What happens to STAC techs, home services technicians and other customer support functions located within the Round Rock building if chapter 7 rears it’s ugly face?
11 replies (most recent on top)
There are plenty of companies that never make it to Chapter 7 because you can liquidate perfectly fine in Chapter 11, especially if you're administratively insolvent. Sometimes you don't have enough money to convert to Chapter 7 from your ongoing Chapter 11 process, which might actually be the case with Sears.
Chapter 7 is definitely still on the table. Eddies bidding along with the liquidators. If his bid is higher than the liquidators, sears lives on, assuming he can change the relationship with all the vendors about to get screwed in the process (and the bankruptcy court thinks that is likely as they will not want to see this again). If the liquidators bid even $1 more than Eddie, it’s over. Most lose their jobs immediately as the liquidator will only keeep essential employees to the end (To keep the lights on and NOTHING more while they take over every other aspect of running Sears day to day).
It's going to be bought and transformed. It will be a brand new day and company. Mark my words and see who laughs.
" I've got some REALLY good cheap land to sell you in the middle of the Pacific "
I'VE ALWAYS WANTED MY OWN LITTLE ISLAND !!!!!
Where do I sign up 🌴😎🌴😎🌴😎🌴😎
One, these posters have clearly never been on the inside of a liquidating company before- clearly as their ignorance is truly off the charts (clearly they're low level Sears/Kmart employees). Two, the only way there's an auction is if both bids (Lampert's and the liquidation company's) are deemed qualified. Three, should the liquidation company win, you think they're going to keep running the store? If so, I've got some REALLY good cheap land to sell you in the middle of the Pacific that's its own little island! Four, this company's future is Chapter 7. Quit kidding yourselves, it's been drained of every major asset, as their quarterly report last showed the bulk of their assets are merchandise. You sell that, you've lost almost all your assets. Their liabilities are far more than their assets, meaning they owe more than they can sell to pay it off. The banks are calling on the loans they gave to run the stores, and Sears/Kmart has no money. Their dwindling customer base proves it's only a continued downward slide. They're not coming back, not by any means as long as you have this much competition, and no niche that Sears/Kmart can fill. Say goodbye to this beloved retailer, it's all coming to an end in 2019- downvote this all you want, time will prove me right and I'll have the last laugh!!
Chapter 7 is NEVER going to happen!!
" back to the planned transformation "
Interpreted to mean: back to stealing all the real estate a$$ests
STAC and the field techs will probably be around for a long time ,, but so will the horrible work conditions and environment the terrible management has you under , glad I found a job were I am treated like a human
There will be an auction in the middle of January for all the assets, but I think this side steps Chapter 7. It does remove the burden of debt to the Lucky buyer though, I beleive. The creditors will have a hard pill to swallow, total loss on their investment/ loans. Eddie keeps control after he purchases the company outright. Then its back to the planned transformation
Does anyone actually believe chapter 7 is even a remote possibility? You guys are nuts, not happening
If your division gets sold to another company that wants to keep it running, you could keep your job. If nobody else wants that division, you will all lose your jobs.