Posted on 12/27/2018 2:49:09 PM PST by NRx
Sears, the 125-year-old icon, has 24 hours to survive.
The employer of more than 68,000 filed for bankruptcy in October. Its last shot at survival is a $4.6 billion proposal put forward by its chairman, Eddie Lampert, to buy the company out of bankruptcy through his hedge fund, ESL Investments. ESL is the only party offering to buy Sears as a whole, people familiar with the situation tell CNBC. Without that bid or another like it, liquidators will break the company up into pieces.
But as Lampert stares down a deadline of Dec. 28 to submit his offer, he is quickly running out of time. As of Thursday afternoon, Lampert had neither submitted his bid, nor rounded up financing, the people familiar said. Should Lampert submit a bid, Sears' advisors would have until Jan. 4 to decide whether he is a "qualified bidder." Only then, could ESL take part in an auction against liquidation bids on Jan. 14.
It is possible Lampert, Sears' largest investor, secures financing in time to meet the deadline, these people said. The hedge fund manager turned retailer has managed last-minute feats before. Due to requirements by the Securities and Exchange Commission, Lampert will be required to make his bid public. That stipulation that could sway him to prolong the filing until its exact deadline of 4:00 p.m. ET Friday.
(Excerpt) Read more at cnbc.com ...
Pretty gal - ugly outfit ... she’d look better wearing a burlap sack.
Hi, fwdude -
My brother worked in the 70’s in the camera dept at the local Sears. He really enjoyed it. Also, he would comment on the training, saying it was nice because the older sales reps didn’t mind sharing information.
Yes, it was run very well way back then. At least the local Sears was....
OMG! Seriously?
about a dozen different house kits, wasn’t it? - up to 2000 sq ft (huge back then) and 2-story even. Pickup at the train station with a couple of buckboards and teams of two.
Prolly RGB was the model back then. 1912 was it?
End of an age. Who doesn’t remember the Sears Christmas catalog.
I have the last one. I saved it. And, no, I’m not quite a hoarder. LOL!
My first electric guitar was a Sears 1451 Silvertone, which had the tube amp built into the case. Too bad I trashed it - because that item is worth a fortune today.
Yes. K-Mart bought Sears. It was set up that way so the group that actually owned the whole thing could shed itself of the Defined Pensions of the established Sears employees.
My sister worked for Sears for most of her life and had a Defined Pension. When the K-Mart buyout happened she lost that pension and had to resort to a 401K. Buy then she was a couple decades behind on a 401K investment. When she did retire from Sears she had to immediately start working full-time doing something else.
Think about it. When the internet came around, Sears had more than a hundred years worth of experience with catalog sales. You used to be able to buy anything from a house to a Thompson submachine gun from the Sears catalog. Sites like Amazon are really nothing but a huge "wish book". They had a distribution network already in place with a physical presence all across the country. If they'd had someone in charge with just a little bit of vision, they'd own the world.
A page out of the Sears catalog where you could buy cocaine.
http://genjourney.blogspot.com/2011/01/not-your-usual-sears-catalog.html
I have also seen other pages where you could buy it by the POUND!
I lived in Lansing, Michigan. Every now and then my parents would buy a big, white, paper bag full of the Sears Devil's Food Cookies. They were the best.
No. Pre-Tyco Mantua and maybe some early Tyco might have been, but, by the early 1970s they were made in Hong Kong. AHM locos and rolling stock tended to made by Rivarossi (Italy) or manufactured in Yugoslavia or Taiwan. Many of their building kits were made in Germany by Pola.
This hedge fund guy is the Chairman that ran it into the ground. He was a significant owner, ruined its entire value and now want to use others’ money from his hedge fund to buy up the worthless remainder of the stock to put some value back in his personal portion and then will probable sell that to make only himself somewhat well from zero.
This guy should be civilly liable for the ruin he has caused.
Well, bye-bye Guam K-Mart. I guess it is back to waaaaaay overpriced rather than just overpriced goods now.
This time a part needed couldn't be found because the washer's so old. They offered me a new replacement per the agreement. I picked out a machine and they gave the order to a third party appliance store that said their policy was to open the box and ‘inspect’ all appliances before they went out.
Twenty years ago a different group subbing for Sears made the same comment and both times delivered appliances that had minor dents. They offered ‘an extra $30 off... If I wanted a scratch and dent item I would go to an outlet and save a hundred or more.
I feel the same scam could be happening this time and I'm sick of the endless runaround... Sears threw it all away... Idiots.
That's what Bezos says, too.
Amazon is starting to get competition. Walmart could hurt them along with a few other internet retailers. Best Buy was projected to go BK, but store redesigns and a heavy internet presence has been a big boost.
Hard to say. Who buys most of the clothing? Not us. The last pair of new pants I got were a Christmas gift from my daughter.
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