Lampert and bankers r working together to capitalize on the Christmas rush that these closing stores will bring. Imagine the merchandise that can be sold at all these stores in the next 2 months. Imagine the transfers "safe" stores will make to these closing stores. The banks and Eddie know this will bring in big bucks. This will only help to pay off debts. And it won't pay off all the debt, they all know this. This money will benefit creditors, vendors, eddie, banks etc. Basically everybody but sears. This wiill not save the company. The company as it stands now is not profitable nor will be in Jan or Feb when the decision will be made to file or continue. The numbers don't add up. Even though 400 stores are positive ebitda, how positive r they? Then u have administrative costs, logistics, stores too far away from DC'S , it's a nightmare!
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Op here, no not at all. Everyone should be paid of course. Thats obvious. What I meant by the post is they will do better with chpt 11 than going the 7 route right away. And they will go 7!
So Eddie and the banks are going to use the Christmas selling "season" to pay down the debt and screw Sears at the same time?? Apparently the vendors and various creditors are not entitled to what is owed ( to them ), only Sears and it's employee's who rely on the vendors for goods and the banks to provide needed capital to run the friggin business should benefit. You're still getting paid, why not everyone else?
No, what's inhumane is what Eddie did or rather not did to this company when he took over. He did not listen to senior leaders who knew what worked more than Eddie did. He put all eggs in sywr and let the stores crumble. Would u not Invest in your own house if it needed repair? He should have closed unprofitable stores down earlier " years ago" if he was really trying to make it work. Hindsight is 20 /20 and god knows he had alot do deal with but C'MON! People saw the train going off the tracks years ago!
Shame on Sears for selling things during the holidays and turning inventory into cash. The inhumanity of it all!
U r so right about that! Huge amounts of cash will be made in the next 11 weeks. And I saw something about accelerating the liquidation process in some of these stores. That means to me that they would be increasing percents off quicker to move more merchandise faster. Look folks, they want hard cash in the registers as quickly as possibke. At this stage they could care less about profit margin on items. Hate to say it but it is over. Just like those poor bast@@@s in canada. That still pisssee me off what he did to those people. No severance whatsoever for 14,000 workers. What a sham!
Yup, sure is terrible. At this point it wouldn’t be a bad thing to be a closing store. At least there would be customers. All the bargain hunters will go to the closing stores to get the deals (which is not guaranteed). Liquidation is a bussiness and it is meant to make money!!!