Thread regarding Sears layoffs

Sears dead

If we continue to experience operating losses, and we are not able to generate additional liquidity through the actions described above or through some combination of other actions, while not expected, then our liquidity needs may exceed availability under our Amended Domestic Credit Agreement (as defined in Note 2) and we might need to secure additional sources of funds, which may or may not be available to us. Additionally, a failure to generate additional liquidity could negatively impact our access to inventory or services that are important to the operation of our business. Moreover, if the borrowing base (as calculated pursuant to our outstanding second lien debt) falls below the principal amount of such second lien debt plus the principal amount of any other indebtedness for borrowed money that is secured by liens on the collateral for such debt on the last day of any two consecutive quarters, it could trigger an obligation to repurchase our Senior Secured Notes in an amount equal to such deficiency. As of October 28, 2017, our borrowing base was below the above threshold, and if our borrowing base is below the above threshold at the end of our fiscal year, it will trigger an obligation to repurchase or repay second lien debt, in an amount equal to the excess of our funded debt secured by liens on our inventory as of year-end over the borrowing base. If we fail to make such repurchase or repayment, we would be in violation of our covenants under our Second Lien Credit Agreement.

Sears is dead. This is from their 10-Q. If Eddie manipulates this doc he goes to jail. Sorry guys but is it over your guys need to get your resumes ready.

by
| 2469 views | | 18 replies (last ) | Reply
Post ID: @OP+QvWGqew

18 replies (most recent on top)

@1izu- I am happy that at least some stores are doing what is needed, and have the budget to do what is needed to be successful. But as you can see from this and other boards what you experience is the exception, not the rule. Heck, you can even look on the Sears Facebook page, the Sears Q&A page and see the problems customers are having with deliveries, service, PA's, online orders etc.

by
| | Reply
Post ID: @4nwl+QvWGqew

Now, when customers ask if we are closing, I tell them “Yes, we just don’t know when”.

Anyone who works in the stores sees the dramatic decrease in foot traffic along with equally dramatic loss of vendors. Seems like the only stock we are shipped appears to be inventory from closed stores.

What little crappy Walmart grade metchandise we do have is spread out to fill the empty spaces.

Sad

by
| | Reply
Post ID: @4czb+QvWGqew

Maybe these problems are only in one or two stores or is this something that goes on in all stores?

by
| | Reply
Post ID: @1vqg+QvWGqew

@kvv I don't think were "negative" I think were more like informing ourselfs of what is actually happening in the company. I see this more like opening your eyes and seeing what is actually happening to the company. Its sad, but inside our store you will hear management talk all sweet that the company is going to get better that we are going to overcome the odds. A lot of my co workers buy this B.S.

I mean come on 7 years in losses it, doesnt get better, no profits obviously it tells you things arent going to get better. Commission geting cut, positions getting eliminated (and actually positions that are needed, hours getting cut, losing top rated vendors. This holiday season I have never seen it this bad via hours its the time where you easily get 35+ being a part timer, and its just not happening.

What you see here is either trolls or shills from Sears or actually workers from Sears that don't want to see the reality. I have a co worker at Sears so brain washed she said this company is great and is very grateful... Shes been in the company for (she use to work in kmart) for almost 12 years I asked her have you ever gotten a raise she said no I left it as that.

This site to me have given me lots of insight, information I would of never gotten in my store. it not going to get better and its time to either jump out the ship or sink with it till the very end.

by
| | Reply
Post ID: @1ckk+QvWGqew

@1uyk Sounds like there is a lot on your mind. I order all sorts of stuff from Sears.com and for the most part everything I get is in a decent box. From time to time, I see something a bit off, but 95% of the time everything looks good. Sorry your store doesn't have good supplies. The toilet paper thing is shocking to me too as I am regularly in a couple of Sears stores and there is no issue with them not having toilet paper. I no longer shop Kmart as there just isn't one close to me.....30-40 minutes away so if you are talking about a Kmart store, no I don't understand as I haven't been in one in a while. It sounds to me like it is time for you to move on as you are getting upset over everything which probably isn't good for your health. I am by no means excusing what is happening at your store.....but when it gets to you that much it isn't good for you. We too have parts of our roof that leak when it rains, and I am just kind of used to it now. I think what they mean by "wow experience" is just do the best you can with what you are working with. I think we all know that the Sears stores are super old.....and until they get down to the number of stores they want, they probably won't invest that much in the current stores. As I said, absolutely no clue as to the Kmart stores. Don't let everything get to you so much.....it just eats you up inside.

