Sears is flush with another $509M of cash! The kenmore deal has been approved!!
Sorry haters, no BK.... yet!!!!
18 replies (most recent on top)
Sears Holdings is a "poser" company. Fake rich is another applicable term that can also be described of this company.
This would be equivalent to being unemployed and selling your car to make a mortgage payment on your house after you sold off everything else of value beforehand to make payments....
Once you sell off everything of value and have nothing left to pay the mortgage, you risk losing the house.
I saw nothing of Eddie buying Kenmore for 500 million. Even so if it does sell as other have said PBGC get involved which really doesn't help Sears (it seems they would take all the funds or the majority of them). Lets not forget that apparently in October heavy debt is due $133 million is a big chunk of cash. I just don't see how Sears has any other hope here its pretty much a done deal seems Eddie has to call it quits.
No deal till now don't do timepass and work on Friday.
The PBGC’s stance could jeopardize Sears’ efforts to raise money to stay in business. The retailer, which also runs Kmart discount shops, is burning through $1 billion to $1.5 billion annually, according to analysts, as it struggles to compete with online retailers such as Amazon.com Inc (AMZN.O) and discount chains including Walmart Inc (WMT.N).
Sears has taken other measures to boost cash, inking a $425 million credit card deal with Citigroup Inc (C.N) in May and selling $290 million in real estate in the first quarter.
Sears cautioned investors last year that it may not be able to carry on as a going concern. The retailer, with $5.2 billion in borrowings on May 5, will aim to keep as much of the cash from the Kenmore sale as it can to help make it through the holiday season, the people said.
Sears retirees’ pensions face their own funding shortfall of $1.5 billion.
https://www.reuters.com/article/us-sears-pensions/in-kenmore-sale-sears-pension-liabilities-come-back-to-bite-idUSKCN1L70DI
Ill believe it when I read it officially.
it's 400 million and no that money does not go to sears lol, the PBGC is seizing all or most of the money it will be the straw that breaks the camel's back
OP - Dude, you got to realize that money is chump change. It's likely been all allocated to PBGC. So that would leave SHLD with $0 again.
"Sorry haters, no BK.... "yet!!!!""
Even the cheerleaders know the end is coming.
Must be true stock just went up 1 cent
It dropped to 1.07
????????????
Where? When? I can't find anything online about a Kenmore sale.
Even if this is true, it's only delaying the road to bankruptcy not stopping it.
Fake news
Even if this is true, the Pension board has declared their intent to grab most/all of it. No deposit in the SHLD checking account. Sorry.
Another dumb--s who hasn't figured out Eddie's game.
NOOOOOOOOOOOOOOOOOOOOO
How much of that has to go towards the pension plan tho