGillette, WyomingSears:Flagstaff, ArizonaSanta Cruz, CaliforniaGrand Junction, ColoradoTampa, Florida (at University Square Mall)Doral, FloridaNaples, FloridaSavannah, GeorgiaAtlanta, GeorgiaBrunswick, GeorgiaBloomington, IllinoisFort Wayne, IndianaFlorence, KentuckyHammond, LouisianaHolyoke, MassachusettsTaunton, MassachusettsJackson, MichiganCrabtree, North CarolinaSalem, New HampshireManchester, New HampshireMays Landing, New JerseyVictor, New YorkGlen Falls, New YorkNew Hyde Park, New YorkDayton, OhioCincinnati, Ohio (at Northgate Mall)Happy Valley, OregonHouston, Texas (at Memorial City Mall)Bryan, TexasWest Jordan, UtahFairfax, VirginiaVancouver, WashingtonEau Claire, WisconsinLa Crosse, WisconsinThe-CNN-Wire 2503
SEATTLE, Wash. -- Starbucks is the latest company to say it will pause social media ads after a campaign led by civil rights organizations called for an ad boycott of Facebook, saying it doesn’t do enough to stop racist and violent content.Starbucks says its actions were not part of the “#StopHateforProfit” campaign, but that it is pausing its social ads while talking with civil rights organizations and its media partners about how to stop hate speech online.“We believe in bringing communities together, both in person and online, and we stand against hate speech,” the company said in a statement Sunday. “We believe more must be done to create welcoming and inclusive online communities, and we believe both business leaders and policy makers need to come together to affect real change.”The coffee chain joined a growing group of companies saying they'll pause ads on Facebook or social media more broadly, including Unilever, the European consumer-goods giant; Coca-Cola; Verizon and dozens of smaller companies. 1029