https://www.reuters.com/article/us-sears-bankruptcy-code/sears-faces-tough-foe-an-unforgiving-bankruptcy-code-idUSKCN1MQ1G6
Another good read.
Couple points that stuck out big time.
In the short window allowed for renegotiating leases, landlords may use the opportunity to RAISE the rates on some old leases.
12% of retailers survive bankruptcy. 88% do not.
Explains why Eddie wanted to stay out of court. I will give him credit that he knew that it was going to get bad if SHC had to seek official protection. He has his personal reasons too, no doubt, but losing control to the court & the code is going to not "accelerate the transformation" but "accelerate the complete closure."
Explains why Eddie wanted to stay out of court. I will give him credit that he knew that it was going to get bad if SHC had to seek official protection. He has his personal reasons too, no doubt, but losing control to the court & the code is going to not "accelerate the transformation" but "accelerate the complete closure."
Sears wont survive. The creditors want to get paid ( now ) even if its pennies on the dollar.