News:

The AARoads Wiki is live! Come check it out!

Main Menu

Sears-Kmart Death Watch

Started by Brandon, January 12, 2018, 03:55:18 PM

Previous topic - Next topic

How much longer do you think Sears and Kmart Have?

6 Months
20 (19%)
9 Months
11 (10.5%)
One Year
28 (26.7%)
Two Years
23 (21.9%)
Five Years
13 (12.4%)
Ten Years
1 (1%)
They'll be around forever!
9 (8.6%)

Total Members Voted: 105

Max Rockatansky

Quote from: SP Cook on October 17, 2018, 12:19:25 PM
Quote from: txstateends on October 16, 2018, 08:16:40 AM
So strange...the day I hear about the bankruptcy, I see 2 Sears Outlet commercials on TV.

Sears spun off Sears Outlets, which sells seconds and slightly irregulars and such like from the Sears warehouse, along with Sears Hometown Stores, the last remnant of its catalog business, as a separate company back in 2012. 

That company, stock symbol SHOS, is under different management and not bankrupt.

The irony being that the Sears name will likely live on for some time when the parent company goes belly up for good.  There is also Sears franchise stores which probably will live on as well.


Brandon

Here's an interesting article, likely to make one's blood boil a bit.

How Sears Was Gutted By Its Own CEO

QuoteSo the leadership of the Sears empire–Lampert–is gradually selling off bits and pieces of it, mostly to Lampert. The cash generated from those deals in large part serviced Sears's debt, the payments on which also went to Lampert. And now, having put Sears into bankruptcy, the top creditor–Lampert–stands to gain from the final fire sale.
"If you think this has a happy ending, you haven't been paying attention." - Ramsay Bolton

"Symbolic of his struggle against reality." - Reg

Max Rockatansky

Quote from: Brandon on October 18, 2018, 12:05:27 PM
Here's an interesting article, likely to make one's blood boil a bit.

How Sears Was Gutted By Its Own CEO

QuoteSo the leadership of the Sears empire–Lampert–is gradually selling off bits and pieces of it, mostly to Lampert. The cash generated from those deals in large part serviced Sears's debt, the payments on which also went to Lampert. And now, having put Sears into bankruptcy, the top creditor–Lampert–stands to gain from the final fire sale.

He's best known for being a hedge fund manager, it's practically in the mission statement to part companies out.  He's done this with other investments in the past, Sears essentially made a deal with the Devil getting involved with him and fresh from bankruptcy Kmart. 

vdeane

This is why it should be illegal for a manager/shareholder or parent company of a company to finance its debt or to buy its assets (and continue to be illegal for 10 years after separation).  Lampert should be spending the rest of his life in prison for what he's done (perhaps some DA could charge him with first degree murder since corporations are people now?), but instead, he'll make over a billion.  I can only hope that the bankruptcy court sees what's going on and cancels Lampert's debts instead of allowing him to siphon off the money and stiff the other creditors and employees.  I don't care what the law says about who is paid first (heck, if I were in charge, it would be employees and customers with things like gift cards that would be first).  Any judge who allows him to take that money is aiding and abetting the problem and just as evil as Lampert is.
Please note: All comments here represent my own personal opinion and do not reflect the official position of NYSDOT or its affiliates.

Max Rockatansky

Quote from: vdeane on October 18, 2018, 01:24:22 PM
This is why it should be illegal for a manager/shareholder or parent company of a company to finance its debt or to buy its assets (and continue to be illegal for 10 years after separation).  Lampert should be spending the rest of his life in prison for what he's done (perhaps some DA could charge him with first degree murder since corporations are people now?), but instead, he'll make over a billion.  I can only hope that the bankruptcy court sees what's going on and cancels Lampert's debts instead of allowing him to siphon off the money and stiff the other creditors and employees.  I don't care what the law says about who is paid first (heck, if I were in charge, it would be employees and customers with things like gift cards that would be first).  Any judge who allows him to take that money is aiding and abetting the problem and just as evil as Lampert is.

