Each action prolongs the BK by X amount of days. The next action date is supposed to be 1/14. This would let the suppliers see just how much less they can expect to get when it's all over. Maybe convince the court to hurry things up, regardless of the outcome.
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"Even with an open RRC, one truck will be short and they’ll try to cover for it by adding non-manifested items on the next."
Hmm, maybe that's why things have been showing up at my store recently that the website still acts like we have none of.
TzIn it’s own strange way, it is somewhat accounted for. Most stores have an allowance for shrink, (10% of sales seems to ring a bell), but without LP doing anything other than “investigating” internals for the past 4-5 years, that number is usually much higher for most stores. So they are accounting for it, just not all of it. The RRC is another issue. In the lead up to an RRC closing, the shortages get worse and worse. Even with an open RRC, one truck will be short and they’ll try to cover for it by adding non-manifested items on the next.
OK. So basically "Massive Shrinkage" at all levels as yet unaccounted for. Not surprising with the company in such chaos I guess. Thanks for the information.
I think 2x is a little high, but so much stuff is walking out the door or simply not making it from the RRC to the stores that the inventory is much less than claimed by SHC. Most of the time the shortages aren’t even found for weeks. Average claimed inventory in stores is probably around the 4 million mark, if not less. It’s probably why one of the pairs of liquidation companies pulled their bid. Inventory is so light that in order to outbid Eddie they would be loosing money than Eddie.
@X4Rqtbz-1gvl You have personal knowledge of this? Not attacking you.
If only they realized how little inventory there was to bid on. The inventory amounts they report and the actual inventory is off by a factor of 2x at least.
It doesn't matter how "hard" anyone works if the upper management is steering the company in the wrong direction. Stop blaming the powerless peons.
why do you care what the cash burn is ? just quit and go away. if everyone worked as hard as they complain on this site sears would be in great shape despite eddie.
Lawyers, Guns and Money.
It's not a bug, it's a feature.
The check is in the mail.
The store used to be in the mall.
Unsecured means unsecured.
You gotta ask yourself one question, do I feel lucky?
Yabba Dabba Doo
It's a MADHOUSE!!!
Cash burn is 3 million per day.
That's when the unsecured creditors will object that the bidding process was improperly conducted and needs to be redone.