I don’t know how he comes up with 68,000 jobs he is saving. If other stores are like mine we only have 55 associates working here, X 425 = 23,375 employees at stores still open. Bankruptcy committee, please do us all a favor and quit haggling with slick Eddie and let us liquidate.
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My store had 92 employees a week after New Years.
Many stores are still in the process of closing. So you still have store level and upstream people who aren't fired yet.
Key word is ESTIMATED. You're also not figuring in the distribution centers, the drivers, the personnel that work at headquarters. It's probably around 45,000 to 50,000 that they estimate, but again, it's all an estimate.
The court isn't setting the deadlines? And extending them? Then who's driving this bankruptcy process? Sears own advisors... i.e. Eddie? Maybe Eddie is also judge drain! Sounds like a made up name for a supervillain so it would make sense.
The court isn't involved presently.
@zdv Good point. I realize there are extenuating circumstances but all these people who keep clamoring for immediate liquidation must be independently wealthy, self sufficient, and only working to kill time because they are bored. Those of us who aren't in that class are in the process of moving on if possible.
You know you do not have to wait for the bankruptcy court you can leave anytime you want. Move on and quit b--ching if your unhappy...
Who will play Eddie in the movie about sears?? Jim Carey was a good Grinch soooo
The guy's a genius. Evil genius.
His bid and arguments have nothing to do with jobs. Liquidation was always the intended outcome - but the bidding is over who gets to control it.
Our jobs are only important to Eddie as long as they can be leveraged against competing bidders for emotional collateral put up to insulate himself from litigation.
Eddie didn't have to wait until the 11th hour to rally investors and "save jobs" or the company itself. He could've rounded up this $5 billion in investment capital months ago when he represented all stakeholders - including CEO, majority shareholder, creditor, landlord, etc. He could've saved the company from cannibalizing itself by investing in it's own infrastructure and marketing instead of using his hedge fund to create competing businesses like Seritage within his own holdings to manipulate the balance sheet and orchestrate this methodical and deliberate deterioration into bankruptcy.
That's the current hold up with the auction bid approval from yesterday. Everyone sees through Eddie's thin veil of sudden conscience. This is not the Grinch whose heart grew 3 times on Christmas and filled love for his employees after he strangely vows to correct the very chaos he purposefully created. His true agenda is obvious and has never wavered from the financial shell games he created to conceal his operational infidelity all along.
Seritage is the perfect case study on how to bankrupt your own business while simultaneously increasing your wealth and stake. He basically let ESL sell it's own real estate to itself and create massive operating losses for stores so more lucrative leases could be penned with competing retailers. in other words, ESL sold ESL it's own real estate so ESL could lease ESL the properties owned by ESL at an astronomical rate so that ESL incurred incredible operating losses - all so ESL could earn more. Brilliant, right?
That's why so many creditors and stakeholders have lost patience with the kangaroo court that judge drain presides over. ESL wins no matter what the outcome - it's just a matter of how much ESL wins during auction vs private liquidation.
Several articles today state the court wasn't even interested in hearing the competing bids and focused solely on Eddie's proposal. Very telling. Who knows what really went on during those closed door meetings but considering the judge's recent track record of extending deadlines to cater to Eddie's whims it seems plausible that those two Yale buddies are somehow in this together.
The movie rights to this retail saga are going to be worth a boat load and I'm sure Eddie has already secured those too.
There is 4189 in home sears technicians currently working according to our performance matrix nationwide. It may be off a few +-
He sure didn,t care about all the Sears and Kmart employees he already put out of work. Who is he trying to kid.
It will be less once all stores are closed. It was 68000 at the time of the bankruptcy filing. There are also many jobs that are not at a store level.