Its a very 1980s move and the dude has a reputation for doing this to other businesses.  He has a lot more in common with Jordan Belfort than he does with Warren Buffett which he was compared to so much early in his career.  Unfortunately unless there is some changes to laws regarding stock holders making trade moves like this practices like it will continue to happen.  I'm sure the investors who bought into the Kmart merger are mostly long gone and made there money.

kalvado

At least it didn't come to being a Lampert tower...

Max Rockatansky


roadman65

Quote from: Max Rockatansky on October 18, 2018, 11:51:07 PM
Quote from: vdeane on October 18, 2018, 01:24:22 PM
This is why it should be illegal for a manager/shareholder or parent company of a company to finance its debt or to buy its assets (and continue to be illegal for 10 years after separation).  Lampert should be spending the rest of his life in prison for what he's done (perhaps some DA could charge him with first degree murder since corporations are people now?), but instead, he'll make over a billion.  I can only hope that the bankruptcy court sees what's going on and cancels Lampert's debts instead of allowing him to siphon off the money and stiff the other creditors and employees.  I don't care what the law says about who is paid first (heck, if I were in charge, it would be employees and customers with things like gift cards that would be first).  Any judge who allows him to take that money is aiding and abetting the problem and just as evil as Lampert is.

Its a very 1980s move and the dude has a reputation for doing this to other businesses.  He has a lot more in common with Jordan Belfort than he does with Warren Buffett which he was compared to so much early in his career.  Unfortunately unless there is some changes to laws regarding stock holders making trade moves like this practices like it will continue to happen.  I'm sure the investors who bought into the Kmart merger are mostly long gone and made there money.
Is not Frank Lorenzo another one who bought out companies who ran them into the ground.

Eastern Airlines- Made the employee unions go on strike to cripple the once big carrier.
Continental Airlines- Now was forced to be merged with United.
Every day is a winding road, you just got to get used to it.

Sheryl Crowe

LM117

“I don’t know whether to wind my ass or scratch my watch!” - Jim Cornette

Tonytone

Newark, Delaware kmart in college square is closing down. Not so sure about the governors square one.


iPhone
Promoting Cities since 1998!

LM117

“I don’t know whether to wind my ass or scratch my watch!” - Jim Cornette

inkyatari

Quote from: LM117 on October 24, 2018, 10:21:52 AM
:hmm:

https://www.businessinsider.com/mall-owners-want-to-limit-sears-sales-signs-2018-10

Makes me wonder if any of these mall locations have some sort of contingency plan for when their Sears goes out of business.
I'm never wrong, just wildly inaccurate.

hotdogPi

Quote from: inkyatari on October 24, 2018, 10:35:55 AM
Quote from: LM117 on October 24, 2018, 10:21:52 AM
:hmm:

https://www.businessinsider.com/mall-owners-want-to-limit-sears-sales-signs-2018-10

Makes me wonder if any of these mall locations have some sort of contingency plan for when their Sears goes out of business.

Mall at Rockingham Park, Salem NH: It was originally two floors. Now, Sears only covers the first floor, and the second floor is a Dick's Sporting Goods.
Clinched, minus I-93 (I'm missing a few miles and my file is incorrect)

Traveled, plus US 13, 44, and 50, and several state routes

I will be in Burlington VT for the eclipse.

PHLBOS

Quote from: roadman65 on October 19, 2018, 10:53:16 PMContinental Airlines- Now was forced to be merged with United.
Actually, it was Continental that was the acquiring company, which was the reason why their color scheme & logo (but w/UNITED titles) survived & is still used today, not United circa 2010-2011. 

After being snubbed by their hostile take-over of Delta (Delta & Northwest would ultimately merge circa 2009-2010); then-US Airways CEO Doug Parker tried to make a grab for United.  Glenn Tilton (United's CEO at the time) wasn't having any of it and literally ran into Jeff Smisek's (then-Continental's CEO) arms.
GPS does NOT equal GOD

RobbieL2415

Imagine if Amazon purchased the assets and liabilities of Sears Holding and turned their remaining stores into Amazon Retail Centers.  You could use these as hubs for same-day delivery.

abefroman329

Quote from: RobbieL2415 on October 24, 2018, 02:35:10 PM
Imagine if Amazon purchased the assets and liabilities of Sears Holding and turned their remaining stores into Amazon Retail Centers.  You could use these as hubs for same-day delivery.
Or, as we used to call them, "stores."

kalvado

Quote from: abefroman329 on October 24, 2018, 02:37:37 PM
Quote from: RobbieL2415 on October 24, 2018, 02:35:10 PM
Imagine if Amazon purchased the assets and liabilities of Sears Holding and turned their remaining stores into Amazon Retail Centers.  You could use these as hubs for same-day delivery.
Or, as we used to call them, "stores."
You seem to be so 20th century...

