Do you think they'll save the best Kmarts? They do seem to be trying harder with Kmart and that seems to be where the effort is going.
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it's a transfer of assets from shareholder (Eddie and his friends) to shareholders and debt holders (eddie and his friends). That's what makes it legal. The shareholders who are losing are also the people who are gaining the most.
Kmart Corporation was merely a leverage mechanism for Lampert to get his hands on Sears real estate. Anybody who thinks Lampert ever had any intentions of actually operating a successful retail enterprise are perhaps as delusional as him. He is in it for one thing and one thing only: the real estate, i.e., Seritage. Kmart leases most of their stores. The operators of Sears Roebuck prior to the 1980s made the significant investment in building and owning much of their land and buildings as an avenue for investment in the future. I can't even imagine what those folks would be thinking today.
Of course, he has to create the illusion that he's trying. Otherwise people would have become wise and the stock price would have tanked long ago. Many of the folks in the stores and DCs are indeed doing their best, I'm sure. But it's hard to stay afloat when Lampert has blasted repeated cannonballs through the floor of the boat.
What this WHOLE thing is, it's quite simple: It's a transfer of assets from the shareholders to Lampert at the expense of shareholders, employees, and creditors (including retirees). Everything of value has been spun off. Lampert is the Wall St. equivalent to the Detroit house stripper, only Sears Roebuck was the house and it was in Hoffman Estates.
100,000 jobs lost (plus the hundreds of malls affected) to further enrich the affluence of one. It's the American Way. Not to say Sears wouldn't have had struggles without Lampert, but he was absolutely the worst person at the worst time with absolutely no retail experience or any plan or anything. I'm astonished it's lasted this long as is. I'm really sorry to those who got caught up in this. I really used to enjoy shopping there when it was a real store.
Who's They?
I'm sure Walmart and Target will love fighting over the top locations.
I could see the Guam/PR/VI Kmarts being worth saving... there is a separate Kmart company in Australia that might be interested in acquiring those during Ch 7.
No. Assets are worth far far less than the company now
GO ASK THE KMART BOARD ASSHAT
Nope, nope and NOPE.
If you are the Krazy Kmart lady, you are striking a far more conciliatory tone than usual. Are you finally seeing the light?
Everything goes after Christmas. this latest closing is for a quick cash grab to help pay the creditors in chapter 7. And those creditors are Eddie and his friends. Genius plan. Close lots of stores right before Christmas for the most cash as people holiday shop. Fill the coffers and then shut it down. Brilliant.
Too much debt
The whole mess will collapse after Christmas if not before
Those Kmart stores eventually will go soon too. If or when Chapter 7 is declared, all bets are off on all stores