Stockholders Will Recoup Nothing From Sears Bankruptcy -- Market Talk
10:57 ET - Sears Holdings, which filed for bankruptcy protection last year, said in a regulatory filing that it believes the value of its common stock is worthless. Most of the company's assets, including the Sears and Kmart retail brands, were purchased out of bankruptcy earlier this year by hedge fund manager Edward Lampert. The remaining assets will be used to pay creditors. The company had cash and cash equivalents of $24M as of March 2, according to the filing. It's net income totaled $255M and revenue was $169M. Once the largest and most successful retailer in America, Sears shares were something to covet. Warehouse workers and other hourly employees were able to retire wealthy thanks to the company's profit sharing program. But the business had been in decline for decades before its bankruptcy filing in October.(Suzanne.Kapner@wsj.com)
(END) Dow Jones Newswires
April 16, 2019 10:57 ET (14:57 GMT)
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