Posted on 10/09/2018 7:18:17 PM PDT by rdl6989
Sears Holdings Corp. SHLD -5.99% has hired M-III Partners LLC to prepare a bankruptcy filing that could come as soon as this week, according to people familiar with the situation, as the cash-strapped company that once dominated American retailing faces a debt payment deadline.
(Excerpt) Read more at wsj.com ...
4 years ago my wife saw an "awesome deal" on outdoor furniture. Guess what? It sucked. Damaged on delivery. They wouldnt send another or refund. Had to go to USAA credit card and tell them not to pay. They never called back. $1500 saved. I can't believe the didn't give a damn. Never set foot in store again.
Sears, death by 1000 cuts.
Sears deserves to go under. Horrid company.
They were all actually LG, so it was a no brainer, regardless of what might happen to Sears.
You can do better at Sears than anywhere else, if you watch the sales closely.
I'll guarantee it won't be a 13.
Even if they are planning a liquidation, it is likely to be an 11. Technically they could file a 7, but there's no reason to.
In fact, I'll even further out on a limb. They are probably having trouble getting suppliers to provide inventory for the Christmas shopping season. An 11 would give them an opportunity to get post petition financing that would get them to January.
Now, watch them file a 7 just to make me look bad.
I guess Eddie Lambert found out it’s easier to steal a company than run it successfully.
“He definitely owned a gun.”
The peculiar thing about owning a gun and carrying it for self defense in the 1950s was that it marked the carrier as somebody who was a bit shady, at best. Now packing heat is fully respectable and something the responsible citizen ought to do.
I believe you. NYC and all.
My son is in charge of security at the Hudson Project.
A long way from Nebraska…..
Like you, I had a “never again” incident with this awful company. About 6 years ago I bought a Diehard battery with a warranty that in reality was no better than birdcage liner. The battery gave out in less than 2 years on a 5 year warranty. Sears did not honor the warranty. I spent hours trying to get them to do so, and all they did was send a 50 dollar in store credit. In store! Jerks. I dance on their grave!
I think Stanley bought Craftsman (and are selling it at Ace, I understand). I just saw someone touting Stanley stock today, but they loaded up on debt to buy Craftsman, and before that Black and Decker. I’d want to do a LOT of due diligence before I chase those dividends.
Our mayor is just a semi literate bum...yours is an unapologetic Maoist who's married to a lesbian.
Dead right.
I heard terrible descriptions about the guy that got control of them about 15 to 20 years ago. It seemed like he was convinced he could milk it and run it. The stories I heard were sick stupid stories about his control freak management style.
He had built a replica of the Corporate Chairmans office in his home on the east coast. He would video conference with underlings pretending to be in the corporate building. If underlings used terminology different from his special language choices he would act like he didn’t understand them and refuse to talk to them.
With stories like that sort of BS we can understand how he drove Sears into the sewer.
Yep, just like Railroad Express. They could easily become UPS.
All around here those long closed, beautiful Sears buildings made of sand colored stone are still very much in use. They were built like forts.
Not one that I know of was ever torn down.
I imagine this will also take down the remaining Kmarts as well. Not that anyone would notice.
Ha, ha. That’s hilarious.
Have you seen “Craftsman” tools, lately?
They’re complete Chinese crap!
Sears and Craftsman never had a chance against the Cheap Labor Express.
What kind of first-world nation can’t even make their own tools?
My shop is priceless. Almost all made in USA. Can’t find that, anymore.
Now, I have to go to Taiwan or Germany. Nicholson files? Complete garbage, now from Mehico or Brazil and softer than what you might use them on.
MAGA, if it isn’t too late, already.
Dang. Used to hang out at a mechanic’s garage back in the late 70’s. Every 6 months they’d gather up the broken Craftsman tools and head over to Sears and swap them out for new ones.
I paid $20 for a 100’ Craftsman steel tape and replaced 15 of them over the years on that one purchase.
They blew it failing to embrace the ‘e’ economy. I’m going to miss them out of nostalgia.
We still have a few of them in Wisconsin. Like taking a time machine to mid 90s. Outdated, cafe long closed but still looks and smells like a Kmart. I remeber Target was the one in touble 30 ago but they revamped their stores before it was too late.
Chapter 13 is not available to a debtor that is a non-individual. Corporations and other business entities face a choice among chapters 7, 11, or 15 (transnational insolvency.)
Normally you don't see the hiring of expensive advisors if the object is to go directly into liquidation.
On the other hand, look at retailers like Sports Authority. They entered Chapter 11, believing that there were buyers out there, found none and converted to Chapter 7 and packed it in. The retail environment is so bad that management and its advisors missed the boat, even within bankruptcy.
Sears rates as the worlds slowest motion train wreck in my conscious lifetime. I worked in retailing 35 years ago and even then it waa hard to understand what was going on with Sears.
True, but they got stuck on the wrong side of the digital divide.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.