Deadline is September 18th, 2018 for them to file the 2nd Quarter (Lack of) Earnings Report. So if they even release it, it'll be released on September 13th.
It's definitely looking more like the end however due to known cash flow constraints, extremely delayed reporting, and the PBGC intervening on the Kenmore purchase by ESL.
This website is so full of c-ap, this is all so familiar:
https://www.fool.com/investing/2017/11/03/how-much-cash-does-sears-have-left.aspx
If this all true that Sears can't make payroll i am surprised this hasn't gone public.
@-ng1 some of us actually know the numbers and others like yourself make things up.
Stop trying to cause a pacnic with your false figures and speculation on things you do not know. Many of our associates read these boards and people like you find your amusement spreading false rumors of which you know nothing about.
I’m done here.
231MM which includes over 100MM injected that day going into the worst season of the year. Payroll is over 100MM, good luck making that 231MM last the month.
Lots of fake news here. There is definitely not a payroll cash shortage, so please stop starting a panic.
Cash on hand, Close of Business 8/31 was 233 M.
So enough with the rumors ok ?
Stock is going up thanks to day traders looking to make some quick bucks. The bump will be very short lived.
short covering
They can't sell anything without the pension fund wanting a cut. They could however shut down a division that isn't profitable or outsource more i.t. tasks. They could also shuffle a bunch of inventory to make it digitally dissapear for a short period of time.
If they are going to announce bk why is the stock going up the past two days?
They can't make payroll. The only big thing coming is BK. Game over.
@vmx The strange part was there was no mention of BK. I was a very low level person at this meeting and I got the feeling there is something else in play and this cash crunch is something they were told to figure out because there is something bigger coming.
@tqq Did it sound like bankruptcy was in the works though?
Only thing i can say I was in the meeting and it doesn't look good. There was a suggestion to have a 20% off sale on the entire store to generate extra revenue. More to come.
So which 3 figure salaried 'associate' is going to sacrifice their pay for the greater good of their underlings?
It's ashame we don't have any private jets to sell off to bail us out of our deficit like the car companies were forced to do about 10 years ago after asking for tax payer money to stay afloat.
@ufm Where did you hear that? Any known solution they wished to implement?
@rdv http://www.legalandcompliance.com/securities-resources/sec-requirements-for-public-companies/
That is the source I used (see 10-Q Form), though laws may have been revised.
There was an emergency meeting held this morning on the payroll problem, They are $20 million short in covering the remaining payroll for the month.
i think the last day is the 13th, they have 40 days since the last day of the quarter.
I'm pretty sure I know who posted the bankruptcy thread awhile back, saying it would be the first week of Sept. The timing may have been slightly off, but I'm pretty sure they were essentially correct--it will either be this week or the next that bankruptcy will be announced.