Liquidators were a hair's breath from walking before the Innovel sale was forced so they could get paid after months of non-payment. It's known TransformCo isn't making payments to Seritage and vendors, and virtually all buyers and even Indian IT is largely laid off. Nothing is available on Sears.com. No one has talked about a way forward in a long long time and Eddie still managed to close 700 of the 800-odd remaining stores in the last year and a half. Let's face it, even as a liquidation this is dragged out and ineptly done, while all leadership seems to have adopted Eddie's penchant for cowering under their desks in a far remote location somewhere, fearful to let the general public know that the company even exists.
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Vendors may be forced to take a cut, but Eddie's reputation of cheating vendors will spread like a California wildfire. Vendors will want money upfront to deliver merchandise to Sears and Kmart.
Interesting... and yet we associates continue to get paid. BAD EDDIE!
This is just Eddie's way of avoiding severance for those of us left on the books...we sit here furloughed...no pay... He takes whats left to a slow-death...with the real Warren Buffet waiting in the wings.... Come Sept. 8 - the next update - will surely find the end to this very long drawn out demise of a once amazing company. Well done Eddie....
Isn’t that why he’s closing only a few at a time now instead of doing one massive closure like he did last year with first 92 Sears/Kmarts followed by 96 more. There aren’t even that many left.
Management is trying to settle vendor debts for pennies on the dollar; offering 20-30%. They think this will make vendors happy enough to start the supply chain. They are wrong. Vendors and taking what they can get and walking away knowing this cycle is only doomed to repeat itself. Sears will be dead before Cover-19 is.