If someone hasn't seen the list of 505 stores that Sears announced are being put up for sale, this article contains the list of Illinois stores that are being affected. Apparently, 11 Illinois stores are on this list and at this point, I hope they will all be sold in order to avoid liquidation.
https://www.chicagotribune.com/business/ct-biz-sears-stores-for-sale-20181123-story.html
Whenever Sears says a store makes a "profit", they're ignoring things like interest payments on all those billions in debt, taxes, and depreciation on the crumbling stores he doesn't pay a dime to upkeep, especially now that they've fired all the QMTs. Those 18 execs know exactly what they're doing as they halve your severance bonuses, close off your ability to withdraw your pensions, close all the stores, refuse to invest, refuse to market, while paying themselves millions and bonuses and give themselves raises. They are joyfully ruining your lives while giving themselves a huge golden parachute in the forms of huge raises and bonuses to shut the company down. Happy Holidays
And oh by the way. Majority of those stores are barely making a profit now, if at all and will be destined to close once they begin paying rent.
And even if its a go forward store it DOES NOT mean that the purchaser of the property can't shut everything down and convert the store property into a Mickey D's
Find a new job fast while the economy is still rolling cuz' SHLD certainly isn't
@ymz yes that's exactly what it means. your store is not part of the go forward plan. even if it's part of the go forward plan the judge has not yet approved the go forward plan.
So if your store is not on that list but it’s still open, does that mean it’s going to close soon?
How many of the 504 are from the springing of ring fenced deal back in nov 2017 where they were to be sold and money goes to PBGC for the pension fund
I know westland and Novi michigan stores were on that list.. what happens to them
Ok, and I also read that they will be selling assets would that be like the brands and services? I know that Service.com bid $60 million for the home Improvement services
It seems like pick and choose. I read the docket and they are accepting bids up to a point, think around Dec. 5th.
Are they going to be sold as a whole or you pick and chose. I'm still confuse on how this works. And if they pick and chose I'm assuming the rest will close.
Well even if they will be sold...sadly I think people will still lose their jobs.