Chapter 11..... close 150 store immediately, keep 400 open til Xmas then close them, leave 300 for small footprint in market.
Chapter 7 ... Lock all doors Monday morning and then liquidate.
16 replies (most recent on top)
@1mqd He would have saved himself a LOT of trouble if he just found a few commercial real estate investment advisors/consultants travelling with him in a rented minivan all around the country to visit as many Sears and Kmart locations as possible to get a guage on how worthwhile the real estate is (or not) before agreeing to invest. I'm not a financial whiz but I would have done something like this rather than taking anybody's word for face value or being caught in the false reassurance trap.
Let's face it, your average Sears store is in a stagnant or dying mall and your average Kmart is in nor not very far away from dated shopping centers. There were a few Sears and Kmarts that paid a hansome return when the properties thay formerly housed them were sold off, but those are in the minority and those were sold off long ago. These were also the stores that were doing pretty well in sales volume AND profitability. All that's left now are stores stuck in leases that the legal department are trying to get out of or stores that are owned that are just not marketable because of their poor location, so they remain because realistically, a buyer will never be found until the asking price plunges well past the point that Sears loses money, and then you'll see something like a mini storage, gas station or fast food joint pop up where Sears/Kmart used to be. The top performing stores are no longer there to make up for the losses/declines caused by all these unprofitable stores.
Anyone one with working brain cells knows the facts. Time to take the turkey out of the oven. One who gets that angry at the truth is likely a shill. Oh, and the two scenarios described for chapters 7 and 11 - closing 150 stores as opposed to all - were discussed on the national news. Not just speculation, but the two choices available.
NO FACTS _ STFU
Not that I feel sorry for him, but many of the Sears locations that were originally purchased were dogs, either by condition, location , or both.
Once the commercial real estate bubble burst , the " Real Estate Play" theory went out the window.
@-osm
And back at ya'
Who died and put YOU in charge
Get a life
"Stop the speculations.....Unless you have facts, don't post!!!!!"
Who died and put you in charge of this site?
Idgaf about Eddie..... I care about the ppl employed by this company and there income source.......
I feel sorry for them.....
To be accurate he tried to buy sears first himself they said no, then he bought Kmart then he bought sears
Kmart bought Sears because after coming out of bankruptcy Eddie had gained controlling stock and, being a hedge fund guy and all, he saw the value of the Kmart real estate. He sold some prime Kmart locations to get the money to purchase controlling stock in Sears. It’s always been about the real estate.
No I said Kmart bought Sears for 12 billion right after they got out of CHAPTER 11 Bankruptcy
@rga - Your post is a little incoherent. Are you actually stating that Walmart bought Sears for $12 billion back in the 2000s? If so, that is quite a revelation and we would really like to see some proof of that.
Actually I’m not going to pull my head out of my a-- because back in the 2000s when the Wal-Mart executives robbed sears and took them down to file chapter 11 bankruptcy they got out and bought sears for 12 billion. So why don’t you stop reading the fake news that don’t know sh-- and stfu. Thank you
Oh they already went to court and became public knowledge?????! Exactly stfu
Not speculation--fact. From the mouth of Eddie and the BOD themselves. Reminds me about a few months ago when Eddie told the BOD he was not bailing SHC out anymore and that he wanted to buy Kenmore. I told my SM this and she said that it was a big lie and that it was the media who was trying to destroy SHC. She even held a meeting with the associates to tell anyone caught spreading false rumours would be written up. You should have seen the look on her face when I showed her that what I said came from Eddie himself.
The O.P was just telling us what the different scenarios are. If you would get your head out of your backside and see the light you will understand that either way you are out of a job.
@VCayDdU-ygk Its over a$$hole dont need facts to tell you that.
Stop the speculations...... unless you have facts don’t post!!!!!!