Sears dentist is Concord, CA closed his doors yesterday because he hadn’t been getting paid by Sears in weeks.
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If it were me, I'd resign from the "Office of the CEO" position yesterday. Even before Sarbanes Oxley, people at Enron went to jail for a looooooooong time.
comingling of funds in a constructive trust relationship. that's just straight up fraud. people can go to jail for that sh--.
They were using the Sears payment system to take payments and the money was suppose to be put in escrow to pay the dentist and other vendors. When BK came SHC said that the money was not there and that they did not have that type of deal to keep the money in escrow. It is not only the dentist and others leasing space, it is Lands End, Little Ceasars, and other vendors who were scanned based.
it surprises me more than it probably should to know that eddie has been screwing over optometrists and dentists too. that could be financially ruinous. leasing out dental equipment. losing two or three months of income while giving free dental services to god knows how many people. paying salary to dental assistants. taking out the loans to set up the office. having to potentially take out the loans to set up a new office. that costs a lot of money. i bet they were paying eddie money for the lease the whole time too.
If they were using Sears payment systems to hold their earnings in escrow and get a check issued by Sears, Sears could have very well effed them over.
Ours use to make a run to Sams club when they ran out but they would be buy the cheap conttelle rolls that two people would use up and then there is no one to refill it til the next day. :/
The vendors that kept us supplied with toilet paper is gone, and our manager just quit, so apparently we don't have any kind of plan to keep our bathrooms stocked with toiletries. That'll be great for foot traffic.
If it's anything like the optometrist I saw a post about a few months ago, they may have been processing some types of payments through Sears cash registers with the understanding that Sears would reimburse them later, to save on processing fees. Then Sears stopped reimbursing them, but because the reimbursements were on a 2-3 month delay all along, they were 2-3 months in the hole when the money stopped coming.
Dentist we had was renting space and paid for the renovations to the store to accommodate his lease. Guess ours was doing it all wrong all those years lol
Getting paid for what? Isn't it just a private practice that leased space inside Sears?