Tag: Sears bankruptcy

So the employees get the shaft while the executives who drove the company into bankruptcy get bonuses. Sounds about par for the course in the good ole U S of A.

Via Money

When Sheila Brewer heard Sears got approval to give its executives millions in bonuses, she felt sick to her stomach.

The 47-year-old dedicated 17 years of work to Kmart and was laid off in September as Sears Holdings, which owns Kmart along with its namesake brand, prepared to file for Chapter 11 bankruptcy. Without a job for two months, Brewer says she was emotionally and financially devastated, struggling to make ends meet.

Last Friday, when a U.S. bankruptcy court approved a plan for the company to dole out more than $25 million in bonuses to hundreds of executives and senior-level employees over the next year, the news hit Brewer hard.

“Are you for real?” Brewer says she thought. “What type of world is this? How could the judge say yes?”

Continue reading “Laid-off Sears workers fume as execs get $25 million in bonuses”

I may be early, but I’m often right. Next up JC Penney.

Via ZeroHedge

The melting ice cube that is Sears – once a shining beacon of American consumerism – has finally dissolved.

Continue reading “Sears Files For Bankruptcy Protection, Lampert Steps Down As CEO”

I’ve been writing about the demise of Sears for about 8 years. Here’s an article from 2012. I predicted the bankruptcy of Radio Shack, Sears, JC Penney, and Best Buy. Looks like two down and two to go. With JC Penney trading at $1.78, their demise is baked in the cake. They will file in the next 12 months. When I wrote this article their stock was at $36. Best Buy might have a couple more years.

BRICKS & MORTAR RETAILING CRUMBLING

Via ZeroHedge

Amid recent reports that Sears is set to file for bankruptcy as soon as this weekend ahead of a $134 million debt payment due on Monday, the only question is whether the filing will be a Chapter 11 debt for equity reorganization or a Chapter 7 liquidation. And contrary to the desires of Sears CEO and biggest creditor, Eddie Lampert, who would like to preserve the core business, others are pushing for an outright liquidation.

According to the WSJ, a group of Sears’ biggest lenders, including Bank of America Corp., Wells Fargo & Co. and Citigroup Inc., are pushing for the company to liquidate its assets under a chapter 7 bankruptcy filing, as opposed to reorganizing the business under chapter 11, this person said.

Continue reading “Sears Creditors Push For Bankruptcy Liquidation As Vendors No Longer Paid”

by Tyler Durden

Oct 29, 2017 9:00 PM

 

On October 11, we reported that the now defunct Sears Canada announced plans to liquidate its remaining 150 stores instead of restructuring, the latest admission of brick and mortar defeat in the war with Amazon, with the result some 12,000 job losses in the coming weeks. The Canadian version of Sears is the latest victim of department-store decline that’s swept North America as shoppers gravitate online. While the retailer has dabbled in pop-up stores and e-commerce, its distribution centers aren’t as automated as Amazon.com Inc. or even Canadian peer Hudson’s Bay Co., which last year opened its own robotic facility to accelerate online orders.

Continue reading “Caught On Video: This Is All That’s Left Of Sears Canada”