News & Analysis as of

Sears

Lowenstein Sandler LLP

Is the Spark Gone?

Section 503(b)(9) of the Bankruptcy Code gives a massive boost to creditors that sold goods to a financially distressed customer shortly before the customer’s bankruptcy filing. While claims for goods sold before a bankruptcy...more

Jones Day

U.S. Supreme Court Rules that Bankruptcy Code's Protection of Unstayed Asset Sale Orders to Good-Faith Purchasers Is Not...

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Section 363(m) of the Bankruptcy Code provides that the reversal or modification of an order approving a sale or lease of assets in bankruptcy does not affect the validity of the sale or lease to a good-faith purchaser or...more

Fox Rothschild LLP

How Safe Is Your 363(m) Sale? The Supreme Court’s Invalidation of Statutory Mootness is a Risk to Asset Purchasers Seeking...

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On April 19, 2023, Justice Ketangi Brown Jackson, writing for a unanimous Court in MOAC Mall Holdings LLC v. Transform Holdco LLC et.al., 598 U.S. ___ 143 S. Ct. 927 (2023), held that Bankruptcy Code section 363(m) is not...more

Cozen O'Connor

SCOTUS Goes to Mall of America: Court Recognizes Jurisdiction Over Appeals of Bankruptcy Sale Orders

Cozen O'Connor on

In August 1992, the largest indoor shopping mall in the continental United States opened to great fanfare in suburban Minneapolis, Minnesota. Dubbed the Mall of America (MOA), this sprawling retail center enjoyed 330 stores,...more

Levenfeld Pearlstein, LLC

Decision regarding Sears’ Retail Space in Mall of America Bankruptcy: Section 363(m) Is Not a Jurisdictional Statute

Section 363(m) of the Bankruptcy Code is one of the most important and well-known statutes to bankruptcy practitioners. This section of the Bankruptcy Code protects a good faith asset purchaser who purchases assets from a...more

Jones Day

U.S. Supreme Court Rules Appellate Protection of Bankruptcy Property Sale Is Subject to Waiver and Estoppel

Jones Day on

In Short - The Situation: The U.S. Supreme Court considered whether § 363(m) of the Bankruptcy Code, which limits a party's ability to undo an asset transfer made to a good-faith purchaser in a bankruptcy case, is...more

Cadwalader, Wickersham & Taft LLP

United States Supreme Court Holds that Bankruptcy Code Section 363(m) Does Not Preclude Appellate Jurisdiction on Asset Sale...

In a ruling issued just yesterday, MOAC Mall Holdings LLC v. Transform Holdco LLC et al., 598 U.S. ----, 2023 WL 2992693 (2023) (“MOAC”), the United States Supreme Court (the “Supreme Court”) held that Bankruptcy Code section...more

Spilman Thomas & Battle, PLLC

SCOTUS and Bankruptcy Orders – Considering Jurisdiction and Impact

The U.S. Supreme Court recently heard arguments in MOAC Mall Holdings LLC v. Transform Holdco LLC. The case involves the authority of a court of appeals to review a bankruptcy order authorizing a bankrupt tenant to sell its...more

Kramer Levin Naftalis & Frankel LLP

District Court Bars Assignment by Sears, Provision in Lease Cannot Supersede §365(b)(3)(A)

In an opinion dated Feb. 27, 2020, Judge Colleen McMahon of the United States District Court for the Southern District of New York reversed the decision of the bankruptcy court that had granted Sears the right to assign its...more

Lowenstein Sandler LLP

Sears (MOAC v. Transform): Landlord May Rest (Adequately) Assured of ‘Similar’ Financial Condition and Operating Performance, But...

