Thread regarding Sears layoffs

Pension lump sum and social secuity leveling is no longer an option during this chap 11

I know about the services, but he specifically said it was a "product" local vendor, so it does sound like groceries.

Local vendors are usually groceries, propane gas, water cooler water, trash service, battery pickup, hazmat pickup, pallet and cardboard pickup, helium for ballons, oil pickup, grease trap cleaning, pest control etc. Anything that can be outsourced locally. Sears and Kmarts have local vendors in some capacity. They may be national companies with national accounts but with local offices like a trash service

@2cyo Is that at a Kmart? I don't think Sears stores have local vendors, do they? Seems more viable for groceries.

DM- I heard a rumour from one of our local vendors that SHC is so far behind in payment that they must pay cash. He said that the bill for his product was past due over 3 months and that the store had to go to the vendor and pay with cash because SHC HE had not cut a check. True or not? Many of our local vendors have stopped coming for lack of payment

Unh, apparently you didn't read my post thoroughly, it says "Glad I got out when I did". That means I retired with my full pension about 3 years ago. Sorry to disappoint you. Some of us were smart enough to get out early.

Why couldn't the stores have enough cash to pay the few employees they have what little wages they make? Only has to be net anyway. Trolling.....

@npa The 'cash' rumor posts are talking about physical currency sitting in local stores' safes.

@VoZW9ym-wai Cash is currency plus funds on deposit available immediately. So if they don't have enough cash how can they pay?

Every one gives Eddie to much credit-- no he is not any smarter then the rest of the Lazy fools at HE. he wanted to save sears and be the hero...he did however milk everyones money out of it in the process.. dont give this guy that much credit

I think the OP means there is not enough physical cash at the stores to cover payroll. Even though Sears is in bad shape and losing money at this point there is still more "cash" in the checking account than "cash" at the Kmart and Sears stores. So even though things are bad it's still more likely to get a check than get cash from individual store.

Physical cash vs electronic funds.

That was hard to figure out...

OP said " sears does not have enough cash to pay people in cash." So what are they using, rubber checks?

I also wonder what is going to happen with health insurance.... will ex-employees still be able to apply for COBRA insurance....? I know it's expensive but it comes in handy as a bridge until one can find another job that offers health insurance..... I did receive my last severance pay on Friday but as you say, doesn't look good next month.

Thanks Dave!

Pension lump sum is still an option.

The fact that each and every DM for the past 10 years have been breathtakingly inept has not helped things. I worked with the lot of you on a daily basis from a Hoffman perspective where we would just look at each other, shake our heads, and wonder how you all could find the brain power to breathe on your own. I pity the companies that inherit this lot of stooges.

@VoZW9ym-rkw no pension for you

This makes a lot of sense. There is no way there is enough cash coming into these stores for all of them to be able to do payroll from it. Penny stock now. October is a good bet. Glad I got out when I did. Curious, though...is pension still available in a lump sum?