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From United Press International
Nov. 24 (UPI) -- Sears, which filed for Chapter 11 bankruptcy last month, has listed 505 stores it hopes to sell to a new owner in an effort to stop them from closing.
The bankrupt retailer identified the stores that it plans to sell in a bankruptcy court filing Wednesday.
Though it is searching for new owner to keep these stores open, Sears hasn't ruled out liquidation, the Chicago Sun-Times reported.
The company received court approval a week ago to sell its best-performing stores after receiving previous approval to start closing sales at 142 unprofitable stores, the Chicago Tribune reported.
COMMENT:-
Bankrupt Sears hopes to sell over 500 stores
Nov. 24 (UPI) -- Sears, which filed for Chapter 11 bankruptcy last month, has listed 505 stores it hopes to sell to a new owner in an effort to stop them from closing.
The bankrupt retailer identified the stores that it plans to sell in a bankruptcy court filing Wednesday.
Though it is searching for new owner to keep these stores open, Sears hasn't ruled out liquidation, the Chicago Sun-Times reported.
The company received court approval a week ago to sell its best-performing stores after receiving previous approval to start closing sales at 142 unprofitable stores, the Chicago Tribune reported.
COMMENT:-
- Sears is trying to sell 505 of 506 stores. That's 99.8% of its retail operations. (To put that in perspective, that's like a store that currently operates 24/7/52 saying it is not "closing" when it changes its opening time to 17.5 minutes per year.) BUT, Sears says it is not "closing" and needs to pay out huge bonuses to its top management in order to "retain top quality personnel". Something about that doesn't sound quite right to me.
- Think about this. For years Sears operated a "mail order" marketing program. This was before the Internet and so it wasn't possible to do "on-line marketing". Can anyone tell me what the essential difference is between "mail order" and (effectively) "e-Mail order"? However Sears needs to pay out huge bonuses to its top management in order to "retain top quality personnel". Those are the same "top quality personnel" who sort of missed the opportunity to transition from "mail order" to "e-Mail order". Somehow describing those people as "top quality personnel" doesn't sound quite right to me.
