And that's saying a lot. At this point, holiday sales have been so bad that vendors are worried that Sears is administratively insolvent, and even their their Chinese suppliers are worried that they'll get nothing in recovery unless Sears gets another emergency bank loan, to the point that the Chinese vendors are having trouble getting loans from their bankers. The last few court hearings have seen Eddie and his legal team getting kicked to hell and gone. Losing the stalking horse bid was a big loss. Eddie has complete lost control of this bankruptcy process. Sh-- has gotten real, and if you're an employee of this company and are not actively looking for work, you'd better have a savings prepared, because it might be awhile.
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"shipping Armageddon"?
I'm guessing that with shipping Armageddon descending upon our store, the rumor of no returns after Christmas that we heard a few weeks back is going to end up being a true one
The stores are already picked and they are going to be announced right after Christmas. Rumor, as always, state some of the top performing stores are shutting down. It shows it don't matter how well the store is doing.
Found this interesting. The more a company in Chapter 11 acts like a company winding up its affairs, and the less it acts like a going concern, the less likely it is to be held accountable for WARN act stuff, presumably including things like giving notice of termination and severance. If Sears is well and truly broke, that kind of makes sense
https://corporate.findlaw.com/human-resources/warn-act-obligations-in-chapter-11-bankruptcies.html
There have been rumblings that the next round of layoffs post X-mas will be without severance
Does this mean our paychecks will bounce? And if so how do we get paid?
I'm sure the lawyers are smart enough to put themselves at the top of the priority list on who gets paid. It will just be vendors and bank lenders left without full reimbursement.
administratively insolvent means too broke to pay even the lawyers.
It already has been for two months.
I guess this means sh--s about to get real