“Transier acknowledged that Lampert's plan included possibly three store closings a month this year, the sale of $600 million of real estate over the next three years and unspecified cuts to staff.“
13 replies (most recent on top)
Cuts in personnel and stores are normal for a company after BK; try to find a company that did not do this after BK. Please don't let it get you down.
I see a big future for the new smaller format sears. Look forward to what Eddie has in store to turn this ship around!!
The pension insurance agency will get its pound of flesh form the remaining assets 45,000 poor jobs to be lost if Sears closes? The US creates those number of jobs in 4 days , better paying jobs with hope.
This is about Sale-Leasebacks.
Some landlords want to close the big box Sears and Sears wants to open smaller format stores.
Most likely he will keep the stores that are on a lease and close his properties because he can make more on rent then sears
Seriously, is your IQ negative? You'd have to be more blind than Stevie Wonder not to have seen that give this guy's past dealings! EVERYONE with an IQ above 1 can figure out he was only interested in the real estate, which he's been selling off in pieces ever since he took control.
It's better to close the company as a whole and give people time to look for other jobs instead of always living with the fear that their store will close. If the sale goes through according to the article it will close 3 stores per month in 2019. By giving the sale to Eddie he ends up winning and making his companies richer.
I was just about to post the same paragraph so people understand that the business is still winding down , just back to the slower paced liquidation. I think it s---s that the Kenmore and Diehard brands were supposed to fenced off for the pension. Now Lampert will get them without having to make up any more of the pension deficit. The judge will wait til Thursday or Friday to rule in Lamperts favor. He will have to make sure that everyone see he is thinking long and hard about the ruling. It is good that 45k people are not going to hit the unemployment line all at once, but the herd will keep thinning.
What a joke, you people on her beotching about stores closing in order to become the smaller format. Yet say nothing about the creditors wanting to close them ALL and save zero jobs. GTFOH.
So he's going to continue closing stores, selling real estate and firing employees.
So the same as always. What a visionary Mr. Lampert is./sarc
Everyone knows that Sears will not survive if the deal goes through. The judge Drain is bought by Eddie and he is what is stopping Sears from closing. Everyone sees it, even Lambert but the judge has already made his mind. They should bring another Judge
That's what they should do, however Eddie has it set up for him to win. Had it be a different judge, the bid would be rejected
Everyone knows that Sears will not survive if the deal goes through. The judge Drain is bought by Eddie and he is what is stopping Sears from closing. Everyone sees it, even Lambert but the judge has already made his mind. They should bring another Judge
~~~~~~~~~Here it is in a nutshell~~~~~~~~~
Sears' unsecured creditors have, therefore, questioned whether Lampert's push to resurrect Sears is driven by an achievable business plan, or "nothing but the final fulfillment of a years long scheme to rob Sears and its creditors of assets and employees of jobs while lining Lampert's and ESL's own pockets."