by
| | Reply
Post ID: @1izv+QvWGqew

I’ve been working st sears since 1991 , it’s unbelievably slow , so ready to get a severance and get out

by
| | Reply
Post ID: @1rmf+QvWGqew

@1ull- Thank you for your reply. In regards to what happens in your store an what happens elsewhere I do not know, but if you read these boards and look at all the articles written about this company I do believe that you will see the disconnect.

While I understand that any company will not tell you all the detail of how they are struggling or if and when a store is closing, what most want is to not insult our intellegence with the b.s./

A few examples of this are: 1. on line orders-- if this is so important, than why are stores not given the proper boxes to ship items to the customer? We cannot purchase boxes to properly ship items. We are told it is not in the budget so we use any box we can. Imagine you order an item and it comes in a used detergent box or your item is just shrink wrapped. 2. Or how about "wowing" the customer?

How can you "wow" a customer when there are tiles missing in the stores, the roof leaks everytime it rains, there is not toilet paper in the bathrooms (not in the budget) the shelves are falling apart and empty? How can you "wow" the customer when items we have carried for years are not availiable because of vendor issues? How can we "wow" the customer when we have minimal electronics to sell?

How can we "wow"the customer when our delivery service is a mess, our registers continually fail because of antiquated software and equipment, and our register lines are long because we focus more on signing people up for a credit card or SYW instead of taking their hard earned cash and selling merchandise. Why does management put such and emphasis on things that do not move the bottom line i.e selling merchandise, and focus on things that seem to have nothing to do with profit and sales

  1. What is the incentive to do a good job is there are no raises? the only way you can get a raise is to get another position. And if experience is any lesson that is a gamble. I myself took a lead position after working for three years as a cashier. that lead position was eliminated within three months after I took it. Why did management call me in an encourage me to take a job and then I lose it within three months?

My big question is this: Assume my store was down millions of dollars in sales from the previous year, but we were #1 in credit card sign ups, PA's and SYW sign ups. Would I be considered a profitable store? Would our store be a success? I say this because our store makes money. OUr sales are good, but all i hear is what a failure we are because we don't have enough credit card sign ups, SYW sign ups, PA's. So what is the focus? Sales or sign ups. Money or personal data mining. Serving, Delighting and Engaging our members as they SYW or getting them to sign up for shop your way, credit cards and PA's so we can data mine their personal information. Either way, just let me know. But don't insult my intelligence by peeing on my leg and telling me it is raining.

by
| | Reply
Post ID: @1uyk+QvWGqew

It is a shame if you are not being told the truth in the stores. We tend to be honest in my department. I know the company is struggling and do my best to be honest about everything with my associates. I don't feel like anything is being hidden in my department. And there is a possibility for raises if you are promoted. The company is changing. No things aren't great, but isn't that obvious if you have worked for Sears for a long time? I don't know what you are being told. We are basically being told to be frugal in everything we do and that we have to take out any unnecessary expense. We know there will probably be more store closures but we don't know how many. We know there will be more jobs lost, but we don't know how many or when. I am not sure what you are being told, but the corporate communications I see that come out say things are improving slowly but certainly not that things are great or that there is any way any of us will get raises unless of course there is a promotion. I wonder who is changing the corporate communications before they get to your store? The communications always point out the same things we read...that we are still losing money but it is slowly getting better.

by
| | Reply
Post ID: @1ull+QvWGqew

@pse- In most cases I would agree with you, but... in this case I must disagree. the problem with SHC is that many of the stores are in small markets where employment opportunities are limited. Some stores are in places where there is limited transportation opportunities etc. And for some this is the only job the have ever had.

