Essentially, "We had our meeting with SHLD on Monday, and instead of calming our fears regarding keeping any stores open, they scared us even more. There is no hope, so can we just liquidate the dang thing?"
https://restructuring.primeclerk.com/sears/Home-DownloadPDF?id1=MTE3MjM2&id2=0
Edward Lambert is not in charge of this bk. The courts and UCC are the ‘big’ boys.
Stores as an operating entity. Own or lease is not relevant as leases can be broken or renegotiated in bankruptcy. They don't have to be though. So, they could keep the cheap lease stores or renegotiate the leases they can for the stores they want to keep for the auction. Probably just academic at this point anyway.
What stores? stores they own with property? not stores that lease right?
The auction is for the 400 now 500 stores to be kept open. The man was the "stalking horse" bidder, meaning the minimum (and probably only ) bid.
What do they mean by auction off?....
ESL can not credit bid on the auction stores
Edward Lambert can
More info please... Has list of "go foward stores" been determined, because those not on list are probably to be closed.
Court did not order liquidation today (11/15). Will revisit late December. Auction for the stores is approved.
Warn notice was not given because shld didn’t realize they were going bankrupt. No gift from Eddie.
@t-vgf that 350m lifeline is from a liquidation company.
Thanks. I feel dumb now lol.
Going Out Business
What does “GOB” in the document stand for?
No so fast. They just got a $350 million lifeline.
To help the OP out.
1000 layoffs asap
Stores that aren’t on any closing list are the go forward stars (505 total) although that can change in an instant
KCD and Kenmore not in liquidation
Docket # 740
I still believe compete liquidation by the end of January.