It’s obvious that Sears is not doing to well, even in this new form. In that light I wonder what happens if it comes to the point that the company has to file for bankruptcy. What are the rules regarding privately owned companies. Do they file under the same chapters as corporations do, or are there same other rules in play?
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Eddie is like a man who just won't leave the poker table in Las Vegas, even after he has taken a beating... his ego just won't let him admit his losses. Just keep doubling down on the bet and keep losing.... hoping things are going to turn around.
Judge Drain, Eddies buddy, needs to be held accountable personally if the new company fails, he had no right allowing this junk company to live another day.
The word is that, Lands End will be new publicly listed entity, where all other companies are consolidated, including transform and SHOS!
Eddie has already bought some Seritage properties and put them in TransformCo. Two of the properties he bought out of bankruptcy are our Sears store and the Sears store 50 miles down the road. Both stores are Seritage stores along with I'm sure many others.
Eddie's plan is bring in Land's End, Seritage, and Autozone into TransformCo and use whatever profits they may have (Eddie doesn't exactly have a great track record there) to get offset by Sears' historical massive billions and billions of losses. In all likelihood since he's so sh-- at making money (losing $7B of his personal fortune since buying Sears), he'll just drive them all into bankruptcy. He's a dinosaur who doesn't understand 21st century business, and the finance he learned in the 80s has passed him by.