Any insiders here that knows?
12 replies (most recent on top)
HR got instructions on Friday to reduce hours. -1uoj
Not being told to go home at my store. Actually just the opposite.
@1uoj, really? where?
You didn't hear? They held the auction, Fast Eddie won, got into his car, sped to his hotel room where he banged his girlfriend repeatedly, opening up some Kmart beer he's had since 2012, and the two of them are drinking it right now while looking at these comments celebrating his win! He's going to own it all, and now that he has them, he's going to continue their slow ascent toward death by closing another 120 stores in the spring/summer!
All I can say is that associates are being told to go home...... Not a good look. I am glad I have other things going on rather than a career based on ESL.
I was referring to the machinations of the bankruptcy process itself (ie: who has bid other than ESL and the two sets of liquidators? Did the one pair of liquidators actually pull their bid? Will the non-certified bids from the liquidators actually be considered? Why did SHC reject ESL’s first bid (stalking horse)? and so on) The store closings, vendor relations and other issues (putting it mildly) have never really been a secret.
@bng
The Court still has to certify the auction and hold hearings on objections to the sale. If the Court is closed, whoever wins the auction has a major benefit, as Sears cannot continue operations after 2/16. That is hard date that everything must be settled by. The sale is supposed to close 2/1, and I have a suspicion that objections are due by 1/21. If the Court is closed, no one can file anything for the duration of the closure. If that closure stretches far enough out, what will wind up happening is that whoever does win, anyone who may want to object looses out and cannot do so due to the financial situation Sears is currently in.
This auction is being run at the lawyer's office not in a court room. Only qualified bidders are there. They are required to tell the court the results on Wednesday. No leaks or news reports so far.
Well, there have certainly been a ton of leaks about store closings, operational breakdowns, vendors, and the catastrophe of a holiday season that have later been verifiably true to anyone with appropriate access. Those are hardly inconsequential, Sears has no go forward plan that anyone can see.
1/16 is the day we’ll know. The one thing Sears has managed to do in this saga without fail is prevent leaks. As in there have been almost none, and the ones that did occur were ultimately about inconsequential information. The interesting part of this is that the federal courts will run out of money and close 1/19. Sears cannot run past 2/16 without additional DIP loans or finding a buyer. Sale goes final 2/1. If the courts are open, but in the meantime there may not be time to file any objections or hold hearings on them unless the courts are reopened fairly quickly if they do close.
I work at HE, and heard we (the public) won't know until Wed. Something to do with the court process but I'm not sure.
@fkd - Don't know why your comment is getting down voted. Actually, it is a very witty response! Some people have no sense of humor.
No, but I'm sure as soon as Judge Drain and other officers of the court have their dinner they will be signing onto the site to give everyone an update.