With SHLD now being in selective default, how much longer do you think before SHLD files Chapter 11?
I predict SHLD will file for Chapter 11 later this year, with a conversion to Chapter 7 just after the holidays.
I also predict another round of store closings will come out in the next couple of weeks.
@3buh "There is a giant redesign of the web platform underway right now, when it rolls out lookout."
LOL, I hope not, considering how hard the last several layoff rounds have hit the IT dept (both Hoffman and India), a replacement website would be even more broken than the existing one.
No one is seeing increased commissions or raises. That is an outright lie. As big a lie as the spin that we had a profitable quarter. Stop posting here Eddie
The only and I mean ONLY reason shc is still partially in operation is that eddie is a sick puppy. Seriously, anyone with functioning brain matter can see the guy has mental issues. Logic plays no part. He is living in his own version of reality. Read the interviews. There is no denying he needs serious help. Apparently no one in his inner circle wants to see it, or they simply don't care. In a way, that's a shame. In a way, that's karma....
October 1, 2018.....give or take 15 days
Hey @3buh
I sort of agree with your bullishness, can you provide some context around your predictions?
@3buh- Whirlpool bankrupt? Ha! We are in a building boom, new houses are being built and people are remodeling the existing ones.
Whirlpool is still first place in sales and manufacturing, so it goes without saying that they are doing pretty well right about now, since those new homes need appliances.
You must live in a fantasy land. Are you still upset that Whirlpool made it clear that they will charge Sears what they want (which was a fair deal in line with what other companies were paying Whirlpool, Eddie's just a cheap opportunist)? Do you personally have a stake in that decision and are you at the losing end of it?
Guess what, that's capitalism, and in a capitalistic system, it's survival of the fittest. Get over it. Sears Holdings is losing, losing in a prime time for home improvement and home appliances sales, no less. Others are winning.
Whirlpool will go bankrupt before SHLD take that to the bank.
Sears Canada poured a fortune into the stores, bankrupted themselves doing it.
SHLD’s money is going to be made on the internet, that’s part of the reason we have put systems in place to be accepting crypto currencies this year.
There is a giant redesign of the web platform underway right now, when it rolls out lookout. Yes, not great news for the stores but very good news for SHLD. Amazon will probably try to buy us out again. Load up on SHLD now...
On the Sears Canada Question. That was more due to an immediate rush to "transform". They filed BK because they needed several hundred million to execute on their business plan. In all likelihood, they could have went slower and would probably have gotten to cash flow positive. There are some suspicions the chairman used BK filing as a way to steal the equity from esl/fairholme.
SHC has more optionality and has limped alive much longer, Sears Canada threw optionality out the window and bet it all on one business plan.
@3tzv Go away, corporate cheerleader, we don't buy your b---s--- propaganda anymore.
You guys are delusional. Sears is now PROFITABLE. We are not closing and certainly not considering bankruptcy.
Many here have reported raises recently, increases in commissions. We are finally turning the corner.
The stock will not go any lower so... move along.
Does anyone know how Sears Canada played out before they first field a chapter 11. I looked up on the net but found no articles. Just trying to find parallels between Sears US and Sears Canada. This would provide some hints. The stock is barely hovering around 2$. The day it drops below $2 all hell will break loose.
If you read the news coverage this morning, you will see that they are quoting Sears as having 12-18 months of run time left before bankruptcy is even considered......so not quite as dire as some are making things out to be. Yes there is concern.....Obviously there is and should be, but some are creating more fear than necessary here which isn't healthy for anyone.
@SkANAks-2tmu I agree at this point I don't know what vendors are doing still selling to Sears. My store ever since the whole change that happened has been in the red (also to mention losing 2 ASM that were probably some of the biggest mistakes to fire since our SM is the one that should of been let go first since he is useless). We aren't selling we are almost a quarter down vs last year the stock is almost at all time low. This should be signs that vendors should start taking precautions pay us first or no business.
@2vov. Are you still upset with Sears even though you have been gone for 2 years? I always wonder why people show up on these boards when they no longer work for the company.
@2ahq-- There was a time when we were required to make a certain amount of Pebble post a day and like everyone in our department post as well as our DM's post. I dont know if this is still the case as I left two years ago. It was a waste of time and money to sit around all day posting, likeing and joining groups so that we would not get written up.
@2tmu What are you talking about? "Hoffman employees who don't Pebble enough?" You have been targeted? No one has ever said anything to me about pebbling more in general...just if we have some info that needs to go to a larger group...that it is an easier way to communicate.
Lets make it perfectly clear the Wall Street journal did not name eddie the worst ceo we did.
