Just speculation but my business partner ships to Sears and is slow paid or asked to take partial payment so they stopped shipping there candy . Anyone else hearing this as it makes it hard for holiday merchandise such as candy not yet shipped.
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I’m a vendor being slow/no paid right now. They are 5 months behind to me. I ask regularly for updates and simply get the run a round.
90 days is not a typical contract- it’s typically net 60. MNy vendors are on their own terms (7, 10, 15, 30, CIA) none over that. Vendors who are on 7 day terms aren’t getting paid until 30 or more days.
90 day terms may be the norm in retail (although I have heard more of 60 day terms) that said Sears is no longer capable of dictating the terms. I know vendors who are on 10 day terms that are not getting paid for almost 20 days. Multiple vendors refuse to ship.
Regardless of what the standard is, its all up to the contracts. For some retailers its their way or no way (Walmart for example) but Sears doesn't have the buying power or reputation for that. I was directly aware of schemes to slow pay/charge back over 3 years ago, they just shifted and added more road blocks to getting paid.
Many vendors simply won't do business with Sears even under the best terms, it is simply not worth the risk or headache. This used to be mainly domestic companies, but even some larger chinese companies had restrictions or had hoops for Sears to jump thru to even order. That is a huge change from 20 years ago where a company would jump thru all sorts of hoops just to land their product at a Sears.
@11dQJnqD-3bli- the goal Is to spin everything into a negative. OP didn’t bother to do his/her homework
Oof, you got toasted in these replies, 90 days seems to be the norm
Net 90 - this is boilerplate retail. Nothing of note. Thanks for playing.
Surprised the vendors are getting paid.
What’s substantial about this? It’s pretty much the norm. The only reason it would look any different to anyone is because they had to pay cash up front for so long prior to the bankruptcy. They didn’t have lines of credit other than Eddie’s checkbook prior to it.
Net 90 is standard practice for retailers when dealing with vendors. Nothingburger.
90 days is not slow pay. My wife works in the Accounts Payable Dept of a well know corporation and all vendors are paid Net/90. It’s an acceptable practice
India says it all. That's were Eddie has his call center that sounds like a cave when you call. Like Chicago could not use some jobs.. India is were you have to call to get paid,thanks eddie.
Contracts are 60 days from invoice date.
India only issues a check or deposit once a month on the 28th. It use to be twice a month.
So, a contractor can go “ slow pay” up to 89 days, based on the invoice date.
One way Sears has delayed payments to contractors
New name, same game. That's Eddie Lampert.
@OP - Nothing new here; this nonsense started years ago when Sears and Kmart were under Sears Holdings Corporation (SHLD).