Exclusive: Sears to ask bankruptcy judge for approval to liquidate - sources (1 Viewer)

[JacksinPA]

https://www.reuters.com/article/us-...r-approval-to-liquidate-sources-idUSKCN1P218J

NEW YORK (Reuters) - Sears Holdings Corp will ask a bankruptcy judge on Tuesday if it can proceed with liquidation after it could not reach an agreement on Chairman Edward Lampert’s $4.4 billion takeover bid, casting doubt on the survival of the 126-year-old U.S. department store chain, people familiar with the matter said.

Should Sears liquidate its assets, it would become one of the most high-profile victim in the wave of bankruptcies that has swept the retail sector in the last few years, as the popularity of online shopping exacerbates the fierce price competition facing brick-and-mortar stores.
=====================================================
Another victim of online shopping & one of my least favorite store chains over a minor credit card dispute years ago that affected by credit for over 10 years. Good riddance.

 

[Kal'Stang]

https://www.reuters.com/article/us-...r-approval-to-liquidate-sources-idUSKCN1P218J

NEW YORK (Reuters) - Sears Holdings Corp will ask a bankruptcy judge on Tuesday if it can proceed with liquidation after it could not reach an agreement on Chairman Edward Lampert’s $4.4 billion takeover bid, casting doubt on the survival of the 126-year-old U.S. department store chain, people familiar with the matter said.

Should Sears liquidate its assets, it would become one of the most high-profile victim in the wave of bankruptcies that has swept the retail sector in the last few years, as the popularity of online shopping exacerbates the fierce price competition facing brick-and-mortar stores.
=====================================================
Another victim of online shopping & one of my least favorite store chains over a minor credit card dispute years ago that affected by credit for over 10 years. Good riddance.

Hope you're for guaranteed income. Manufacturing jobs are either over seas or heading towards automation and retail stores going down the drain due to automation of sales through online shopping. Either way people will be out of work and unable to secure the more high tech or specialized jobs due to schooling being too expensive or simply too old to change.

 

[JacksinPA]

Hope you're for guaranteed income. Manufacturing jobs are either over seas or heading towards automation and retail stores going down the drain due to automation of sales through online shopping. Either way people will be out of work and unable to secure the more high tech or specialized jobs due to schooling being too expensive or simply too old to change.

This is just the start of what is going to happen worldwide when the self-driving vehicles put tens of millions out of work & Amazon dominates the retail sector of the economy & AI robots put more millions out of work. The only constant in life is change & we are unprepared for what is coming very soon.

 

[ElChupacabra]

https://www.reuters.com/article/us-...r-approval-to-liquidate-sources-idUSKCN1P218J

NEW YORK (Reuters) - Sears Holdings Corp will ask a bankruptcy judge on Tuesday if it can proceed with liquidation after it could not reach an agreement on Chairman Edward Lampert’s $4.4 billion takeover bid, casting doubt on the survival of the 126-year-old U.S. department store chain, people familiar with the matter said.

Should Sears liquidate its assets, it would become one of the most high-profile victim in the wave of bankruptcies that has swept the retail sector in the last few years, as the popularity of online shopping exacerbates the fierce price competition facing brick-and-mortar stores.
=====================================================
Another victim of online shopping & one of my least favorite store chains over a minor credit card dispute years ago that affected by credit for over 10 years. Good riddance.

It's an Amazon world. Don't be surprised if brick and mortar Amazon retail big box stores pop up as they have for the decimated book stores.

 

[tres borrachos]

https://www.reuters.com/article/us-...r-approval-to-liquidate-sources-idUSKCN1P218J

NEW YORK (Reuters) - Sears Holdings Corp will ask a bankruptcy judge on Tuesday if it can proceed with liquidation after it could not reach an agreement on Chairman Edward Lampert’s $4.4 billion takeover bid, casting doubt on the survival of the 126-year-old U.S. department store chain, people familiar with the matter said.

