Just what the hell did Eddie promise to BoA, Citi, and RBC to get them to pony up $950M? What are the terms? He could barely get liquidators like Great American and Shady dealers like Cyrus into the mix, and suddenly BoA and Citi show up? It's literally the billion dollar question.
This really makes no sense at all. Did he get Jeff Bezos to come up with the business plan or something?
Citi already sent a mail to all Sears card holders offering to transition them to other Citi cards. They've already owned the card business since before Eddie even bought Sears.
The credit card business is big to citi. They don’t want this to go under. Everyone that signs up for a 24.99% credit card and doesn’t pay it off on time on stupid financing deals is their money. If this gets approved expect to see a lot of fianancing deals being offered on appliances and mattresses come tax season. Long term deffered interest balloon payments.
@WSyTrnQ-1iwb I hear Strickland is hiring.
He must have promised collateral in ESL, Seritage, or his own cash. He was getting Great American to bite at 17% interest with origination fees just a month ago before settling on Cyrus, and no one else was stepping up. That $400M from other parties is also a big question mark. There must be something new in the mix, because there's nothing about Sears' results that recommends new investment otherwise.
They will approve it and this turd show will continue for years. Everyone is so afraid to act due to the public and what they're going to do after a chapter 7. I'm for taking it down into the ground and below. This vacation s---ed I was really hoping to not come back and sit on my a-- for just a few weeks. Dag gommit I reckon it's back to selling propane an propane accessories. I'm definitely not retail and were the most profitable in holdings... Who could it be? Service
I think this all has to do with the pension fund.
I keep saying it Dotards. Look CLOSER.
they all carry alot of debt with sears-they are just trying to scramble to get as much back--then again who even knows what the truth is-I see a big investigation coming.
Those banks aren't stupid. Bet they had to offer them lots of collateral, which will push the other creditors down the line to getting paid. It won't be approved.
These banks know there’s major value in the company and its brands. Armchair critics are wrong again.
It just makes no sense
Fuhgeddaboughtit. You don't wanna know. Capiche?
A short rough ride on the pink pony