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Sears – Business Updates

This topic contains 174 replies, has 47 voices, and was last updated by  CB 4 days, 1 hour ago.

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  • #710208

    redwood
    Pro

    HD suddenly started selling the large appliances here too months before Lowes officially opened their first store here.

    Well don’t leave us in suspense. Who sales the most major appliances in Canada?

    Mark E.

    Pioneer, CA

    Working Pro 1972 - 2015
    Member since Jan 22, 2013
    www.creative-redwood-designs.com

    #710231

    CB
    Pro

    Looks like the Sears board of directors is going to accept Lamparts offer, if he can back it up with 120 million in cold cash by this afternoon (Wednesday).

    Then, as long as bankruptcy judge Robert Drain (seriously? a bankruptcy judge named “Drain”?) approves, Sears will go on the auction block to give anyone else a chance to best Lampart’s offer. If no one does, Sears is his.

    Has anyone ever done the math to see if $120 million in cash could fit in a mattress? Since the largest US bill currently in circulation is $100, and a $100 bill is about .0043 thick, and it will take 1,200,000 of those bills for Lampart to satisfy Sears that he has enough skin in the game, I think that works out to 5,160 inches, or about 430 linear feet of C notes stacked. Lampert must sleep in a king sized bed.

    How many L-Boxxes would be required to carry that into the meeting this afternoon?

    #710246

    Doobie
    Pro
    Ajax, ON

    HD suddenly started selling the large appliances here too months before Lowes officially opened their first store here.

    Well don’t leave us in suspense. Who sales the most major appliances in Canada?

    No idea now. I can only guess, but I’d suspect it was Sears up until they went belly within the past few years they were around here til about a year and bit ago thru their bankruptcy.

    All so sad. I think about the poor workers. I knew a gal that worked at Eatons which was another venerable Canadian iconic retailer here for eons til they went under around the turn of the millennia. I worked with her and she relayed in our cozy friendship yik yaks how it was seemingly like a PTSD afterwards working there til the end thru the receivership.

    It’s like getting cancer but knowing it won’t outright kill you. You work your best for decades and suddenly thru no fault of your own, you’re told the whole thing is dying and you have to be there to work it thru. Assisted temporary suicide please! But that just doesn’t work.

    Meanwhile these hedge fund A-Holes like Lampert are just really strategizing how many more bucks they can squeeze out of the rock ignoring the blood-letting they are inflicting even further on the workers. “Hey A-Hole……You’re ‘Rocks’ are people ya know!”.

    I just get angry when I think of the workers and how they are the real victims, screw my mutual fund that has shares in these swan diving companies. What’s even worse is whatever company pensions the workers thought they were getting is usually turned to diddly. That’s the salt that never stops stinging and something the authorities should do to correct, but I understand why they don’t to some extent.

    It’s an evil set of circumstances. Pump bucks into a failing company and at the same time start eroding your ability to keep your company pension commitments whole. The ‘Hail Mary’ that can mean way more than the end of the game when it comes to the helpless employees. It just sucks in all respects being on a sinking ship.

    Screw the name, its bricks and mortars, and our childhood memories of what was an iconic brand. Think about the people who worked their hearts out to make it work. It kinda reminds me of war. The politicians who never pick up a gun, send in the troops to get slaughtered and too often knowingly do so to protect their political positions or worse, their ever so precious vanities. While I’m not certain you guys in the US have the sort of shareholder and debt holder priorities over those of pension holders of defuncting companies like we do here in Canada, I would think it’s maybe even more lopsided against the poor workers in the US than it is here just knowing how we tend to be more moderate in these kinds of things here in Canada than in the US but I could be wrong. Trump cards in bankruptcies like this with listing pension holders down the list after parasitic opportunistic lenders of last resort in a company’s dying death throw years are BS and should be circumvented somehow!

    Last I read last nite was that the judge was giving a reprieve of sorts so that Lampert could line up outside financing. I seriously doubt this is gonna happen. He’s just using this ploy somehow to delay something else that can work in his favor prolonging the agony on actual people that are really affected by all this. He’s a scumbag in my estimation so far, but guises himself as its only savior. Come on….he’s a Hedge Fund guy, what do you expect? He’s ‘shredding’ this company to the bone in my opinion like he is known to do.

    https://en.wikipedia.org/wiki/Eddie_Lampert#Career

    Kevin.

    Wannabee pro.

    #710255

    Miamicuse
    Pro
    Fort Lauderdale, Florida

    Is this where I should quote the GREED IS GOOD speech from Wall Street?

    #710338

    Doobie
    Pro
    Ajax, ON

    There’s a new offer on the table now from Lampert.

    https://www.theglobeandmail.com/business/international-business/us-business/article-sears-chairman-submits-new-5-billion-bid-to-save-retailer-from/

    https://www.cnbc.com/2019/01/09/eddie-lampert-reportedly-submits-revised-bid-of-roughly-5-billion-to-save-sears-from-liquidation.html

    I love how this offer offers $35M towards creditors but also allows him to be forgiven for any past assets that were sold prior to the bankruptcy and those same creditors coming after him.

    Kevin.

    Wannabee pro.