Should Sears liquidate its assets, it would become one of the most high-profile victim in the wave of bankruptcies that has swept the retail sector in the last few years, as the popularity of online shopping exacerbates the fierce price competition facing brick-and-mortar stores.
=====================================================
Another victim of online shopping & one of my least favorite store chains over a minor credit card dispute years ago that affected by credit for over 10 years. Good riddance.

It's absolutely impossible for me to cheer the death of a very old American company.

 

[SDET]

https://www.reuters.com/article/us-...r-approval-to-liquidate-sources-idUSKCN1P218J

NEW YORK (Reuters) - Sears Holdings Corp will ask a bankruptcy judge on Tuesday if it can proceed with liquidation after it could not reach an agreement on Chairman Edward Lampert’s $4.4 billion takeover bid, casting doubt on the survival of the 126-year-old U.S. department store chain, people familiar with the matter said.

Should Sears liquidate its assets, it would become one of the most high-profile victim in the wave of bankruptcies that has swept the retail sector in the last few years, as the popularity of online shopping exacerbates the fierce price competition facing brick-and-mortar stores.
=====================================================
Another victim of online shopping & one of my least favorite store chains over a minor credit card dispute years ago that affected by credit for over 10 years. Good riddance.

That means that you don't understand credit. Derogatory entries that don't involve bankruptcy are supposed to disappear after 7 years. Even if they don't, entries from more that seven years ago will come off if you request that they be removed.

 

[roughdraft274]

https://www.reuters.com/article/us-...r-approval-to-liquidate-sources-idUSKCN1P218J

NEW YORK (Reuters) - Sears Holdings Corp will ask a bankruptcy judge on Tuesday if it can proceed with liquidation after it could not reach an agreement on Chairman Edward Lampert’s $4.4 billion takeover bid, casting doubt on the survival of the 126-year-old U.S. department store chain, people familiar with the matter said.

Should Sears liquidate its assets, it would become one of the most high-profile victim in the wave of bankruptcies that has swept the retail sector in the last few years, as the popularity of online shopping exacerbates the fierce price competition facing brick-and-mortar stores.
=====================================================
Another victim of online shopping & one of my least favorite store chains over a minor credit card dispute years ago that affected by credit for over 10 years. Good riddance.

Retail as a whole has a big problem coming at them, but so far the places that have went out of business or bankrupt were very lousy stores to begin with. Sears is a laughing stock. Their tools and equipment is the same quality as walmart now. They lack anything even remotely stylish in the clothing section. ToysRus was selling stuff you could get cheaper elsewhere and forced you to use coupons if you didn't want to over pay etc.

I won't miss sears one bit. They were horribly run and spent all of their money on stock buy backs instead of investing into store upgrades, store revamps, better merchandise selection and better online presence. They were more worried about investors than customers.

 

[Taylor]

Another victim of online shopping & one of my least favorite store chains over a minor credit card dispute years ago that affected by credit for over 10 years. Good riddance.

They stopped being a customer-focused store many years ago. Where others were saying "the customer is always right" they were saying "I just work here, sorry." I think that had as much as anything to do with their decline.

I stopped shopping there forever when they refused to accept a reconditioned appliance for return after the sales guy swore up, down, and sideways that I would be able to do so if I brought it home and it did not work.

Good riddance. The real Sears died a long time ago.

 

[Xelor]

I stopped caring much about Sears ages ago, and by 2007 I was fully "over" Sears, mainly because at that time, they offered nothing I wanted to buy. Hell, they couldn't even service my cars, not even to put on new tires, after that point.

 

[SenorXm/Sirius]

I was never a fan of Sears. I hardly ever shopped there. That said I knew some people who worked there years ago, and they loved it. The company took good care of them, good pay, good pension, every single one of them liked working there. Unfortunately because of Sears ongoing financial woes that has changed over the last 10 years of so.

So while I was never a fan of Sears I am sad it's filing for bankruptcy, and even if it survives many more people will lose their jobs.

