I have conflicting signals manifesting from various sources. Some are inclined towards not opening again ! As an exemplary paradigm of retail's executive top tier brass, my time for these types of forums has been severely curtailed, henceforth accurate yet terse discourse, supplanted with reputable references, is a must.
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Considering all hes been through he is a genius.
"while he is hated by probably all 100% of us" ......who really hates him ? who would not want to make a buck, a BIG buck, if they could ?
The line of folks suing Eddie/ESL is miles long, the $$$ invested in ESL is about 2% of what it once was, and they're having to sell everything just to get to the starting line because of Eddie's bungling, plus his wife never wants to the same continent as him. He's getting his dues.
Eddie, via ESL, did NOT promise to keep 45,000 employed nor to keep 425 stores open. What was said, and you can read it in the court documents, was that if allowed to buy the stores from Sears Holdings, he would be saving those jobs and stores from the alternative that the creditors wanted at that time: immediate liquidation. ESL lawyers would have never "promised" to keep everyone employed. That would be foolish. And the lawyers are not foolish.
ESL bought the stores and kept people employed longer than immediate liquidation would have done. So while none of us like the guy, at all, you can't keep asking "why didn't he get in trouble?".
And he probably intended to keep selling off pieces. Like selling Innovel for a billion. That's a billion he gets to pocket or maybe keep the few pathetic stores open a bit longer.
And for whomever posted that he can't just pocket that billion without the board's approval: There is NO board. Its a private company that is 100% owned by ESL. He can do whatever he wants with money he gets from any part he sells. No law says he must stay open. No law says he must keep employees.
Again, while he is hated by probably all 100% of us, we aren't going to see him get strung up by his heels. Move along.
Of course he won't get in trouble (nor should he) and there won't be any punishment (nor should there be). It's his private business and he is doing what should have been done long ago by closing these useless stores down. He never promised to keep the jobs forever, and even if he did, any such "promise" would not be legally enforceable and would be laughed out of any courtroom of the country. If your son promises to keep his lemonade stand open, and then changes his mind, can he be sued by his friends he no longer employs? Of course not. Silly example, sure, but in all seriousness, a private business can open or close whenever they want and nobody can force Ed to stay in business 1 Millisecond more than he wants to. Common sense, dude. The government can no more dictate what Eddie does with Sears, than they can what your son does with his lemonade stand, or what the corner gas station's owner does with his tire shop.
How come there is no financial or legal punishment for breaking those promises ?
You have to be kidding right?
Eddie already broke every promise he made in the bankruptcy hearing—- what happened to the 425 stores he was saving? How about all the employees that he was supposedly saving that have been laid off since bk
The stores will all close very soon —it was barely surviving before the virus but there is no chance now that it will survive the year
But if all the stores close and the company somehow still exists, wouldn't Lampert get in trouble for breaking his employment number guarantees he made during BK ?
It’s over. They’ll be going out of business as soon as they are allowed to reopen.
I just read JC Penney is now considering bankruptcy... Sears has to be a goner now...
I love it when this guy posts. Expert level trolling!
That would really be the end of sears. I was hoping they would somehow bounce back.
Well, they would have to reopen, at least temporarily, to complete the liquidation process. They can't just close with tons of merchandise left. They have to sell it off first, then close.
Gimme tp
They should give a free roll of tp to all the customers as an incentive when they open.
The stores should open up because they made employment numbers commitments with the bankruptcy.
The top performing stores have already closed awhile ago so Eddie could get the money from the sale of the real estate
Im thinking all but the top performing stores will stay shuttered.
I just finished a liquidation with abacus advisors. They said no more all stores will self close. We were told its over go home and eat bagels with alan
why would they go through the additional expense of opening stores that have been closed, if they know there will be even more expense in the money-losing operations ?
Here is an accurate and terse review .You are a complete and utter ( ! ) h0le.
To the OP....go mow your lawn or clean your bathroom if you have nothing more productive to do besides trolling this board.
You are an a–hole.
Im sure they will be crunching some numbers before deciding to re-open.
Shut up!
I am just a mid tier cog but have feelers out concerning the situation - they tell me that this might be used to shed some more underperforming locations - all have closed but only some will open up again
Henceforth, terse, supplanted
Again
LMFAO