Eddie just sued over 400 vendors and he's stating that he wants his money back that was paid out to the vendors lol this guy is beyond nutzz
https://www.google.com/amp/s/finance.yahoo.com/amphtml/news/small-businesses-caught-crosshairs-sears-170851419.html
For the commentator who said this is "Old Sears" not Transformco. Guess who ran both companies? Old Eddie.
@2zox+13tv2sSs If you’ve been to a Sears recently you’ll find there really aren’t any vendors anymore. Eddie has resorted to buying merchandise off liquidation blocks like BigLots does. In fact the stores now look like a under stocked Big Lots. Garbage no one wants and not even very much of that
How are there still any vendors at this point?
Its amazing that companies like Coke, Pepsi, Frito, and the likes are bright enough to be on a cash only basis, and see through this grifters scam.
That is Old Sears=Sears Holdings.
Not New Sears= Transform Holdco.
What a clever way to keep the product and get money back !
Low blow for sure, but par for the course. However, this is a lesson for any business out there to carefully vet their clients on a continual basis...
If there's any hint of financial trouble, stop dealing with them. Or, alternatively, cash on delivery or payment through a factor. Don't wait until BK rumors are being widely published in the news media, because sometimes that's too late. Know your clients.
Bottom line is clawbacks are nothing new. Another arcane detail of bankruptcy law most aren't aware of. Shame so many businesses are getting burned again.