LM117

“I don’t know whether to wind my ass or scratch my watch!” - Jim Cornette

Max Rockatansky


J N Winkler

Why we shouldn't mourn Sears

I am wondering what will now happen to the lifetime guarantee for Craftsman tools and the free tire rotate-and-balance warranties on at least one, and possibly both, cars (I am sure the Saturn has its tires from Sears, and I think the same is true for the Toyota as well).  But both questions are really academic.  I have never actually had a Craftsman tool break, and I haven't felt comfortable taking a car to a Sears auto center here in Wichita since the store in Towne West closed in December 2014.  The one in Towne East is still open but has a much worse reputation.
"It is necessary to spend a hundred lire now to save a thousand lire later."--Piero Puricelli, explaining the need for a first-class road system to Benito Mussolini

abefroman329

Quote from: J N Winkler on October 28, 2018, 04:01:15 PMI am wondering what will now happen to the lifetime guarantee for Craftsman tools and the free tire rotate-and-balance warranties on at least one, and possibly both, cars (I am sure the Saturn has its tires from Sears, and I think the same is true for the Toyota as well).
I'm not sure Sears Auto is going anywhere, and if they do, either someone should honor both warranties, or you're owed a refund for the unused portions (although with the latter, you'd have to get in line behind the rest of Sears' creditors).

jeffandnicole

I thought the lifetime tool guarantee was already long-gone.

J N Winkler

Quote from: jeffandnicole on October 28, 2018, 05:52:13 PMI thought the lifetime tool guarantee was already long-gone.

Apparently not:  still in effect (hand tools only, not wear items).  And it seems that although Craftsman tools continue to be sold in Sears stores (as well as Kmart and Ace), the brand was sold to Black & Decker last year for $775 million.

Quote from: abefroman329 on October 28, 2018, 05:15:32 PMI'm not sure Sears Auto is going anywhere, and if they do, either someone should honor both warranties, or you're owed a refund for the unused portions (although with the latter, you'd have to get in line behind the rest of Sears' creditors).

I wonder how they would calculate the residual value.  I am likewise under few illusions that I, and others similarly situated, qualify as senior creditors.
"It is necessary to spend a hundred lire now to save a thousand lire later."--Piero Puricelli, explaining the need for a first-class road system to Benito Mussolini

abefroman329

Quote from: abefroman329 on October 28, 2018, 05:15:32 PMI'm not sure Sears Auto is going anywhere, and if they do, either someone should honor both warranties, or you're owed a refund for the unused portions (although with the latter, you'd have to get in line behind the rest of Sears' creditors).

I wonder how they would calculate the residual value.  I am likewise under few illusions that I, and others similarly situated, qualify as senior creditors.
[/quote]I don't know how they would either. That's what actuaries are for.

Brandon

Ruh-roh.

Whirlpool to Sears: We want our appliances back

QuoteBenton Harbor, Mich.-based Whirlpool, which stopped selling its branded products at Sears last year but makes appliances under Sears' Kenmore brand, asked the department store chain to return all merchandise it received in the 45 days before its Chapter 11 bankruptcy filing on Oct. 15.

In a letter filed in court last week, Whirlpool's attorney demanded that Sears "refrain from selling, disposing, or using ... for any purpose whatsoever"  the merchandise it received from the appliance-maker during that time without permission from the U.S. Bankruptcy Court.
"If you think this has a happy ending, you haven't been paying attention." - Ramsay Bolton

"Symbolic of his struggle against reality." - Reg



Opinions expressed here on belong solely to the poster and do not represent or reflect the opinions or beliefs of AARoads, its creators and/or associates.