Interesting that no one has mentioned that neither of the two known bids from liquidators were certified to participate in the auction. One of their attorneys asked Judge Drain if they would be allowed to participate in the auction, and was told that it was up to Sears if they will be allowed to participate.
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There are no appliances or mattresses in the warehouse. What is in the store is all there is and all there is going to be. Just ask anyone who is waiting for a delivery or any sales person.
That would be incorrect. Until the 45 day mark when the liquidator takes over, appliances aren’t supposed to be sold from the floor. The pricing is the same as a regular store, so items not in stock are to be ordered.
Selling major appliances from the sales floor early in liquidation would be the norm. Most product is held in the appliance warehouse and then delivered when sold. Appliances are not liquidated out of the warehouse when a store closes, just the product physically on hand in the store.
Probably because they realized that as inventory light as Eddie has been running the place, there isn’t anything to worthwhile to liquidate. One of the closest stores to me is only about a week into closing and they have already started selling appliances from the floor. Or they didn’t want to be associated with closing Sears down with as much publicity as this mess has been getting.
Wall street journal reported they pulled out of the bidding yesterday. I dont have the link, but it surprised the heck out of me.
Paywalled WSJ article, but here’s the relevant part:
"Two sets of liquidation firms put in earlier bids to close the chain but didn’t meet the bidding requirements, two people familiar with the matter said. In court Tuesday, a lawyer for those firms asked Judge Drain if they would be able to participate in the auction, and the judge said that decision will be up to Sears."
That sure sounds like it’s talking about the Tiger/Great American/Hilco joint bids. Abacus was probably brought in when it was deicided neither of those bids were going to be certified
You've got your facts pretty mixed up there. That was a different liquidator.