Thread regarding Sears layoffs

Ultimately though people get more time. It won’t be 12 weeks liquidation you’re gone. You will possibly instead have an entire year to line something up while still working. It’s great for people working this as a side job who can continue to work until the bitter end.

Eddie Lampert is truly a GARBAGE human being.

Finally a solid, well thought-out thread. I think one of the biggest travesties yet to be fully exposed if the court approves ESL's bid, is that Judge Drain will be setting a very dangerous precedent for future retail bankruptcies - especially retailers owned and operated by hedge fund managers and holdings corporations like Eddie/ESL. We're in uncharted territory here where the principal creditor IS also the principal operator - a conflict of interest Judge Drain and the courts have got to consider.

The judge's decision this week could literally rewrite the playbook for future bankruptcies by providing a paint-by-numbers framework for other corrupt capitalists and hedge fund managers to adopt Eddie's proven strategy. These corrupt capitalists play both sides of the bankruptcy by stripping assets and value from their own holdings and then restructure their own debit into credit bids when they buy back their own interests for pennies on the dollar - all the while leveraging employees as public relations bargaining chips to get their bids approved.

As much as I hate to say it since myself and others I work with would lose our jobs before we're ready to move on, liquidation would be the the most appropriate outcome. After all that's why bankruptcy law is written the way it is - to favor creditors over failed operators and corrupt capitalists. Judge Drain needs to rip off the band-aid and avoid setting a dangerous precedent for the next hedge fund manager to do it again.

Next week, if Eddie's offer is accepted, all current employees will offer a job with new company. If you decline the job offer you will be terminated with no severance. It is in your best interest to accept it despite pay or benefits cut.

If you dont have a way to dig yourselves out your done. No matter what they do they have lost their customer base. Maybe Sears turns into a dollar store or something like that but Sears as we know it is dead.

Eddie will win. I almost guarantee it cause no one wants to sign the death warrant on what ever jobs remain. I currently work at HE and there are so few people here it looks like a ghost town. You can walk through entire buildings (the ones that are still open) and see no one.

Thank God Trump got the economy going and you guys have opportunities waiting for you. Hopefully you all get severance and can enjoy your loyalty for what is is worth.

@Xu9sMBf-tjf I've mentioned the Tax concessions and gave some blame to complicity or stupidity of the politicians. Then I've gotten vilified for wanting to take money away from "the children". It's all BS. Sears should pay, the politicians shouldn't be surprised they didn't. All to blame.

Exactly. It's all just posturing.

All very true. All I see online is eddie talking about saving sears retail with a smaller footprint of stores but nothing about the other business units like service or auto centers. it'll be an interesting week.

Eddie held the village of Hoffman Estates hostage about 5 years ago, threatening to move the corporate campus... they gave him a tax break if he kept roughly 4000 jobs. Then after a few years we went significantly under that number until Hoffman pulled the plug on the agreement. I think a school district is also suing Sears Holdings for lost tax revenue. There was an article this morning in the Chicago Tribune, a Bloomberg News report that economists expect more bankruptcies in the retail sector in the next few years (JCP, Petco and others). How the Sears 'Newco' is going to survive is questionable. Bottom line, it's difficult to believe anything that Eddie says these days.

250000 jobs have been eliminated since Eddie took over in 2006. At that rate of employee job loss the remaining 45000 will be gone in less than 12 months.