I'm sorry if this is a stupid question, but what happens to a store once it's been sold? What does it mean it's been put up for sale in the first place?
Are we talking about the property itself being up for sale and the store closing once the sale goes through? Or is it the entire inventory or the entire business that is being sold?
Remember that the timeline doesn't mean much. The creditors are pushing HARD to liquidate everything yesterday, because they believe that Eddie can't do anything but flush money down the drain, and every second stores remain open is another second spent flushing. Sears had access to $3 BILLION dollars of loans, but the judge still pulled the plug because the creditors convinced the judge that the business couldn't make enough money to keep the lights on, and unlike Sears, all the vendors desperately wanted to keep Toys R Us alive.
If you're talking about being on the list of 504 stores, see @Who0wQV-hdo - it is for a sale of everything in/involving all of those stores. Whether the buyer wants to keep all or some of the stores running and assume SHC's leases on the unowned real estate, is entirely up to the potential buyer. The ones they don't want to keep running (which might be all of them) will be liquidated, to either get out of the lease on unowned real estate or be able to re-sell or find new tenants for the owned real estate.
All the previous sales have been for the real estate only. The store contents either immediately went into liquidation if the buyer wanted the property vacated for another tenant, or arranged a lease with the new real estate owner to keep the Sears store in there at least for a while, all while the store contents remaining owned by Sears Holdings.
@Whx3CAD-giq Yes. You sum it up perfectly.
It dont take a rocket scientist to understand what it means
But to spell it out for ya'
F.I.N.D A.N.O.T.H.E.R. J.O.B R.E.A.L.L.Y. Q.U.I.C.K.
Eddie wants his companies to acquire the stores so he can liquidate it on his own terms instead of having the creditors liquidate on theirs. He's basically been liquidating the company since he got it, shutting down stores, selling brands, and selling/leasing out the real estate after moving them over to his companies at ESL/Seritage. The interest on Sears' debt and the rent paid by the stores goes to his companies too. The share buybacks, the dividend payouts, spinoffs, and all the rest have always benefited him as largest shareholder. It's not by accident that he's chosen to pay his companies and himself every time instead of investing it in the business and employees so it can compete with Target, Walmart, and Amazon. He's been liquidating Sears for 13 years now, and this is just the final act.
Doesn't make sense, there is a store on there that I know leases
Most likely the property. I don’t think anyone would be interested in the brand but funds from selling the stores could potentially be used to pay off debts