Many people are in there early 50's or older who have made a career out of Sears or Kmart. THey have given up holidays, advancement, family, other opportunities to be loyal to a company who has continually given false information about the viability of the company.

Many of the people who work for this company are lifers, students, seniors, and people who are trying to get a new start or just trying to make ends meet. These people are not informed nor are they in a place where they can spend time reading finanical reports or reading financial news to truly understand the position of this company.

The only thing most people see and hear comes from management and that message is that everything is going great, we are transforming the business, we are O.K. While the reality is that they get no raise, no incentive to do a good job, they see people leaving in droves, they see less and less concern for the customer, less and less concern for the associate, less and less maintenance on the stores. the reality of what they see and hear from corporate and the reality of what goes on at the store level is not the same.

I would say that most would stay and have a positive attitude if they were given the truth and told why there were no raises, why there was no maintenance, why hours were cut. But to say how great the company is doing, how great the transformation is going and the reality is that employees are treated like the company is going out of business is insulting and demoralizing. It is an insult to the hard work, dedication, and intelligence of the people who work hard for this company.

So forgive me and every one else for being a little cynical, skeptical and pi**ed off at management and the corporate rah, rah, b.s. But when the fantasy of corporate does not meet the reality of the store level here is no respect for those in charge or enthusiasm to make this company a success. We cannot blindly follow what we do not know or understand or believe in a plan or transformation in which we are kept in the dark about or have no faith in.

by
| | Reply
Post ID: @1jzv+QvWGqew

The destruction of a multi-generational American icon will be hard for most people to 'forgive and forget' any time soon, especially when they're one of the hundreds of thousands of jobs being or already lost because of it.

by
| | Reply
Post ID: @fxa+QvWGqew

@gnu Could be or it could be that there are others who are trying to support you guys, but have you look forward if you indeed went through a layoff. When you harbor ill will toward someone, all it does is hurt you in the long run. So all I am trying to say is if it didn't work out at Sears, let it go....let it go....let it go....so you can find something/someplace that will make you happy.

by
| | Reply
Post ID: @pse+QvWGqew

@kvv - It is the primary duty of the corporate trolls, cheerleaders and shills that haunt this site to put a positive spin on every negative comment made about SHLD. They have an absolute obsession that the reputation of their Dear Leader Eddie should never be tarnished nor that any of his directives be held in distain. The fact that SHLD is about to crash and burn carries no weight with the sycophants that worship Eddie!

by
| | Reply
Post ID: @gnu+QvWGqew

Why do some people insist on telling us to not be negative here? This is a forum about layoffs. Layoffs are inherently negative. I don't remember dozens of episodes of Leave it to Beaver or Friends or you name it as being loaded with the utter happiness of layoffs.

If you don't like being negative, go to some forum where pretty cat pictures are posted and leave the being negative to us professionals.

by
| | Reply
Post ID: @kvv+QvWGqew

Not the end. The beginning.

History will never forget the name...

SEARS

by
| | Reply
Post ID: @vhd+QvWGqew

@gfb Love my sarcastic guy....guessing it is a guy as who says "turd." Not trying to "polish" anything. Nothing on here is ever new.

by
| | Reply
Post ID: @cgw+QvWGqew

You can't polish a turd.

by
| | Reply
Post ID: @gfb+QvWGqew

2018 or was it years ago. The dates keep shifting. Why not spend energy doing things you like and being positive? If you choose to work somewhere else, go ahead. But no need for gloom and doom everyday.

by
| | Reply
Post ID: @ivf+QvWGqew

Not being rude but this is kinda old news we all know that 2018 will be the end, we are in a liquidation event as we speak. Look into a store there are empty shelves everywhere, or being covered by stuff just spread out. Christmas shop already bogo free, blowout sales, this is the end no question

by
| | Reply
Post ID: @efo+QvWGqew

Post a reply

: