I got out of home improvement sales a few months ago. I could see the writing on the wall. Does anyone know what actually happened with the service dot com offer for SHIP and why it fell through?
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No, none of that is true. Service.com's sale was approved by the judge already, but service.com was unable to secure funding by the deadline. However, service.com complained that it was Sears's fault that their funding fell through - because Sears continuously failed to provide them with documents they needed to supply their potential lenders. They alleged that in past years, they had attempted to buy SHIP multiple times for even more money, but ESL would manage to screw up their funding then too. Sears is the one that voided service.com's most recent purchase agreement so they could keep service.com's deposit and sell SHIP to Eddie instead. Service.com filed documents with the bankruptcy court complaining that they still wanted to buy SHIP or at least wanted their deposit back. In the end, the two sides settled, with Sears keeping most of the deposit but relinquishing a portion back to service.com. And SHIP is Eddie's now, like he wanted all along.
The bid from service.com was bogus.
Service.com made a stalking horse bid that was subject to higher offers from competing bidders
NO ONE ELSE BID !!
Judgie wudgie cancelled the sale due to lack of interest 😧😧😧