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 ...
WLS radio in Chicago was named for the World’s Largest Store.
Sears has been an anachronism for decades.
Yeh, it was the Amazon of its time. If you map out Amazon process flow vs Sears going back almost 100 years they are almost identical. Methodology is the only difference.
I had forgotten all about that. But now that you mention it, Sears sold more than just plain ol' houses. What a remarkable company they once were.
I wandered into Sears a couple weeks ago. First time in over two years.
Lots of nice looking clothing, from a distance. Upon closer inspection, it was mostly icky third-world processed fabrics, terrible construction quality, and repeated strange cuts and fits of basic try-on-at-the-rack items like jackets and vests.
I wondered if the manufacturers and Sears buyers has colluded to sabotage sales. Even multiple zipper pulls on different styles jammed up on themselves, such that the coats never left the hangers.
Crazy. Who runs that place, the government?
Sears turned into a womans store... no need for men to go there..
Home Depot did not help.
Penny’s is next
To many woman stores...
I remember looking at guns in the Sears catalog. I still have 2 boxes of Ted Williams 30-30, headstamped SEARS.
Im 73 years old, grew up on a farm in rural central Texas. It was a big event when the Sears and Monkey Wards catalogs arrived. Naturally, the women in the family got first crack at them but eventually I got to go through them. They sold everything, boats, cars, guns, motorcycles, motor scooters, fishing gears, in and on. A young boys wish list for sure. I wanted a red Allstate scooter but sadly never happened. Oh well, life...
Sears (and Kmart) did/do have websites for people to buy online. You can order online to be delivered or picked up.
But there were other problems.
Will Amazon last as long as those two companies did? Eventually it will fall, too. Already there are complaints.
i see.
yes, a great store ... destroyed.
even today, a pretty poor merchandise mix and a mail-order (website) that is almost impossible to purchase from (with the world’s most dysfunctional merchandise search engine)... and some nice employees stuck in what has been degraded from a very good to a horrid ‘customer service and assistance’ function
I see that Lowes is selling Craftsman tools now. Must be one of the brands they sold off. My dad always told me to buy Craftsman because Sears stood behind them.
My dad has long ago passed away and now Sears. Sad.
Too bad they didn’t see the internet coming...they and Montgomery Ward already had the right business model back when they started. Essentially mail order companies.
yes indeed. WLS radio.. World’s Largest Store.
and it was very successful, too
it almost hurts to see Amazon getting rich running the mail-order business that Sears was leader in developing, building
while Sear’s website sucks rotten eggs
Oddly enough, a 1912 dollar is worth $26 today. So that buggy would cost $10,400 in 2018 dollars.
I think Sears demise began when they bought K-Mart. They took their store, which was perceived to sell good quality goods at reasonable prices, and took on a discount change known for cheap prices and low quality. This made their brand too murky.
It could also just be a sign of the times and the end of that style of store with massive inventory and an ancient vibe. Not only is Sears under pressure but many storefronts with inventory. I hardly shop for Christmas in stores anymore.
Prodigy was it, Sears and IBM, billions spent. Dial up modems. Those days came and went so fast.
[Upon closer inspection, it was mostly icky third-world processed fabrics, terrible construction quality, and repeated strange cuts and fits of basic try-on-at-the-rack items like jackets and vests.]
Cheap fabric and dim lighting. That’s how you move merchandise. - Morty Seinfeld
Sears, K-Mart and JC Penny are all going to die
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