I still work for SHLD, therefore I cannot say who I am. I will say this though: bankruptcy will indeed be declared very soon. I chuckled when I saw the recent article saying Sears will definitely be done by 2020. Try before 2019. And yes, there is a paid shill on this board. I could drop a name, but it would cost me.
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Where is the proof since you all know? Everybody seems to be all talk and no action on whats gonna happen.
How would you know that he hasn't???
Nothing illegal. Immoral, yes. Illegal. no.
@2pup What would he go to prison for? He's done some pretty crappy things but I don't know if any of his actions are illegal. Like other corporations, SHC spends millions on legal advice and an army of lawyers well versed in the law to cover all the bases to keep the company and the people running it out of trouble. I'm in no way coming to his defense, I'm just stating how things work.
His actions are immoral but he can't get in trouble for not following moral code. He will just slither away with his fortune when the big SHC debacle finally comes to an end.
Feel bad for anyone still tied to the pension . The Pension Guarantee Trust is a bust
Eddie has done things he can and should go to prison for. I'm going to blow the whistle soon.
Our store is down over 30% from last year and this is after a 2017 that was down 22% from the year before which was down 15% from the year before which was down 12% from the year before. You cannot keep that kind of revenue loss and customer loss up for too long. It is near.
@mqx - Same here. This past Q4 was depressing. Had to work Thanksgiving night only to have a trickle of customers walk through the doors five or ten minutes after they were unlocked. Not worth it at all. My commissions and paycheck were higher during the Memorial Day sale.
A couple years back, my commissions and my paycheck as a result were pretty respectable during Q4 and especially around TG/DATG. It kind of took the sting away from having to get up abruptly from my Thanksgiving table after shoveling my dinner down as fast as I could and cutting my conversations short with family, and having to move along to work my mandatory Thanksgiving shift (nobody is given a choice, despite the lies Sears told the media when asked). Last year, I sacrificed my Thanksgiving for nothing.
Last year I went home at 11:45PM, came back to the store at 7AM the next morning for Black Friday. It was dead. It picked up a little around 9AM but it was depressingly slow compared to years past. I don't see our upcoming Q4 on a "magical" rebound.
@UqgrCdc-1kgq I think at this point take the money and run. I honestly wouldn't want to deal with this in anyway because Sears will probably not cover the pensions. I remember when my co workers got fired I was like why didn't they take the severance pay? Nope they were moved to another department to stay in this crap company.
If you retire before early Feb 2019 you can take a lump sum 100 %. We received a letter last April of this year. The letter said this will be available thru early Feb 2019... (don't recall the exact date) but then after that there is a possibility it could no longer be available. (the 100 % lump sum option). So, if you retire after that it is a game of Russian roulette as to what happens. If a chapter 7 or 11 occurs then Pension guarantee gets involved and in general they say they will back the pension plan, but my financial expert told me to retire and get the money out before any of that happens. If you get stuck taking the annuity then we are at the mercy of Pension guarantee corp. I read where Pension guarantee itself has some questions about it's ability to support a large pension like Sears if 7 or 11 occurs. Do some research yourself before making any decisions.
@UMS,just curious,did they lift the restrictions.were you able to get 50 or 100%? Restriction was still on when I left 2 years ago
I work in a Sears store and the summer 2017 was when the decline of many years shifted into a vertical plunge straight down. It started with us no longer being a Back to School Store but Christmas 2017 was like no Christmas there ever before. What was once a cheery busy season, where although you were over worked, you were making your real money for the year and getting some good paychecks became a depressing ghost town. Until 2017 my store did a decent holiday business. It's been worse by the day ever since.
That's all I know when it comes to predicting bankruptcy. I cannot imagine Holiday 2018.
To uax.....things are different now. There are fewer stores so there is less incoming revenue. Back in 2015-2016 they still owned Craftsman and could sell that for income, but Craftsman is gone and can't be sold again. The stores are even more run-down now then they were then and that is driving more "members" away. The name brand stuff is largely gone as vendors jump ship and replaced by no name stuff that people don't want. AND the debt is not going away as the cash on hand situation has worsened.
In 2015-2017 the situation was bleak and people were saying many of the same things then, BUT in 2018 there are fewer options available to help get things back on course. In 2015, 2016, or 2017 there was a perception that maybe there was "time" to straighten things out....maybe close unprofitable stores, maybe get an extension on a loan, maybe sell some assets, maybe have a decent quarter or two and things would get a little better....In 2018 there is no longer time left to hope things will take an up-swing. The debt is not going away and there is no profit. New stores are not being opened to increase revenue and old stores are not being remodeled to make them more appealing.
Even if Kenmore or DieHard or some valuable real estate was sold that infusion of cash would only go to service debt or buy SHLD enough time to limp along for another few months. When that cash infusion would be expended then SHLD would be out of cash again with even fewer options on how to improve the situation. SO the question is WHEN and not IF SHLD will finally decide it's gone on long enough and it's time to pull the plug. Many people know and believe that time is quickly approaching.
Most of the locations that are up for lease renewal this and next year won't be so this goose is nearly cooked.
Thank God I just got my pension buyout after working for them for 30 years I am so done with this company.
Considering everything that is negative with Shld , not sure how "bold" that prediction is.
OP really sticking his/her neck out with that bold prediction...
@UqgrCdc the OP:
- "And yes, there is a paid shill on this board. I could drop a name, but it would cost me."
As the paid shill, why worry about it
There is an article about Sears Holdings on Motley fool that says Sears will not survive beyond 2020 at the latest....primarily due to its debts.
OP I know you said bankruptcy is coming I don't see it neither going to 2020, but can you say it will be in 2018 or will it be 2019? If you say very soon it sounds more like 2018 because been reading August some say October. Another one can just be January I mean its coming I just can't see it going any longer.