 

[JacksinPA]

It's absolutely impossible for me to cheer the death of a very old American company.

You're being overly sentimental. This is now officially the 21st century & all bets on the future are off.

I knew Sears' number was up when they sold off their signature tool brand, Craftsman.

 

[Perotista]

https://www.reuters.com/article/us-...r-approval-to-liquidate-sources-idUSKCN1P218J

NEW YORK (Reuters) - Sears Holdings Corp will ask a bankruptcy judge on Tuesday if it can proceed with liquidation after it could not reach an agreement on Chairman Edward Lampert’s $4.4 billion takeover bid, casting doubt on the survival of the 126-year-old U.S. department store chain, people familiar with the matter said.

Should Sears liquidate its assets, it would become one of the most high-profile victim in the wave of bankruptcies that has swept the retail sector in the last few years, as the popularity of online shopping exacerbates the fierce price competition facing brick-and-mortar stores.
=====================================================
Another victim of online shopping & one of my least favorite store chains over a minor credit card dispute years ago that affected by credit for over 10 years. Good riddance.

The one beautiful thing about one-line shopping, no crowds and no have to wait an hour in line to check as quite a lot of stores these days just open up a couple of registers.

 

[JacksinPA]

That means that you don't understand credit. Derogatory entries that don't involve bankruptcy are supposed to disappear after 7 years. Even if they don't, entries from more that seven years ago will come off if you request that they be removed.

Applying for a mortgage (which we got) well after 10 years they were still asking me about that credit card balance (under $100).

 

[upsideguy]

This is just the start of what is going to happen worldwide when the self-driving vehicles put tens of millions out of work & Amazon dominates the retail sector of the economy & AI robots put more millions out of work. The only constant in life is change & we are unprepared for what is coming very soon.

Yes, the constant evolution of business in a free enterprise system is both exciting and horrible to watch.

One irony here is that Sears was the 20th century Amazon, having revolutionized retail by opening up big city retail to small town America, giving any consumer with a mailbox and a phone access to any product, with the product conveniently delivered to the home. Its a pity they failed to identify and capitalize on the Internet wave, which simply replaced the phone and catalog.

Actually, this is Kmart that is going bankrupt as they acquired Sears in 2005.

Unfortunately, our economy focuses on next quarter earnings which tends to impede innovation risk. As firmly entrenched companies are inhibited from trying new things for fear of failure, they stop innovating. Someone else innovates and drives them out of business.

Case in point, why didn't any passenger railroads successful embrace air travel *?


* - actually two did: Chicago and Southern started an airline that became part of Delta and the Boston and Maine railroad started Northeast Airlines, which also became a part of Delta.

 

[JacksinPA]

Yes, the constant evolution of business in a free enterprise system is both exciting and horrible to watch.

One irony here is that Sears was the 20th century Amazon, having revolutionized retail by opening up big city retail to small town America, giving any consumer with a mailbox and a phone access to any product, with the product conveniently delivered to the home. Its a pity they failed to identify and capitalize on the Internet wave, which simply replaced the phone and catalog.

Actually, this is Kmart that is going bankrupt as they acquired Sears in 2005.

Unfortunately, our economy focuses on next quarter earnings which tends to impede innovation risk. As firmly entrenched companies are inhibited from trying new things for fear of failure, they stop innovating. Someone else innovates and drives them out of business.

Case in point, why didn't any passenger railroads successful embrace air travel *?


* - actually two did: Chicago and Southern started an airline that became part of Delta and the Boston and Maine railroad started Northeast Airlines, which also became a part of Delta.

The automobile started the decline of the passenger railroads in about the 1920s. They struggled through WWII because of wartime demand but most were gone by the 1970s, replaced in major metropolitan areas by commuter railroads.

Amtrak is a joke when you compare it to European & Japanese railroads as I have.

 

[upsideguy]

The automobile started the decline of the passenger railroads in about the 1920s. They struggled through WWII because of wartime demand but most were gone by the 1970s, replaced in major metropolitan areas by commuter railroads.

