Consumables in our Kmart are not being replenished. That goes for pantry and automotive. The story being told since March 1 is that it's because of truck delays.
Six 60 foot counters are maybe 20 percent filled with pantry merchandise. The dead space in pantry is filled with essential home napkins stretched across 20 feet in some places. In automotive, we have the clever solution of storage tubs and snow shovels everywhere.
Very hard to make sales goals and profit when you have nothing to sell.
Sear (old Sears) ran out of money from the DIP due to expenses of the bankruptcy sometime around the closing date (probably slightly before). They had no money to order with.
There was no access to Eddie’s billion dollar plus credit facility until after the closing date. This means delays in orders. If you order for retail it isn’t like flipping a switch, it takes time for this stuff to fill up the supply chain. The first stuff in will be stuff ordered pre bankruptcy that is arriving now and stuff from suppliers that were still shipping and stateside. Some stuff may take 3-4 months to get in.
The real truth is vendors aren't being paid and product isn't being ordered. Had to take the money from somewhere for all the executive bonuses that were paid out. Starve the stores of merchandise and raise retail prices to make up for the missing merchandise... the liquidation value looks better on the books when they do that. (Examples: $0.99 "dollar store" pantry item is now $1.89, $3.49 HBA item is now $5.99) Chase away the remaining customers by jacking up regular prices and offering no sale items. All in preparation for the liquidators.
Read the Seeking Alpha article referenced in 2 other posts and you will figure out the real truth.
"Sears had no cash left on the February 11 closing date."