What was the point of supposedly "saving" Sears if they are going to continue k–ling it slowly? I think somebody called it death by a thousand cuts and they were not wrong.
At this pace, how long before there are no Sears or Kmart stores left whatsoever? If this was the plan all along, why prolong the misery, then?
The judge was purchased just like anything else...I really don’t understand why that is so difficult for people to understand. What judge in their right mind would actually allow sears & Kmart to continue and come out of bankruptcy. The judge was paid off. He clearly had a price and Eddie paid it so that he could get the outcome he wanted. I’m sure Eddie had a list of judges in mind before SHC even declared bankruptcy, he went shopping and found exactly the person to allow him continue his sick games
Where did you see that Judge Drain directed Eddie to not run Transform? Judge Drain is not overseeing the operation of Transform. Transform is not in front of his court. Sears Holdings is. I could see Judge Drain telling Eddie to stay out of SHC but not Transform.
It's because of the land. How hard is it to understand that land is land, residential or commercial, there is still someone someplace who will buy it. He bought these stores for their land, any extra money he gets from the stores themselves is just gravy to him. He's a hedge fund guy, he will sell their land or their leases to anyone who wants to offer him money. Quit arguing with me dumazes, U-Haul's purchase proves anyone will buy their property.
I just find it highly criminalistics that Eddie was allowed to simultaneously run SHC for over a decade, intentionally running it into the ground through arrogance and ignorance, while at the same time conspiring to then loan the struggling company money in exchange for undervalued real estate assets all the while knowing SHC would default and his other company would get the real estate. What’s even more egregious is that despite the Judge’s prohibition on him running Transform, he is nevertheless pulling the puppet strings behind the scenes, further screwing over those who are still left. Honestly, the only thing that’s changed in the last 6 months is the name!
Someone should charge Judge Drain with incompetence.
The real estate play was becoming a landlord, collecting rent on property vs trying to run a retail business yourself. Most if not all of the prime real estate was xferred away from Sears Holdings with the creation of the real estate trust, Seritage. They are re purposing the properties. Sears Holdings sold the properties to the trust then paid rent to the trust until SHC went bankrupt. Eddie lent sHC his own money so SHC could continue to pay the rent to Seritage which is basically Eddies company also. So SHC ended up bankrupt and in debt to Eddie since he lent SHC about 2 billion of his own money. Eddie was the first lien holder when Sears when bankrupt, so basically he ended up with the rest of the remaining assets and real estate. The process is continuing, except now Eddie basically owns the company and does not have to shareholders. Crafty.
Judge Drain should charge Eddie with perjury. Perhaps all Sears employees should write an open letter to the judge.
Eddie bought the company for the real estate
He never intended to keep it running as a retailer
Everybody in the world seemed to know this fact except for the gullible judge drain
And likely dump the rest of the Kmart stores after the holidays.
The hometown sale is finalizing, the object seems to be to save the Sears name not Kmart. You will have a select group of Sears and a bunch of smaller stores with fewer employees.
By the massive Kmart chopping sounds like he's dumping the leased stores. I'd envision the only things with any value to him are the ones corporate owned or the ones that Seritage still has their hooks in.
What exactly is the real estate play here? I am just confused. It's still his money burning. What is the plan?
Eddie is NOT a retailer.... This is a real-estate play....not a retail play....
No one in the history of American retailing has ever run a company like this. No one! As if it weren't obvious a decade ago, Eddie is many things – but a retailer is not among them.