9 more vendors filed for reclamation of their product, just TODAY. Includes Coca-Cola, AO Smith, Briggs and Stratton, Midwest tool and cutlery, and a bunch of electronic vendors - one of whom had a $16 million dollar claim. Easy to assume none of them are shipping since they won't accept a new order until they are paid what they are already owed. This is how a bankruptcy accelerates and companies lose control of the process. Chapter 7 before Christmas.
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And those buybacks were 110% initiated by Eddie Lampert. You can debate certain other of actions with the company but that lays firmly on his doorstep.
I do not see this company surviving in a brick and mortar form with so much debt.
There was an article posted online of how several years back, Sears spent 6 billion dollars to buy back its own stock whose value subsequently tumbled to now nearly worthless
The gist of the article is that if Sears had instead invested that 6 billion back into the stores and IT support, the company might be in better shape now.