So if/when Eddie takes things over 100% I am wondering then if Sears doesn't have to report either the quarterly earnings nor any store closures that will (very likely) happen over the course of its limited existence.
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Closing lists will still be published, but only because associates impacted will report it to local media. With the company no longer in Ch.11, the ongoing WARN violations will have to stop, because the Labor Dept. will actually be able to punish violations, unlike now.
WARN act is still required for large closings, but he could still do the every 60 day thing he's been doing.
Except that local news media would probably report more store closings. But we'd have to compile lists ourselves.
And he wouldn't have to report earnings or revenue. He could just say "Everything is a-okay alright! The transformation is right on track"
But we all know better.
Boy...that's not good then...so I guess the only way people are going to find out is word of mouth and posting on the net. So they can literally close like 250 stores almost a day later after the ink has dried and we could never really know.
Private companies are not required to disclose those things.