Seritage, Eddie's Empire Crumbles

Revenues down 46.1%, missed estimates by $0.88M, ouch!

Rental income less than interest expense alone!

Rental income less than depreciation and amortization alone!

Property operating taxes and real estate taxes alone were nearly 90% of rental income!

Fire sale on future income producing properties forced to cover everything to satisfy Big Daddy Buffet! Gains on sales of real estate, -$52M!

Lots of lovely weasel words saying look at all our results (if we don't count all the big fat nothing we got from Sears)

But! Shares and Dividends still available to Eddie to pay off his creditors while we rob everything else! Hooray!

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Yawn... people making minimum wage cheering because a billionaire who is not involved in the day to day operations of a company is supposedly suffering....

from the SEC filing:

"Sears or Kmart - 7 leases
Includes five properties subject to the Holdco Master Lease (after giving effect to the pending termination of the Holdco Master Lease at 12 properties), and two leases between the Company’s unconsolidated joint ventures and Holdco."

Any idea what two properties the latter clause refers to?

We go round and round with the same stuff here. Eddies a schmuck and his businesses die! I hope Warren Buffet takes him for every penny....Eddie deserves nothing less!

Why has Eddie stuck with it for so long? At this point in the game, what could Eddie possibly stand to gain from his investment?

Sears Holdings and Transformco have been nothing but moneypits that Eddie has thrown large sums of money at with nothing positive to show for it.

There is no way that Eddie could possibly recoup the massive losses on investments.

"Sears is so badly run we would really like to pretend that it no longer exists just like the rest of the world. Oh God Eddie please don't become CEO!"

Thread regarding Sears layoffs

Seritage, Eddie's Empire Crumbles

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