I’m truly worried about Eddie and his thinking that he can show the courts he can transform a company in a few short months, when in reality, he hasn’t shown a profit for 8 years. His ability to drive a business into the ground however is very good. It’s not about keeping Sears alive. It’s all about Eddie and his narcissistic attitude. Even if he did turn Sears around, he has ruined the name and everything associated with it. The bankruptcy has also hurt the SHO owners as well. They share the same name.
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This is what the creditors are worried about and why they're pushing for chapter 7. Eddie has delivered no plan (despite that being a requirement of the court) as to how they are going to change things going forward. SYW is being shut down, how will they discount now? They don't have money to buy decent goods in sufficient quantity, so there's going to simply be no reason to go to a Sears store over the next few months.
The Dayton Hudson company's original brands became obsolete. They killed Dayton. They killed Hudson. They sold B. Dalton's. But they created Macy's and Target. There's a whole lot that Eddie could have done with the billions that Eddie pocketed instead of investing it back it in the business.
The Sears brand has become obsolete... just like when General motors retired Oldsmobile and Pontiac brands...or Ford retired Mercury... there are just too many competitors in the middle retail space , and Sears has little to differentiate it from others. I can't see Sears beating Kohl's, JC Penney's, Target, Ross and similar. The 'Dollar store' retailers and Wal Mart offer better value on the lower end, thus hurting the Kmart brand. I would like to see Sears survive but if it's been losing money for most of the last 8 years, we would almost need a federal bailout and that is not going to happen.