PIP SEARS!! :-(

[SF1900]

Sears, the Original Everything Store, Files for Bankruptcy

https://www.nytimes.com/2018/10/14/business/sears-bankruptcy-filing-chapter-11.html

Sears, which more than a century ago pioneered the strategy of selling everything to everyone, filed for bankruptcy protection early on Monday and laid out a plan for turning its business around.

The company long ago gave up its mantle as a retail innovator, falling far behind big-box rivals like Walmart and Home Depot and the e-commerce giant Amazon.

Now, Sears is using a Chapter 11 filing in Federal Bankruptcy Court in New York to cut its debts and keep operating at least through the holidays.

The company, which said it would close 142 unprofitable stores, faces long odds in trying to revive its fortunes. It will need creditors to agree that it should be reorganized rather than liquidated, as other bankrupt retailers have been.


“Will Sears be relegated to the dustbin of history, and will 68,000 Americans lose their jobs, or will Sears enter the next chapter of its life as an iconic American company,” Robert A. Riecker, the company’s chief financial officer, wrote in a court filing on Monday.

For the past decade, Sears has been run by Edward S. Lampert, a hedge fund manager who sold off many of the company’s valuable properties and brands but failed to develop a strategy for winning back consumers who were increasingly doing their shopping online.

[IroNat]

Chapter 11 is reorganization.  A way to screw those you owe money to, renegotiate leases, and obtain more financing so it can be sucked out by Eddie Lampert,

Lampert has once again successfully obtained financing so he can suck more blood out of the empty shells of Sears and K-Mart.

Sears and K-Mart have been dying since the late 80s.  A steady downhill trajectory.

Just die.

Get it over with.  

And hey, J.C. Penneys.  Just die too.

You all suck.

[sync pulse]

Another hedge fund asshole ruining a company.

[Coffeed]

Another hedge fund asshole ruining a company.

Still beats Communism.

[SOMEPARTS]

CEO Eddie Lampert has a side company that was dealing with the properties and leases as they sold them off...it was double dipping but he owned enough stock to keep it going. The shareholders that held this stock deserve what they get. It was painfully obvious he was liquidating the real value which was the real estate and brands like Craftsman. There was no retail business focus to speak of. Sears could have and should have been Amazon since they already had mastered catalog/home ship/ship to store, which the internet is just a high tech version of the same.

[BlackMetallic]

I read that as “pap smears”

[Parker]

Look for the 50% off of weight training related items. Tools, tires and more. Great gifts for Dads, and future grads, home owners, etc.

[Marty Champions]

Long story but sears has terrible fork lift operating method . Ive had to send a stove n a stack washer unit back 5 or 6 times 1st time they give me a gas instead of electric the remaining times had dents in the appliances...

There craftsman lawnmowers went to hell from the ethanol in gas , not their fault entirely but they dindnt realize ethanal destroys carbs

[Primemuscle]

Another retailer loses out to the ease of shopping on the Internet.

[Ted SuperSet]

Another hedge fund asshole ruining a company.

This

[HTexan]

Fuck Sears, I work there for a few months in high school. They treat their employees like shit. Plus craftsman isn't good anymore, you should have died a long time ago.

[SF1900]

Fuck Sears, I work there for a few months in high school. They treat their employees like shit. Plus craftsman isn't good anymore, you should have died a long time ago.

I worked for Sears for a predominant part of my adult life and they always treated me well.

[Dave D]

Long story but sears has terrible fork lift operating method . Ive had to send a stove n a stack washer unit back 5 or 6 times 1st time they give me a gas instead of electric the remaining times had dents in the appliances...

There craftsman lawnmowers went to hell from the ethanol in gas , not their fault entirely but they dindnt realize ethanal destroys carbs

I have a Torro that has the same issue. I had to use an ethanol free gas.

[Fallsview]

Hello I Am FALLSVIEW



I know a guy that was a Manager for Sears. Worked there for 27 years and without a hint of warning....fired him.


He sued for Age Discrimination....AND WON.


Turns out Sears was getting rid of all the high paying Managers and then turning around College kids for half the salary.






WHO WANTS TO WALK WITH FALLSVIEW?

[Dieter]

Sears fucked me over big time on some auto repairs some 20 years ago. I never spent a penny there after that. I say FUCK SEARS!!

[robcguns]

The sears near me is closing,never thought that would happen.Been walking thru that sears for 35 years and it’s gonna be gone.just kind of sad.

[Irongrip400]

CEO Eddie Lampert has a side company that was dealing with the properties and leases as they sold them off...it was double dipping but he owned enough stock to keep it going. The shareholders that held this stock deserve what they get. It was painfully obvious he was liquidating the real value which was the real estate and brands like Craftsman. There was no retail business focus to speak of. Sears could have and should have been Amazon since they already had mastered catalog/home ship/ship to store, which the internet is just a high tech version of the same.

Saretage(sp?) was the name of the “owner” I did work for at some properties that Sears occupied. Turned out that was just the name of the arm that owned the property and leased the space to Sears, but was really the same company. Not sure if that’s what you’re talking about but it reminded me of that.

[HTexan]

I worked for Sears for a predominant part of my adult life and they always treated me well.

But you left right?

[Rambone]

Looks like getbiggers won’t be jacking off to the bra and panty section of the Sears catalogue anymore 

[SF1900]

But you left right?

Yes, sort of. 

[AbrahamG]

I worked for Sears for a predominant part of my adult life and they always treated me well.

Are you grandfathered into the employee discount?  If so, you may want to stock up on kettle bells and other accessories. 

[Anna Recksiek]

CEO Eddie Lampert has a side company that was dealing with the properties and leases as they sold them off...it was double dipping but he owned enough stock to keep it going. The shareholders that held this stock deserve what they get. It was painfully obvious he was liquidating the real value which was the real estate and brands like Craftsman. There was no retail business focus to speak of. Sears could have and should have been Amazon since they already had mastered catalog/home ship/ship to store, which the internet is just a high tech version of the same.

That is a good point. Sears really should have been amazon but they lacked the foresight to see what was coming. Mostly bad decisions by whomever was in charge in the late 90s early 2000s.

When they discontinued printing a catalog, they should have used ALL those funds developing a real website and negotiating shipping deals with USPS, ups and fed ex and advertising as the NEW Sears.
Would have made way more money the letting the company die.
I went there a couple months ago rather than going to walmart and it was a ghost town (which was good).
I didn't have to stand in line or deal with a crowd of people acting annoying as shit.
I took a while to find a cashier but it was still faster

[Bevo]

I worked for Sears for a predominant part of my adult life and they always treated me well.

Nice! I’ve always wanted to work for them in HS but instead I’m happy now working for In N Out burger

[Dave D]

CEO Eddie Lampert has a side company that was dealing with the properties and leases as they sold them off...it was double dipping but he owned enough stock to keep it going. The shareholders that held this stock deserve what they get. It was painfully obvious he was liquidating the real value which was the real estate and brands like Craftsman. There was no retail business focus to speak of. Sears could have and should have been Amazon since they already had mastered catalog/home ship/ship to store, which the internet is just a high tech version of the same.

It makes no sense that they weren't able to figure out how to transition from print catalogs to the web. They failed at their own business model.

[Purge_WTF]

 Was Sears saved?