I just confirmed this with 2 diff sources, both of whom I know and have trusted for years in the upper ranks. Its happening folks.
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Sears is broke so it's not a matter of if but when they file.
@5tqh - The information was not proven false! Just because it didn't happen doesn't mean that the information wasn't factual when it was posted. The responses to the difficulties facing SHLD are probably changing on a daily basis. Bankruptcy can be on the table one day and taken off the table the next day. As all the interested parties get their priorities in order and maneuver for the most favorable outcomes, the fate of SHLD can change from day to day.
Another prediction based on supposedly high level authority has proven false. What a surprise. (Sarcasm in case you couldn’t tell.)
An announcement of a bankruptcy may not happen at this point if the parties involved have agreed to an orderly liquidation. Since Eddie's scheme to reorganize SHLD's debt went up in smoke, there could now be an agreement that an orderly liquidation would be more financially beneficial for all involved rather than a forced bankruptcy. Dimes on the dollar are far better than pennies on the dollar! Sometimes the threat of bankruptcy is what it takes to get all the parties to start thinking straight and to agree to a mutually beneficial solution.
10/2 is almost over and no announcement.
And what are the consequences of posting stuff you make up?
Not that it couldn't happen, I just don't believe for a nanosecond that OP has any inside info.
No offense to the people from India but what are they thinking???? If the employer closes in the States, how long do you think your outsourced office is going to stay open?
We have people from India on here wondering if they'll have a job. Not a good sign folks
Holy smokes, looks like this IS true. It's all over the internet now that Sears really did hire Johnson. doesn't look good.
No severance anymore. Health insurance may be cancelled. BK coming, the lawyers have already been secured, BK financing secured. Mark Johnson, who did the same thing at Toys R Us, has been hired to see it through. Get a clue people
I work at Sears and have no idea if this is true or not, but my manager is convinced we won't see another Christmas.
@VnakBnH-1pej no reason for me to stick around for next layoff then. I still have couple weeks of vacation left and I'll shall go on a job hunt.
The part about no severance is true. I was let go the other day and they gave me the excuse of "we have to think about saving what's left of the company."
You people realize that they are going to say whatever you want to hear, right? I swear some of you act like you would be surprised if sears screwed you again...
We had a team member quitting this week and the manager didn't even asking him to stay. Before they would offer a counter offer. Now just a sayonara and they get someone from India to cover. I asked to put my name on the top of the list for next cut. I still want that severance. That hope is fading fast. Most likely going to get nada. At least my 401k already maxed out for this year. I can collect unemployment for a while to enjoy my time off. I deserved it.
They certainly made payroll when both my paycheck and bonus were deposited into my account on Friday. Yes, I said bonus.
Yes they can because my end of month severance money went into my account yesterday. Just like it as the last 2 months. Was I the only special person to get paid since "they can't pay severance" "cant pay payroll" "have no money".
they can meet payroll"
Actually, they can't. Eddie has been playing a smoke and mirrors game for a long time now. The problem is, he made a major blunder and now all bets are off. I'm not saying the remaining employees won't get paid. I don't know that they won't. But you don't know that they will, either. It all depends on a lot of things, but one thing is sure: Sears is out of money. For heaven's sake, they can't even pay their vendors and that has been going on for a LONG time. They have now reached the point where no one will even give them credit anymore. And you are being naive if you think what is legal has anything to do with this. People like Eddie live above the law, although this time I agree with some others on here that he may have gone too far and will likely face jail time. At the very least, he will be investigated heavily. Sears has already admitted that they can't pay severance anymore, can't pay their suppliers, and will almost certainly go under very soon. Any one who thinks that it's a stretch to say they may not have enough to make payroll is naive to say the least.
If they cannot make payroll you can file a civil case for unpaid wages, however in bankruptcy those lawsuits will be placed on hold and likely discharged by the court, you will get nothing unless an agreement is made with the bankruptcy court.
You don't necessarily go to jail for not making payroll, it's a civil matter. 70,000 plus employees become creditors, though probably further back in the line. A bankruptcy court might put Eddie (as a creditor) behind all 70,000 employees.
I think layoffs, store closures and closures of DC's and HQ office would commence before it ever got to the point that the company couldn't make payroll. You just don't carry on and suddenly discover that there's no money to pay the employees.
they can meet payroll . If they don't they go to jail and face the outrage of 70,000 employees. The suppliers and landlords will not get paid before employees
yes. Your 2 different sources told you because you’re super special right?
Hi Eddie!
yes. Your 2 different sources told you because you’re super special right?
I won't lose my SYW points, will I?
If they do file, it'll be chapter 11 then converted to chapter 7 after the holidays if things get worse. Likely may be the last Christmas.
What meeting was that?
God, I hope it's true.
I am marking if this is truth please let it be truth! I am do done with the company it be a perfect timing for BK since it seems no one wants to work with a deal so its highly possible.
Thats a big confirmation 10/2/2018. I was at a meeting today and they can't make the next payroll cycle. It has reached critical mass.