Amtrak is a joke when you compare it to European & Japanese railroads as I have.

I agree on Amtrak.... though in some markets, the NE corridor and its Empire Service, it does a decent job. It is a national disgrace vis a vis the systems of Europe and Japan (I have been on both as well).

What Trump should be doing right now is declaring a national emergency* on US infrastructure and getting something done there. In that department, the US is a 2nd world country.

* - not actually advocating Trump abuse his emergency powers here rather than at the wall, only pointing out infrastructure is a real problem requiring real attention.

 

[dcsports]

Yes, the constant evolution of business in a free enterprise system is both exciting and horrible to watch.

One irony here is that Sears was the 20th century Amazon, having revolutionized retail by opening up big city retail to small town America, giving any consumer with a mailbox and a phone access to any product, with the product conveniently delivered to the home. Its a pity they failed to identify and capitalize on the Internet wave, which simply replaced the phone and catalog.

Actually, this is Kmart that is going bankrupt as they acquired Sears in 2005.

Unfortunately, our economy focuses on next quarter earnings which tends to impede innovation risk. As firmly entrenched companies are inhibited from trying new things for fear of failure, they stop innovating. Someone else innovates and drives them out of business.

Case in point, why didn't any passenger railroads successful embrace air travel *?


* - actually two did: Chicago and Southern started an airline that became part of Delta and the Boston and Maine railroad started Northeast Airlines, which also became a part of Delta.

I had that same thought. Sears was amazingly innovative, at it's time. It then lost that. Amazon not only moved the products online, but changed into a distribution company rather than simply a store.

Sears made a lot of missteps, but a big one actually preceded the internet boom. In the 80's and 90's they shifted focus to become a finance company. The stores were just a means to sell the product, but their profits came from sears credit cards and other financial services. Everyone had a Sears Credit card. That worked while they were big, but they linked the lines of business. As they failed to compete and gave up market share from their stores, it impacted their credit card profits.

They've been on life support for decades.

 

[SDET]

I agree on Amtrak.... though in some markets, the NE corridor and its Empire Service, it does a decent job. It is a national disgrace vis a vis the systems of Europe and Japan (I have been on both as well).

What Trump should be doing right now is declaring a national emergency* on US infrastructure and getting something done there. In that department, the US is a 2nd world country.

* - not actually advocating Trump abuse his emergency powers here rather than at the wall, only pointing out infrastructure is a real problem requiring real attention.

Second world means Communist bloc.

 

[upsideguy]

Second world means Communist bloc.

You are correct. However, in this case 2nd world is meant to drive home the point that we operate at standards less than prosperous 1st world countries, which we do in so many respects including infrastructure, education and healthcare.

 

[AlbqOwl]

https://www.reuters.com/article/us-...r-approval-to-liquidate-sources-idUSKCN1P218J

NEW YORK (Reuters) - Sears Holdings Corp will ask a bankruptcy judge on Tuesday if it can proceed with liquidation after it could not reach an agreement on Chairman Edward Lampert’s $4.4 billion takeover bid, casting doubt on the survival of the 126-year-old U.S. department store chain, people familiar with the matter said.

Should Sears liquidate its assets, it would become one of the most high-profile victim in the wave of bankruptcies that has swept the retail sector in the last few years, as the popularity of online shopping exacerbates the fierce price competition facing brick-and-mortar stores.
=====================================================
Another victim of online shopping & one of my least favorite store chains over a minor credit card dispute years ago that affected by credit for over 10 years. Good riddance.

Those stores that were astute enough to follow marketing trends and adjust to accommodate the on line shopper along with the in store shopper are prospering just fine. Sears didn't do that despite having an excellent product line and therefore lost most of their market share. As you noted, rigid customer-unfriendly policies didn't help and instead of improving customer service and making themselves more market friendly, their customer service declined to the point I hated shopping there. Sears did in Sears. They can't blame anybody but themselves.

