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.
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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.
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.
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.
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.
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.
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.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.
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.
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.
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.
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 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.
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.
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]
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.
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
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