Business/ Technology News -  The Sears soap oprea continues (133 views) Notify me whenever anyone posts in this discussion.Subscribe
 
From: Chocolate Pig Shorty (TOILETHEA1) DelphiPlus Member Icon Posted by hostJan-8 9:02 AM 
To: All  (1 of 21) 
 5681.1 

Sears to shutter after 126 years in business as Chairman Eddie Lampert’s bid fails

Sears has rejected Chairman Eddie Lampert’s bid to save the company, setting the storied retailer on a path to liquidation, people familiar with the situation tell CNBC. Sears plans to announce its liquidation plans this morning, the people said.

Lampert had put forward a $4.4 billion bid to save Sears and 50,000 jobs by buying it out of bankruptcy through his hedge fund ESL Investments. His offer, though, was deemed insufficient by Sears’ advisors, the people said. The two parties were unable to come to a resolution.

The people requested anonymity because the information is confidential.

A liquidation could still salvage pieces of storied retailer, like its home services business. Still, it marks the end of an era for the company that started more than a century ago as Sears, Roebuck & Co., and was once nation’s largest retailer. Its fall from grace saw it swing from being the “first everything store” to a business that couldn’t compete when “everything” was found online after Amazon arrived.

https://www.cnbc.com/2019/01/06/sears-rejects-eddie-lamperts-bid-to-save-company-will-liquidate-.html

 
 
 
 
 

 
From: krathyn1 (Phantom7031) DelphiPlus Member Icon Posted by hostJan-8 1:56 PM 
To: Chocolate Pig Shorty (TOILETHEA1) DelphiPlus Member Icon  (2 of 21) 
 5681.2 in reply to 5681.1 

why was that plan to only save 50,000 jobs when 168,000 were at stake according to the other article?
what does this mean for employees? tomorrow? two weeks? six weeks? severance pay for those in certain upper echelons?

A friend i have not on the Internet, said to me, there are low income stores like Dollartree flourishing and fancy boutiques that cater to the rich and snooty but most middle income people just order from Amazon...maybe she is right? Sears was a middle income ... what next?

 

 
 Reply   Options 

 
From: Chocolate Pig Shorty (TOILETHEA1) DelphiPlus Member Icon Posted by hostJan-8 3:53 PM 
To: krathyn1 (Phantom7031) DelphiPlus Member Icon  (3 of 21) 
 5681.3 in reply to 5681.2 

They don't know what they are doing, some are saying they are trying for a very last minute deal, I'll post when I see more!

I guess that's what they have left now...

 
 
 
 
 

 
From: Chocolate Pig Shorty (TOILETHEA1) DelphiPlus Member Icon Posted by hostJan-8 5:19 PM 
To: All  (4 of 21) 
 5681.4 in reply to 5681.3 

UPDATE

Court allows Chairman Eddie Lampert another chance to buy Sears, pushing off decision to shut stores

A bankruptcy judge decided Tuesday to give Sears Chairman Eddie Lampert another chance to buy the retailer out of bankruptcy and save roughly 50,000 jobs.

Sears Holdings had planned to reject Lampert’s bid to save the 126-year-old company, which would have put it on a course to liquidation.

Lampert had put forward a $4.4 billion bid to save Searsthrough his hedge fund ESL Investments. One of the biggest unresolved issues had that it fell short of covering the fees and vendor payment it owes, making it “administratively insolvent.”

ESL protested Sears’ decision. ESL, which worked over the weekend to improve its offer, pointed to the advisory fees that Sears has racked up during bankruptcy, a person familiar told CNBC. Such fees are part of Sears’ administrative expenses.

https://www.cnbc.com/2019/01/06/sears-rejects-eddie-lamperts-bid-to-save-company-will-liquidate-.html

 
 
 
 
 

 
From: RGoss99Jan-8 5:38 PM 
To: Chocolate Pig Shorty (TOILETHEA1) DelphiPlus Member Icon  (5 of 21) 
 5681.5 in reply to 5681.1 

Sad, because in my time Sears was a national institution. My father used to trade animal skins with his local Sears in exchange for things he needed.

When I had a cabin in the mountains without heat, or electricity, I ordered a wood stove from Sears.

Personally, I feel the reason was bad management, because Sears was ahead, and had the capital and clients, it should have moved its mail order

business onto the net, as their successful competition has done.

I am almost 80, and like to buy books, enjoy brousing in book stores.

I don´t like to buy a book until after I have held it in my hand,

But now I find myself, purchasing more books on the net, cheaper, faster, and more efficient then traveling to some book store.

All sorts of commerce is shifting, Sears should have noticed before it became too late.

Another difference is a separatio between management and sales. Sears employees used to be an important block of share holders.

there motiviation was higher then some mutual fund invester, because he had a personal interest in the results of his decisions.

My last time in a Sears was about 10 years ago. I had to cut some bushes, and asked some high school ddropout employee for a repsaw and

he came back with a cross cut saw. When I objected he said  that they looked the same to him. I explained  that when one wants to cut

a tree limb, one wants to cut across the grain, not with the grain - I got an "oh, whatever look and shrug" and I never went back to sears and

shifted to a more expensive Black and Decker on the net.

 

 
From: Chocolate Pig Shorty (TOILETHEA1) DelphiPlus Member Icon Posted by hostJan-8 5:46 PM 
To: RGoss99  (6 of 21) 
 5681.6 in reply to 5681.5 

It really is sad; bad management, failure to keep up with changing times, as well as being over priced, all did them in.

They need to let Sears die, it's lingered and suffered too long.

 
 
 
 
 

 
From: krathyn1 (Phantom7031) DelphiPlus Member Icon Posted by hostJan-8 11:05 PM 
To: Chocolate Pig Shorty (TOILETHEA1) DelphiPlus Member Icon  (7 of 21) 
 5681.7 in reply to 5681.6 

Used to be a landmark in lots of places

 

 
From: Chocolate Pig Shorty (TOILETHEA1) DelphiPlus Member Icon Posted by hostJan-9 10:11 AM 
To: krathyn1 (Phantom7031) DelphiPlus Member Icon  (8 of 21) 
 5681.8 in reply to 5681.7 

It was; they need to just admit it's dead and let it go.

 
 
 
 
 

 
From: Bike (URALTOURIST1) DelphiPlus Member IconJan-9 1:00 PM 
To: krathyn1 (Phantom7031) DelphiPlus Member Icon  (9 of 21) 
 5681.9 in reply to 5681.7 

Lots of ship pilots used to use the (Miami) Sears Tower as a navigation aid coming into Government Cut to the Port of Miami.  That is now gone but it had/has nothing to do with insolvency, just massive changes in Miami's skyline.

 

Warren
 
USCG Engineer 1961-1982
 
 
 

 
From: krathyn1 (Phantom7031) DelphiPlus Member Icon Posted by hostJan-10 1:36 AM 
To: Chocolate Pig Shorty (TOILETHEA1) DelphiPlus Member Icon  (10 of 21) 
 5681.10 in reply to 5681.8 

guess thats the way everything goes eventually

 

 
Navigate this discussion: 1-10 11-20 21
Adjust text size:

Welcome, guest! Get more out of Delphi Forums by logging in.

New to Delphi Forums? You can log in with your Facebook, Twitter, or Google account or use the New Member Login option and log in with any email address.

Home | Help | Forums | Chat | Blogs | Privacy Policy | Terms of Service
© Delphi Forums LLC All rights reserved.