Well, that was an interesting day for all of us poor associates at our faltering Sears. A local radio station didn't quite understand the meaning of the 10-K verbiage and reported that our Sears is closing. At least that is what the members heard. Eventually it will of course, as we all know must happen, but not yet.
This initiated a blizzard of phone calls regarding warranties and cancelled orders. "When are you closing up for good?" "What about my warranty?". "I don't want this order anymore and I want my money back." It was not a great day for any of us in any department. There was already mistrust enough and now it is worse. Can we just end this because it is not going to get any better.
After the 10-K disaster, it is already out there that our vendors are going to send us even less inventory. For those of still left who want to a good job, we will be stripped of even more ability to perform and have to deal with hostile and suspicious "members". I hate lying to customers and when it comes to this warranty stuff who actually is going to honor that warranty?
I am SYW VIP Platinum and I have some Sears warranties myself. What do I do when I have a claim? I think I am in trouble. No one will tell me and I am a manager. I think there are going to be some ugly class action lawsuits coming Eddie's way and not just from the pension fund.
I think we can safely can the July 8 "Safe" date for fraudulent conveyance. Some have states have a four year statute on fraudulent conveyance and Illinois is one of those states. If eddie is going to wait until 2019 then why not just shut the whole thing down to just one store and wait to declare BK? That would actually make sense. Then you go past the four clawback while selling what you can on the and closing more and more stores.
Think about what I am saying here; the real money is in Seritage and not the Sears/Kmart store. Eddie does not care about share prices of SHLD. Why should he? That is peanuts to him and anything he sells along the way is of no consequence to him and buys him time. I honestly think this is what eddie is doing. This means that stores will keep closing. As long as eddie doesn't close them all he still technically honor the warranties it is just that you will have to take your car or appliance to Hawaii to have your warranty honored. Or it will be subcontracted as much of it already is.
Just a few thoughts and observations. I am pretty sure my store is on the short list now.