in laymen's terms, the 400 profitable stores will be put up for auction, this looks more like barreling into chapter 7 rather than 11 and reorganization. I wonder what the Corporate troll has to say about this since no one other than liquidators will be bidding at this point.
12 replies (most recent on top)
everyone needs to realize that the remaining open stores will be impossible to stock and the supply chain will need to be outsourced and very expensive since Innovel already outsourced most Logistics. These stores are old ,outdated and the technology would need to be replaced in total...yah she's a goner. everyone says eddie bought sears and kmart to gut them-I say he played himself with his arrogance and never intended to flat out gut and close. i know he did run it into the ground but my belief is that was unitentional---Nice Legacy weirdo
Bid on stores with recalled inventory, plus debt and rent? On top of that add the real cost of personal to properly run the stores (not the current shadow crew cost used in calculating the EBITDA) Sounds like a bargain!
What good are 400 stores when all the vendors have stopped shipping. They might have had positive EBITDA before because they were in good areas, had little competition,etc. But the reputation of both chains has been severely damaged and now there will be no merchandise to stock the store. the only value left will be the real estate, same as it has always been.
If anyone even WANTS to bid on them...I don't even think Eddie wants to own 400 stores at this point. What is he going to do with them anyway?
@VWXN0U9-ykm adding that The Man is the Stalking Horse. What he would actually do with them is questionable. The 2 stores I have been to are dumpy at best.
My uninformed read of this is that only the "Go Forward Stores" (the 400) are to be sold and the rest presumably closed before then. This sale will happen in January 2019 at the latest. What is the list of the "Go Forward Stores"?
These documents don't state that I only pay attention to what is in writing. Too many lies from sears to believe anything they say.
Just go to www.primeclerk.com and under "dockets" it wd be docket #429
Wasn't Eddie the one that was going to do the "stalking horse bid" for the 400 stores?
Let me try this , https colon slash slash t (dot) co slash e u F O Ej 3 0 C Y ?fbclid = IwAR0i6gFqtjn2cxzqvjjCAMeL3qQmj9Tyxbq6XQjfl0FuBxNB3xd4aM454K0
t.co
without spaces
OK , layoff will NOT let me post the link to the filing, it's on primeclerk lets see if this works https://example.com/euFOEj30CY?fbclid=IwAR0i6gFqtjn2cxzqvjjCAMeL3qQmj9Tyxbq6XQjfl0FuBxNB3xd4aM454K0
https://example.com/euFOEj30CY the correct link
https://example.com/euFOEj30CY this is the link to the filing