SEARS Collapse at Fort Fantasy Forum

Maklarr4000 Oct 28 '18

The Simon Property Group over in Indiana, which has a big portfolio of malls they've turned around to profitability, had this to say about Sears:

Ouch!

The full story can be read over HERE.

#21

Maklarr4000 Oct 29 '18

PBS has a video on their analysis of the Sears collapse, or at least why consumers have shifted away from the "department store" format. Enjoy!

#22

Jasper Oct 29 '18

Theyre all closed here anyway

#23

Maklarr4000 Nov 5 '18

So, some Sears news from today:

It'll be interesting to see where this goes. Story is HERE.

#24

Maklarr4000 Nov 10 '18

Sears is hoping for a powerful holiday season to pull it from the jaws of doom. (HERE)

However, they're already looking to cull more stores in the new year if they make it that far which is pretty telling.

That story is HERE.

#25

Jasper Nov 12 '18

Still open? Lol

#26

Maklarr4000 Nov 25 '18

So, Sears is hoping to sell just over 500 of it's stores to a new owner. It'll be interesting to see if some new retail group is formed out of this.

Story is HERE.

#27

Maklarr4000 Dec 6 '18

So, Sears ex-CEO Eddie Lampert isn't willing to let Sears (or, as his critics have pointed out, Kenmore) slip away to public auction. He's leveraged enough money to buy Sears outright, including 500 of it's stores, from whence he can do whatever he and his hedge fund want with them. That leaves more than 1,000 other stores up in the air, but their fates were all universally sealed anyway had the bankruptcy proceeded to a full Chapter 7 liquidation or even a Chapter 11 sale.

#28

Jasper Dec 9 '18

Quote from Maklarr4000 So, Sears ex-CEO Eddie Lampert isn't willing to let Sears (or, as his critics have pointed out, Kenmore) slip away to public auction. He's leveraged enough money to buy Sears outright, including 500 of it's stores, from whence he can do whatever he and his hedge fund want with them. That leaves more than 1,000 other stores up in the air, but their fates were all universally sealed anyway had the bankruptcy proceeded to a full Chapter 7 liquidation or even a Chapter 11 sale.

Lol

#29

Maklarr4000 Dec 20 '18

So, SEARS had the gall to give it's executives $25,000,000 dollar bonuses. This was hours after it announced more store closures and that there was "no money available" for any form of severance to laid-off employees. People are, understandably, upset.

SEARS also had the gall to complain about how expensive it was to close stores down, which is kinda funny- they're in such a bad position as a retailer that even downsizing their operation is costing them a fortune.

News article covering both is HERE.

#30

Maklarr4000 Dec 20 '18

Another article on the bonuses that shed's some light on how SEARS got their bankruptcy judge to pay out the bonuses. Their argument- if we don't pay our top executives well, they will leave.

You mean the ones that have, so far, plowed SEARS/KMART into the ground? None of these guys are going hungry this Christmas as top-paid executives anyway. If their "commitment to Sears future success" is really tied to some wad of money they think they're owed at the expense of workers, then yeah, SEARS should go under. My 2 cents on that one.

NBC's got the scoop on that HERE.

#31

Maklarr4000 Dec 23 '18

CBS made a video on the collapse of Sears. Wow.

#32

Maklarr4000 Dec 28 '18

Sears is at the wire. In roughly 11 hours, Sears must either accept the bailout offer from Eddie Lampert, or be liquidated. No other bids have come in, and the deadline is this afternoon. Today may be Sears last day.

News articles are HERE:
NBC

#33

Jasper Dec 28 '18

Did they make it.

#34

Maklarr4000 Dec 28 '18

Quote from Jasper Did they make it.

Actually, it looks like they did.

News:

#35

Maklarr4000 Dec 30 '18

So, the details are still sketchy, but it looks like the court will accept Lampert's last-minute bid to save Sears from liquidators. At 4+ billion dollars, it's obvious he's either desperate for the remaining brand assets (Kenmore, Die Hard, etc.) or he's absolutely delusional, and still believes he can save Sears from the fire. It'll be interesting to see what he does next...

News articles are here:

#36

Maklarr4000 Dec 30 '18

Something kinda funny that I see when I look up these news bits, is that it also loads up recent tweets from Sears' Twitter feed. It's almost New Years as of this writing, and Sears acts as though it's continued existence is assured. The cheerful tweets among the chaos of Sears' collapse reminds me of the musicians playing on the Titanic while it sank.