I believe they don’t want to wait to long. Whatever their plan is it is much harder to accomplish without a leadership structure?When do you think the new leadership could be established?
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I think the more amazing thing is that Sears was -$425M in EBITDA in January alone. He'd better sprinkle some of that magical Transformation pixie dust we've been hearing about for the last 15 years quick!
It’s basically done this is minor bickering over $50 million they claim he owes them, he says they owe him because the receivables were wrong. This is more about him trying to claw back some more money. The sale is done that’s why he’s doing this as transform Holdco. Most likely he won’t have to pay the $50 million and that’ll make up his claimed shortfall that he claims he was stiffed.
As far as operating losses it’s mostly meaningless since it’s all under bankruptcy with liquidating stores, the added expenses in a typically bad sales month. They were still operating under the DIP financing for the transition which limited what could really be done.
It's not even a done deal yet. Read the Seeking Alpha article and analysis dated today March 11. It's a real eye opener.
Whoever becomes the "leader" of this company will be nothing but a puppet anyway so it won't matter.
Don't worry. Leena is on board with Transformco.
If you're an executive, do you really want Sears on your resume?