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U.S. department store operator Sears has reached a deal for a fresh financial lifeline totaling roughly $100 million from hedge fund Brigade Capital Management LP, as it tries to stabilize after bankruptcy, Reuters reported. Sears’ billionaire owner Eddie Lampert rescued the retailer from liquidation in a $5.2 billion takeover during bankruptcy proceedings a year ago. The company’s unabated need for new funding underscores Lampert’s challenges in turning it around. Sears reached an agreement with Brigade for the $100 million financing in recent weeks. Lampert has also bankrolled Sears in recent months. Brigade has extended loans to other troubled retailers, including high-fashion chain Barneys New York Inc and childrens’ clothing shop Gymboree.

Billionaire Tilman Fertitta’s restaurant operation, Landry’s Inc., is offering $50 million to buy the Palm steakhouse restaurants and their branding out of a bankruptcy that stems from a bitter family feud, WSJ Pro Bankruptcy reported. The company behind the Palm chain filed court papers on Thursday proposing to name a Landry’s affiliate as the stalking horse-bidder for the Palm enterprise, including the 21 branded steakhouses, trademarks, licensing rights and real estate. The company, Just One More Restaurant Corp., entered chapter 11 protection last year in the U.S. Bankruptcy Court in Fort Myers, Fla., over a conflict between shareholders descended from the founders of the iconic original Palm. The Landry’s offer requires bankruptcy-court approval and is subject to higher and better bids. If another bidder wins the assets at auction, Landry’s would collect a $1.25 million breakup fee under a set of proposed bidding rules.

Forever 21 Inc.’s new owners plan to keep most of the fast-fashion chain’s U.S. stores open under a new chief executive in the coming weeks when the company emerges from bankruptcy, Bloomberg News reported. Owners Authentic Brands Group, Simon Property Group Inc. and Brookfield Property Partners are talking with other landlords about keeping as many of the 448 U.S. stores in business as possible, Authentic CEO Jamie Salter said in an interview. Forever 21 is interviewing three CEO candidates and will name a new one soon, Salter said. Forever 21 filed for bankruptcy in September after struggling with large, expensive locations and losses in some international markets, while dealing with the effects of the same online competition that has forced U.S. retailers to close thousands of stores in recent years. The new owners agreed to pay $81 million and assume certain liabilities as part of the purchase. The company is planning to launch or expand wholesale lines in jewelry, footwear and handbags, Salter said. It’s also planning to expand the Riley Rose beauty brand. Salter envisions “multiple” collaborations with other brands, both his own and outside ABG.

Decorative home decor and furniture retailer Pier 1 Imports Inc. said yesterday that it had filed for chapter 11 protection and was pursuing a sale, a month after announcing plans for sweeping store closures, Reuters reported. The Fort Worth, Texas-based company is the latest retailer struggling in a market dominated by e-commerce giant Amazon.com Inc. and other retail stalwarts like Walmart Inc. Last month, Pier 1 warned about its ability to continue as a going concern in the tough retail environment. At the same time, it announced plans to slash an unspecified number of jobs and close up to 450 stores, nearly half of what it operated in the U.S. and Canada as of late last year. The retailer said it had already closed or initiated going-out-of-business sales at more than 400 locations, and it is in the process of shutting two distribution centers. Pier 1 said that it had received a commitment of about $256 million in debtor-in-possession financing from Bank of America, Wells Fargo National Association and Pathlight Capital LP. The retailer said it expected to keep its online platform and remaining stores open and running during the bankruptcy process.

Luxury department store operator Saks Fifth Avenue, owned by Canada’s Hudson’s Bay Co., is expanding into bankrupt fashion chain Barneys’ Beverly Hills shop, Reuters reported. The move comes ahead of a shareholder vote later this month to approve Hudson’s Bay Executive Chairman Richard Baker’s C$2 billion ($1.51 billion) bid to take the retailer private. As a private company, Hudson’s Bay will be able to invest in its business without facing scrutiny from public shareholders. The company’s shares fell by almost one-half in the year before Baker announced his bid, but have since risen more than 40 percent. Barneys filed for bankruptcy last year due in part to rent hikes. Saks will use some form of the Barneys brand at the Beverly Hills store. The expansion of Saks into the Barneys’ location will give the upscale department store three stores on Wilshire Boulevard: its men store, a department store and the third spot in Barneys. It is not yet clear if Hudson’s Bay will keep all three locations. Hudson’s Bay currently operates 41 Saks Fifth Avenue stores and 114 Saks Off 5th discount locations.

Art Van Furniture's private-equity owner is exploring options that could include a sale and potential chapter 11 protection for the retailer as it struggles with disruption in the furniture business, Crain's Detroit Business reported. Thomas H. Lee Partners LP, which acquired the Warren, Mich.-based retailer in 2017 for an estimated $550 million, is working with advisers and creditors to find a buyer, which could include the family of its late founder, Art Van Elslander. "We are actively exploring a variety of options with our creditors, investors and landlords to ensure Art Van can continue serving our guests and our communities," said Diane Charles, vice president of communications for Art Van. "It is premature at this time to comment further as no final decisions have been made. In the meantime, our stores are open and it's as business usual." The Van Elslander family, led by Art Van Furniture Chairman Gary Van Elslander, has prepared an offer for the firm to be the stalking-horse bidder in a chapter 11 reorganization plan. It is unclear whether other potential buyers are in discussions. A decision on Art Van's future could happen as early as this week.

Brandless Inc., a startup that set out to challenge household names like Crest and Kraft with a one-price-for-all online store, has shut down, becoming the first venture backed by SoftBank Group Inc.’s 9984 $100 billion Vision Fund to fold, the Wall Street Journal reported. Brandless launched in 2017, selling generic consumer staples attuned to personal health and the environment, all for $3. The idea: cut out supermarkets and traditional marketing, and funnel the money toward making products to compete with pricier name brands. But it appears American shoppers need more than a $3 price tag to part with brand-name peanut butter and hand soap. In pulling the plug this week, Brandless’s investor-led board said the market for selling goods online directly to consumers is “fiercely competitive and ultimately proved unsustainable” for the company’s business model. Brandless had a high-profile backer in SoftBank, which promised the Silicon Valley startup $240 million but delivered only $100 million, people familiar with the matter said. Investors grew frustrated with losses at Brandless, and pushed for a quicker path to profitability, before ultimately deciding to close the company.