 

[justabubba]

i live in a community where about 20% of the current homes were sold by sears as kits in the early 1900's
as a kid sears was THE retail destination for Mom only because they issued her a sears revolving credit card
and by the 70's the company had matured - not in a good way - no innovation to be found
kicked sears' ass in small claims court in '95 and have not entered one of their facilities since. with my documentation it was such an obvious decision that it required the magistrate a mere nanosecond to make his ruling
capitalism; grow or die. die mother****er

























^ 24 years worth of accumulated spleen. now vented

 

[Rexedgar]

To the OP; SEARS declined my request for a credit card in the mid-seventies. I was recently discharged from the service and I never rally forgot. Sears hardware/tool departments used to be staffed by ex-contractors and you could always get help.The last time I was in one of their stores, I had to hunt down someone to checkout.

Aside: How large was ATT/Bell and what were the reasons given for the break-up of Ma Bell. Early eighties, I think.

 

[Lord Tammerlain]

In November 2006, speculation rolled around as The Chicago Sun Times reported that Sears may buy Safeway, Home Depot, Gap, BJ's Wholesale Club, Radio Shack, Pep Boys, and Anheuser-Busch.[8] The Washington Post, in a March 11, 2007, article, described the current Sears as a hedge fund with money being diverted from the maintenance and improvement of stores to non-retail financial investments. A former executive was quoted as saying the company faced an "uncertain future". Surprisingly, a third of pre-tax income in the third quarter of 2006, according to The Washington Post, was due to financial trades and not the retail business. However, these investments performed poorly in the fourth quarter.[9]

In 2007, the company placed its three major brands in KCD IP, a "separate, wholly owned, bankruptcy-remote subsidiary". KCD stands for the three brands: Kenmore, Craftsman, and DieHard. KCD IP then issued $1.8 billion in bonds that were sold to Sears' insurance subsidiary based in Bermuda. Sears would thus pay KCD for use of the three brands' trademarks.[10]

On December 14, 2007, the company submitted a draft merger agreement to buy Restoration Hardware for $6.75 a share. Sears already owned 13.7 percent of the company.[11] That offer was withdrawn after Restoration's shares tumbled and a competing bid from private equity firm Catterton Partners was lowered to $4.50 per share. On February 28, Sears Holdings made an offer of $4.55 a share.

In June 2008, Sears launched Servicelive.com, which was intended to connect Sears customers with local contractors for home improvement projects. The site charges 10 percent of the contract price for each completed service, and offers more than 40,000 contractors. Servicelive.com was redesigned in March 2010.[12] In 2010, Dennis Stemmle was appointed president of the division.[citation needed]

https://en.wikipedia.org/wiki/Sears_Holdings#2004–2005:_Formation

Sears Holding was in trouble long before online shopping became a real thing. Walmart, Target and other stores took the low to mid consumer away from it. The rest of the company was eaten alive by Lampert through special dividends

 

[Lord Tammerlain]

To the OP; SEARS declined my request for a credit card in the mid-seventies. I was recently discharged from the service and I never rally forgot. Sears hardware/tool departments used to be staffed by ex-contractors and you could always get help.The last time I was in one of their stores, I had to hunt down someone to checkout.

Aside: How large was ATT/Bell and what were the reasons given for the break-up of Ma Bell. Early eighties, I think.

AT&T controlled the if I recall correctly the long distance and local telephone services, along with owning the supplier for telecom equipment. So an absolute monopoly on telephone service in the US

 

[upsideguy]

https://en.wikipedia.org/wiki/Sears_Holdings#2004–2005:_Formation

Sears Holding was in trouble long before online shopping became a real thing. Walmart, Target and other stores took the low to mid consumer away from it. The rest of the company was eaten alive by Lampert through special dividends

That is typical of private equity.... they buy their companies by mortgaging them, fee the deal up and if the underlying business does not appreciate to service the debt, they crater it and walk away. Private equity, typically, is NOT what is right with America.