@2tmu good comment. This whole thread covers the problems for SHC and it’s solutions quite well. Despite the townhall proliferation’s that ‘we have turned a corner and the transformation has begun!’ nothing is further from the truth. We will not succeed with a CEO who got voted by the Wall Street journal as the ‘most hated CEO in America’ (google it)
@1qla: Vendors need to start pulling out ASAP before Eddie targets them next. Clearly he blames everyone else for the faults of this company, and has singled out vendors multiple times. He thinks it’s everyone else’s fault that SHC s---s, and tries to force his wants and his programs on an entire organization, threatening to terminate the business relationship if they don’t conform. Just like Hoffman employees who don’t Pebble enough, they will be targeted. Here’s the thing, SHC needs its vendors more than they need SHC. Whirlpool realized this and was smart to not put up with his BS anymore and get themselves out of a toxic relationship. You don’t want to be the one left holding the bag when SHC defaults.
@1cno - Only once all the leaves in the checkbook have been exhausted. Nothing else matters.
Now that Fitch and S&P downgraded SHLD to default, will Moody's follow suit and will vendors start pulling the plug?
One word "PRIDE" This is the only reason Eddie keeps pumping money into this company. It seems from the outside he has this master plan selling all the assets and will ride away on his white horse into the sunset but with a man of his wealth there are a hell of alot better ways to make a hell of alot more money then selling some sh--ty sears buildings. Look at how much his net worth is now compared to back when he bought the company he will never get it back through this company. His Pride is the only reason he hasn't killed it. His buddies in the billionaire's club might not let him stay.
If there were any buyer for any remotely decent price Eddie would have sold Kenmore and Die Hard already. they just don't have that much value, certainly not in the billions, which is what he needs. Heck, they sold Craftsman for less than a billion, and everyone agrees that was the most valuable name by far.
@SkANAks-1jvd Their must still be enough to cover Eddie he wouldn't be lending if their wasnt anything to cover his loan. If I recall recently didn't Sears try to get another loan, but no one gave them a loan and thats why we had those major cuts in January to save money.
Maybe all the prime buildings are sold, but I am sure their is a few still that are worth some $$$. I know mine isn't since its a lease. Also to mention Kenmore and Diehard are I believe the last big brands left at Sears. How much would they be worth in todays time is the question. Eddie will milk it until their isnt anything left for him to squeeze on for his personal gain.
These "loans" by Eddie are simply not sustainable. I remember a couple of years ago some of us were shocked the first time Eddie made a loan to Sears. We thought, well, the end is near. Now it's a constant thing. About every 3-4 months here comes Eddie to the rescue, with another loan.
I'm wondering when Eddie will say "no more loans". I'm thinking soon, because what else does Sears have left? All of the prime properties have been sold. Most of the properties that are left are basically worthless, especially with the fact that nobody is buying retail real estate with the overall decline of brick and mortar, and when they do, they want prime spots and prime buildings, which Sears and especially Kmart cannot provide.
Craftsman has been sold already and didn't get top dollar when it did, Most of that money will be going towards funding the pensions if I recall. If and when the Kenmore name is sold, it will fetch far less than it was worth, say, 5, 10 or 20 years ago.
What exactly does Eddie see in Sears Holdings to keep offering loans backed by "properties"? I'm afraid that the "properties" are like fake Monopoly money (worthless) and will cost him money when they sit and decay long after Sears and Kmart are gone and nobody is buying them and the cities that the former stores are in order him to foot the bill to raze them.
Bingo, Jason! Once there is nothing left to pledge the money stops and he collects from the corpse.
In a sad way it's let you keep your jobs longer, but he's not doing it for you.
I@SkANAks-1alm I think when the stock hits under $2 and gets close to $1 its when the company will finally file. I mean the only reason Sears is still running is because of Eddie as soon as their is no other collateral Eddie will close his check book and just shut it down. Only reason Eddie is loaning is only because he will recover all his money, but when their isnt enough to cover his loans he wont keep going. Also what can accelerate is vendors pulling back.
Any normal company and it would have been years ago yet Eddie keeps it going, and going, and going, burning billions each year. 5 years ago people 100% predicted bankruptcy ‘this year’ and it never came, 2 years ago and it never came, last year ‘July’, ‘when the stock fell below $9’ it never came, the stock approaches the $1 and he still clings on. It really does seem the writing is on the wall but I see him squeezing another year out of this mess. Hoffman based Claires Accessories filed this week, it’s certainly getting closer
I think Eddie's checkbook is getting depleted. Notice how his net worth has dropped over the last few years. I wonder if a Chapter 11 filing will come soon after the annual meeting.
One thing is for certain: 2018 will likely be the last holiday season for Sears and Kmart
Depends on how big Eddie's checkbook and ego are. Everyone but him knows its a goner...