    #710340

    Miamicuse
    Pro
    Fort Lauderdale, Florida

    Does Sears own properties their stores sit on? I know that Kmart stores own a good portion of their lands, don’t know about Sears, if they are mostly in malls most likely not?

    #710341

    Miamicuse
    Pro
    Fort Lauderdale, Florida

    … is proof enough that (Lambert?) wrecked Sears years ago with the campaign “Come see the softer side of Sears”

    I remember that and from what I read back then they were hoping that would bring female customers into Sears.

    #710389

    kurt@welkerhomes.com
    Pro
    Owatonna, MN - Minnesota

    Does Sears own properties their stores sit on? I know that Kmart stores own a good portion of their lands, don’t know about Sears, if they are mostly in malls most likely not?

    I do not believe so. they were carved out a while back by Eddie Lampert see the attached link.

    http://www.wyattresearch.com/article/warren-buffett-sears-reit/

    They do own leases that may or may not be valuable. in a lot of cases, the right to occupy a property for a specific number of years at a specific cost can have value. But they do not own much actual real estate.

    As far as Kmart, having worked there, they own very little real estate also. properties they self developed were typically sold to an investor and leased back giving the investor a specific rate of return. This is very common in the retail industry.

    There’s a new offer on the table now from Lampert.

    https://www.theglobeandmail.com/business/international-business/us-business/article-sears-chairman-submits-new-5-billion-bid-to-save-retailer-from/

    https://www.cnbc.com/2019/01/09/eddie-lampert-reportedly-submits-revised-bid-of-roughly-5-billion-to-save-sears-from-liquidation.html

    I love how this offer offers $35M towards creditors but also allows him to be forgiven for any past assets that were sold prior to the bankruptcy and those same creditors coming after him.

    Eddie Loaned Sears a lot of money over the years and paid it back to himself. One of the ways he paid it back was selling assets such as Craftsman and using the proceeds of the sale to pay off the loans he had made.

    Specific dates of these transactions are important as is the date of filing bankruptcy. If there is enough time between the payments and the date sears filed bankruptcy, the bankruptcy court and creditors cannot “Claw Back” the payments as being preferential. While I suspect the dates work , I am sure eddie wants additional insurance that he will not have to defend himself in a lawsuit.

    #710410

    DirtyWhiteBoy
    Pro
    Honolulu,, Hi.

    It seems like a bad idea to buy a failing store.

    Dirty

    A Working Pro since 1988!

    Member since January 26, 2013.

    #710417

    kurt@welkerhomes.com
    Pro
    Owatonna, MN - Minnesota

    No one knows the company better than him as he has been running it for years. He is offering a little over 4 billion. I read the other day that the value of the inventory is figured at 3.5 billion. Add in some value of selling off leases and the value of the kenmore brand that Sears still owns and he probably figures there is still some value over and above the price he is paying.

    While he says he is going to keep 250 stores open, I would guess the long term objective is to liquidate and harvest any value that there is left in the company.

    Look for the kenmore brand to go on the block as soon as he gets the company out of bankruptcy, He may even have already made a deal to sell the brand as soon as he gets control of it. Sears sold the Craftsman brand for 900 million, I would guess Kenmore is worth significantly more.

    #710420

    CB
    Pro

    Lampart already had Kennmore on craigslist* last yeaar.

    (*or whatever the equivalent of CL is that investment bankers troll for deals)

    #710433

    Doobie
    Pro
    Ajax, ON

    I love how this offer offers $35M towards creditors but also allows him to be forgiven for any past assets that were sold prior to the bankruptcy and those same creditors coming after him.

    Eddie Loaned Sears a lot of money over the years and paid it back to himself. One of the ways he paid it back was selling assets such as Craftsman and using the proceeds of the sale to pay off the loans he had made.

    Specific dates of these transactions are important as is the date of filing bankruptcy. If there is enough time between the payments and the date sears filed bankruptcy, the bankruptcy court and creditors cannot “Claw Back” the payments as being preferential. While I suspect the dates work , I am sure eddie wants additional insurance that he will not have to defend himself in a lawsuit.

    If your bankruptcy laws are similar to here, anything within the past year sold off is re-coup-able by creditors. Stuff sold off within 5 years if proven to have been technically insolvent at the time of disposition/sale, is potentially re-coup-able by creditors as well. It’s up to the judge to decide these matters and sometimes it takes years to resolve those things.

    Kevin.

    Wannabee pro.

    #710456

    Miamicuse
    Pro
    Fort Lauderdale, Florida

    How about the Die Hard Battery brand, is that worth anything?

    #710457

    Sorpa
    Pro
    Pierrefonds, Qc

    Lampart already had Kennmore on craigslist* last yeaar.

    Another marketing brand backed up by nothing.

    #710569

    CB
    Pro

    How about the Die Hard Battery brand, is that worth anything?

    Is Bruce Willis still receiving royalty checks?

    .

    To me, not really. The value of Die Hard batteries in my trucks was intrinsically linked to the number and location of Sears centers, their days and hours of operation (nights and weekends), and the Sears battery warranty. Without those three customer service elements tied to the brand, the brand itself means nothing more than a once popular and over hyped fantasy flick.

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