A recent decision from the United States District Court for the Southern District of New York (the District Court) in the bankruptcy cases of Sears Holdings Corp. may loom large in a day and age when shopping mall operators...more

Dechert LLP

Sears, Mall of America and a New Look at Shopping Center Lease Protections

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In general, a trustee or debtor in possession may assign a lease if it cures any monetary defaults and provides adequate assurance of future performance by the proposed assignee. If the lease is for space in a shopping...more

Seyfarth Shaw LLP

Applicability of the Covenant of Quiet Enjoyment to the COVID-19 Pandemic

Seyfarth Shaw LLP on

Many leases for commercial property contain an express covenant of “quiet enjoyment,” which typically provides that the property owner may not interfere with the tenant’s use and occupancy of the property so long as the...more

Lowenstein Sandler LLP

How the bankruptcy system needs to change

Successful Chapter 11s for retailers have become few and far between. Sears, Toys "R" Us, Barneys New York, Forever 21, Coldwater Creek, Fred's, Fairway and A&P are just a few examples of recent retail disasters... ...more

White & Case LLP

Ahead of the pack: US M&A 2019: Consumer deals fall but disruption may be a driver

White & Case LLP on

Restructurings and uncertainty are hitting the US consumer sector. Retail M&A deal volume dropped 11 percent year-on-year to 459 deals, while deal value dropped 36 percent to US$76.87 billion. Consumer M&A activity...more

Robins Kaplan LLP

Financial Daily Dose 1.14.2020 | Top Story: Amazon Hit with Antitrust Case by India’s Government

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BlackRock Inc. will sell out of all companies “that get more than 25% of sales from thermal coal.” This threshold, however, won’t affect larger, diversified miners—which includes some of the biggest coal shippers....more

Robins Kaplan LLP

Financial Daily Dose 12.04.2019 | Top Story: Google Co-founders Step Down From Executive Roles at Parent Alphabet

Robins Kaplan LLP on

Google announced late Tuesday that co-founders Larry Page and Sergey Brin are “stepping down from executive roles at Google’s parent company, Alphabet.” Google CEO Sundar Pichai will now helm both operations, while Page and...more

Tucker Arensberg, P.C.

Sears Holdings Corp. Expected to Pursue 1000s of Preference Actions after Court’s Approval of Chapter 11 Plan of Liquidation

Tucker Arensberg, P.C. on

On October 7, 2019, the United States Bankruptcy Court for the Southern District of New York confirmed Sears Holdings Corp.’s chapter 11 plan of liquidation.  Sears currently owes tens of millions of dollars to its...more

Robins Kaplan LLP

Financial Daily Dose 10.14.2019 | Top Story: WeWork Board Weighing Bailout Options from SoftBank and JPMorgan

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We Work’s largest investor, SoftBank, is reportedly sketching out plans in which it would drop billions of additional money on the company in return for giving Masa Son control of WeWork “and further sidelin[ing] its founder...more

Goulston & Storrs PC

“Retail Apocalypse: The End – Or A New Beginning?”

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The last several years have been treacherous for the retail sector.  Changing shopping patterns and shifting demographics have led some commentators to declare that the (retail) apocalypse is upon us. ...more

Robins Kaplan LLP

Financial Daily Dose 5.29.2019 | Top Story: Amazon to Purge Small-Sellers

Robins Kaplan LLP on

Amazon is prepping to execute a more permanent purge on its orders to smaller, mom & pop suppliers as part of a push to “cut costs and focus on wholesale purchasing on major brands like Procter & Gamble, Sony and Lego” in an...more

Fox Rothschild LLP

Sears Debtors Sue Former CEO & Others Seeking Billions

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In October of this year, Sears Holdings Corp and affiliated Debtors filed a Chapter 11 case in the U.S. Bankruptcy Court for the Southern District of New York in a case pending before Judge Drain. Since that time, the company...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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Jobs report Friday again. Which, after February’s dismal numbers, is carrying extra importance today. We’ll be keeping an eye on US manufacturing, among other things. Here’s what to watch....more

Robins Kaplan LLP

Your Daily Dose of Financial News

Robins Kaplan LLP on

Fascinating weekend feature from the Journal exploring how Sears Roebuck went from the dominant force in American retailing to the bankrupt shell of a company that it is now—all within a period of just 40 years....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Retirement Plan Advisors Advantage - February 2019

Lessons For Plan Providers From The Impending Death Of Sears. What you need to learn. Before there was Amazon.com, there was Sears. Whether it was through their catalog or their department stores, it was the place to be...more

White & Case LLP

Peak performance: US M&A in 2018: Consumer deals slip as digital disrupts

White & Case LLP on

Digital disruption and its impact on physical retailers once again weighed on the consumer sector in 2018. Consumer M&A volume was down 13 percent year-on-year to 465 deals in 2018. Value decreased 28 percent to US$119...more

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