I've known this guy for years, he worked over 15 years for Sears before they let him go 3 months ago. He still has a few contacts in the upper ranks, pretty high up. Now I'm sure some will say because he was fired, that automatically makes him a disgruntled, hateful former employee and a liar, etc. etc. , but I know better. I asked him what he thought about the latest developments, esp the creditor meeting today. I'm going to cut to the chase because I admit I didn't completely understand all the details. The bottom line is, according to him, Black Friday is the start of total Sears liquidation. they don't plan on closing the doors the day after (that would be ridiculous anyway) but there will be reduction in staffing like never before. the few people left will wind down the remaining stores and the plan is to close all the stores before we see 2019. I suppose he could be wrong, but I know he at least believes this is true, because he would have no reason to lie to me. Flame away.
25 replies (most recent on top)
OP -- it made sense
OP here.... I told you so.
@1few: Doubt Judge Drain knew Lampert at Yale since he graduated five years earlier than Eddie. But they are both Yalies for sure.
Jesus, people, what's so incredible about this? The company is hanging by a thread for chrissakes.
It would be sensible to discontinue layaway company wide at this time since the company is in a state of flux.
Layaway contracts started before store closure is announced are always given the ability to pay off the balance according to the contract payment schedule. 🙄
The judge in New is Eddies Yale buddy.
If Black Friday is truly the beginning of the company wide liquidation then why is our Black Friday AD so small? It is so lame in both size and selection. It looks like a regular Sunday Ad. What a joke.
Is your friend a fortune teller? No one knows when. What's with this black Friday nonsense?
I'm looking forward to the huge clusterf* that will be all the stupid layaways we keep getting despite every rational person knowing that this company is not long for the world. I guess a lot of them are hoping for those "layaway angels" to pay off their layaways, but how amusing it will be if despite being on the "safe store" list (yeah, right) we get slated for expedited closing and all the irresponsible people end up losing their layaways. Sadly, the worst ones are the ones who are just wasting our time and only make the minimum down payment anyway, so I guess it's not a huge loss either way.
don't forget to hang your hopes on fictitious people and animals!
"No offence to your friend but its up to creditors and vendors and what the BQ court decides. I belive they will liquidate but you never know what if some does come at it with a lot of cash. "
Yes and what if Santa Clause really comes this year? And the Easter Bunny?
No offence to your friend but its up to creditors and vendors and what the BQ court decides. I belive they will liquidate but you never know what if some does come at it with a lot of cash. While doubtful your friend has no idea
Kind of tough to push for "critical vendor" status when those same "critical vendors" are petitioning to get their product back
SHLD picked the venue they did in order to potentially win "critical vendor" status for certain suppliers to keep the enterprise operating, but that won't save them from their ultimate fate: liquidation.
"The judge will side with SHLD"
Yeah I don't think so.
The judge will side with SHLD, that's why they picked his court to file bankruptcy in.
If it stretches into 2019, it won't be by much. There may be a handful of stores with lots of merchandise, but the ones I've been in have empty counters, what they have is oddball merchandise stuck anywhere - no rhyme or reason, out of season, out of date products. OP is right.
They won't even finish the already-announced store liquidations until early Feb 2019.
With the volume of merchandise still in the stores, it would take time to liquidate and sell it off, I agree with the other reply that liquidation would stretch over into 2019 to clear everything out if they decided to start liquidating on Black Friday.
I agree that the judge will side with the unsecured creditors and order liquidation, perhaps as soon as later this week. The ongoing cash burn is an insurmountable obstacle to sustaining SHLD; the unsecured creditors' position is quite compelling. Even if that happens, though, the process of fully winding down operations will stretch into calendar year 2019.
We have like over 2000 unopened boxes which most likely won't get open on time for black Friday
Makes TOTAL sense.
Really?! Wow. I mean we got a lot of summer stuff like swimsuit, but a lot.
If the creditors succeed in forcing liquidation that is probable. The guy who runs the place is so tricky I wouldn't be surprised if they couldn't. Interesting times.