Thread regarding Sears layoffs

Remember that Eddie is a lunatic. Sued vendors for not supplying to him.

https://seekingalpha.com/instablog/22912651-daniel-jennings/4990333-eddie-lampert-gone-nuts-sears-suing-craftsman-supplier

Lampert wants a judge to force China-based One World to accept letters of credit from Sears Acceptance Corporation as payment for tools, the suit in Cook County Circuit Court on May 15 indicates. One World is balking at that, because those letters might not be worth the paper they are printed on.
One World and other vendors are Lampert's latest scapegoats for Sears' problems. He went out of this way to attack them at Sears' shareholders meeting and in a May 10, Chicago Tribune interview.
"If you're a vendor, and want to do business with us, then you have to treat us like a customer, you don't treat us like a pariah," Lampert told Tribune reporter Lauren Zumbach. "I'll take an even playing field, I'll take an uneven playing field, but what I won't do is basically not even let us on the playing field or let the game be fixed by people exploiting a certain amount of uncertainty."
That statement sounds like the ravings of a paranoid; Lampert is attacking the vendors for demanding payment for their merchandise. How I wonder would he act if somebody walked into Sears with no money and demanded to be given goods on credit? That is what Eddie is demanding from his vendors.
by
| 1381 views | | 8 replies (last December 5, 2019) | Reply
Post ID: @OP+12lTmI1a

8 replies (most recent on top)

Vendors can read a cash flow statement. It may be that Eddie genuinely can't and has been faking it all these years, considering his massively negative net cash flow in all operations across all businesses all these years.

by
| | Reply
Post ID: @1vqv+12lTmI1a

After being slow paid these vendors wanted to stop shipping product entirely, not renegotiate terms. He fought some of them to the point of lawsuit.
I worked with vendors who were wary of clawbacks even if they got paid before they shipped, let alone the 60 day terms that get slowpaid, and/or get charges against them for EDI mistakes, shipping "errors" or any other crazy reasons Sears could come up with to reduce how much they paid.

by
| | Reply
Post ID: @1rgf+12lTmI1a

@12lTmI1a-1fsh Of course it's an id–tic thing. Creditworthiness is based on your sense of honor and making good on your word, as well as your past dealings. Eddie has proven time and time again that his financial backing and word is bull, which is why there are no vendors of repute left. Vendors have explicitly stated that they won't deal with Sears so long as it's associated with Eddie. What goes around comes around. Sears' failures are all on Eddie.

by
| | Reply
Post ID: @1pue+12lTmI1a

Eddie was complaining about companies sears had long term business dealings with who suddenly wanted to change the terms to benefit themselves. He did a lot of stupid things, this was not one of them.

by
| | Reply
Post ID: @1fsh+12lTmI1a

And Eddie was just as much of a lunatic in 2017 as he is in 2019

by
| | Reply
Post ID: @1yfo+12lTmI1a

This is from 2017

by
| | Reply
Post ID: @1qag+12lTmI1a

Not an accurate analogy, Sears offers its own credit to its customers dummy.

by
| | Reply
Post ID: @1wfg+12lTmI1a

Transformco and abacus advisors is slow paying liquidation people.

On conference calls the head guy from abacus is rude and obnoxious.

Have not been paid in 6 weeks, not what we sign up for. India is no help...

Cohen the creep

by
| | Reply
Post ID: @xgc+12lTmI1a

Post a reply

: