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Sears liquidation looms after $4.4bn takeover deal faulters

JacksinPA

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https://www.theguardian.com/busines...quidation-takeover-deal-bankruptcy-protection

Assets to go up for auction on 14 January after bankruptcy judge gives financier Edward Lampert more time to improve offer

Sears, once the world’s largest retailer, appears to be heading into liquidation after failing to reach a $4.4bn takeover deal with the financier Edward Lampert.

The 126-year-old company has been struggling for years and filed for bankruptcy protection in October. The failure to strike a deal to stave off collapse will make it the most high-profile victim in the apocalyptic wave of bankruptcies sweeping over the US bricks-and-mortar retail sector.

=====================================================
Sears gas come a long way (down) since as a kid we used to look forward to getting their huge catalogs in the mail each year. They used to sell pre-fab house kits via mail order. I have a repro 19th century catalog as a keepsake.
 

phattonez

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They used to sell pre-fab house kits via mail order. I have a repro 19th century catalog as a keepsake.

Like this?

image


Including all labor, this could have been built for $1500. That's $32,000 today.

Those old Sears catalogs are fascinating just for this reason!
 

Hawkeye10

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https://www.theguardian.com/busines...quidation-takeover-deal-bankruptcy-protection

Assets to go up for auction on 14 January after bankruptcy judge gives financier Edward Lampert more time to improve offer

Sears, once the world’s largest retailer, appears to be heading into liquidation after failing to reach a $4.4bn takeover deal with the financier Edward Lampert.

The 126-year-old company has been struggling for years and filed for bankruptcy protection in October. The failure to strike a deal to stave off collapse will make it the most high-profile victim in the apocalyptic wave of bankruptcies sweeping over the US bricks-and-mortar retail sector.

=====================================================
Sears gas come a long way (down) since as a kid we used to look forward to getting their huge catalogs in the mail each year. They used to sell pre-fab house kits via mail order. I have a repro 19th century catalog as a keepsake.

Let's hope that they are finally dead, there is zero point to allowing them any more time.
 

beefheart

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Eh, I am going to keep shopping at Montgomery Wards
 

Hawkeye10

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I never cared that much for Sears but KMart was fantastic at one point. Rockford had a huge Kmart early on East State Street that was close to my house, my mom was there a lot.....more after the Montgomery Wards across the street died in their bankruptcy.

But these guys were Dead Man Walking five years ago, clearly, though few could be found in America wise enough and honest enough to say so.

It has to be over.
 

Helix

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sorry to see the decline of Sears. i'm wondering what will happen to the Kmart in my hometown. if they close it, i wouldn't be surprised if someone buys it and reopens it. that's what happened after a private equity firm looted our local grocery store chain until it died.
 

DaveFagan

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sorry to see the decline of Sears. i'm wondering what will happen to the Kmart in my hometown. if they close it, i wouldn't be surprised if someone buys it and reopens it. that's what happened after a private equity firm looted our local grocery store chain until it died.

Hedge funds have been ripping off retirement funds repeatedly and getting away with it. I'm wondering how the Sears retirement funds are doing? Are they protected? Are they vulnerable? How about KMart?
/
 

Helix

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Hedge funds have been ripping off retirement funds repeatedly and getting away with it. I'm wondering how the Sears retirement funds are doing? Are they protected? Are they vulnerable? How about KMart?
/

my guess is that retirees will suffer if the company fails. that sucks.
 

Bum

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Eh, I am going to keep shopping at Montgomery Wards

Sadly, 4 years ago I replaced the furnace in my old home....it still had the Montgomery Wards sticker on it. :neutral:
 

beefheart

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Sadly, 4 years ago I replaced the furnace in my old home....it still had the Montgomery Wards sticker on it. :neutral:

In High School, I worked at the Monkey Ward's auto center across the street, crappy job, I quit when they wanted me to wear nice dress shirts...and haul up cases of leaky motor oil (back in the day, they were in the paper cans). But.....something amazing happened since then, the place became a Sears auto center, and of course Sears closed and this big auto center with the sales room and the 10 bay garage on both sides went empty, till a few months ago. Now it is a beautiful ale house back in the service area with indoor and outdoor seating and all those nice garage doors that open and close. They always have 32 different micro brewed beers on tap, and they change out when the keg runs out. And the sales area where I worked is now a chi-chi cocktail lounge. I love to revisit it and walk the owner through what used to be there...
 

EnigmaO01

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Like this?

image


Including all labor, this could have been built for $1500. That's $32,000 today.

Those old Sears catalogs are fascinating just for this reason!

The pages also worked great as toilet paper in the outhouses. You had to crumble and rub the pages together to soften them up a little.
 

Bum

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In High School, I worked at the Monkey Ward's auto center across the street, crappy job, I quit when they wanted me to wear nice dress shirts...and haul up cases of leaky motor oil (back in the day, they were in the paper cans). But.....something amazing happened since then, the place became a Sears auto center, and of course Sears closed and this big auto center with the sales room and the 10 bay garage on both sides went empty, till a few months ago. Now it is a beautiful ale house back in the service area with indoor and outdoor seating and all those nice garage doors that open and close. They always have 32 different micro brewed beers on tap, and they change out when the keg runs out. And the sales area where I worked is now a chi-chi cocktail lounge. I love to revisit it and walk the owner through what used to be there...

I am so glad to see buildings repurposed and used again; unfortunately, many buildings are torn down and cheap ugly condos tossed up in thier place.

We used to live near an OLD brewery....built in the late 1800's, it closed down, but rather than level it, they modified it and converted it to loft style apts.

They got this....

Schmidt_E_H_018-1-400x400.jpg

From this...

8817b14a-b28c-4b42-afae-5b2a0353bb8e.jpg
 

Hicup

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What's happening to Sears is the future for Malls in America. The government should have seen this coming years ago, not sure why they didn't everyone else did. Target, KMart, all the big retailers are going down, unless they can find a way to differentiate themselves from cheaper Chinese Amazon products!


Tim-
 

UtahBill

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When stores like KMart, Wards, Sears, etc. started letting maintenance and cleanliness employees go, it was just a matter of time....
 

Saladin4

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I am so glad to see buildings repurposed and used again; unfortunately, many buildings are torn down and cheap ugly condos tossed up in thier place.

We used to live near an OLD brewery....built in the late 1800's, it closed down, but rather than level it, they modified it and converted it to loft style apts.

They got this....

View attachment 67247744

From this...

View attachment 67247745

Thats awesome
 

danarhea

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sorry to see the decline of Sears. i'm wondering what will happen to the Kmart in my hometown. if they close it, i wouldn't be surprised if someone buys it and reopens it. that's what happened after a private equity firm looted our local grocery store chain until it died.

Watch for someone to buy the name. That's what happened with Mongomery Wards. A company bought that name, and mails out catalogs to people with bad credit, offering crappy merchandise.
 

Hari Seldon

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https://www.theguardian.com/busines...quidation-takeover-deal-bankruptcy-protection

Assets to go up for auction on 14 January after bankruptcy judge gives financier Edward Lampert more time to improve offer

Sears, once the world’s largest retailer, appears to be heading into liquidation after failing to reach a $4.4bn takeover deal with the financier Edward Lampert.

The 126-year-old company has been struggling for years and filed for bankruptcy protection in October. The failure to strike a deal to stave off collapse will make it the most high-profile victim in the apocalyptic wave of bankruptcies sweeping over the US bricks-and-mortar retail sector.

=====================================================
Sears gas come a long way (down) since as a kid we used to look forward to getting their huge catalogs in the mail each year. They used to sell pre-fab house kits via mail order. I have a repro 19th century catalog as a keepsake.

I used to have my car serviced there as well as purchasing major appliances. I bought a jennaire electric stove top. Seems you can't fix my model and I spent close a thousand for it. Never again.
 

Helix

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Watch for someone to buy the name. That's what happened with Mongomery Wards. A company bought that name, and mails out catalogs to people with bad credit, offering crappy merchandise.

that kind of sucks. i hate to see a brand degraded like that. with our local grocery chain, it's still the same stuff with a different store name. i think that it's one of the few locations that actually remained a grocery store. they gutted most of the rest of them and sold the shelves and refrigerators.
 

radioman

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I am so glad to see buildings repurposed and used again; unfortunately, many buildings are torn down and cheap ugly condos tossed up in thier place.

We used to live near an OLD brewery....built in the late 1800's, it closed down, but rather than level it, they modified it and converted it to loft style apts.

They got this....

View attachment 67247744

From this...

View attachment 67247745

Always great to see these old buildings repurposed rather than demo'd.
I think the loss of NY's original Penn Station in the 60's woke people up.
 

jimbo

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https://www.theguardian.com/busines...quidation-takeover-deal-bankruptcy-protection

Assets to go up for auction on 14 January after bankruptcy judge gives financier Edward Lampert more time to improve offer

Sears, once the world’s largest retailer, appears to be heading into liquidation after failing to reach a $4.4bn takeover deal with the financier Edward Lampert.

The 126-year-old company has been struggling for years and filed for bankruptcy protection in October. The failure to strike a deal to stave off collapse will make it the most high-profile victim in the apocalyptic wave of bankruptcies sweeping over the US bricks-and-mortar retail sector.

=====================================================
Sears gas come a long way (down) since as a kid we used to look forward to getting their huge catalogs in the mail each year. They used to sell pre-fab house kits via mail order. I have a repro 19th century catalog as a keepsake.

Sears homes have become somewhat of a cult item in some locations. I've appraised a few of them, and they generally bring a small premium. You can identify them by looking for stamped numbers on the rafters and joists.
 

radioman

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What's happening to Sears is the future for Malls in America.
The malls have been doomed for decades.....DeadMalls.com: Stories

The government should have seen this coming years ago, not sure why they didn't everyone else did.
Not sure what the gov't could have done about the decline.:shrug:

Target, KMart, all the big retailers are going down, unless they can find a way to differentiate themselves from cheaper Chinese Amazon products!
You forgot JC Penney. Most retailers sell the same stuff Amazon sells, but they can't match Amazon's prices.
Sad to see these iconic retailers go under.....end of an era.:(
 

jimbo

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Watch for someone to buy the name. That's what happened with Mongomery Wards. A company bought that name, and mails out catalogs to people with bad credit, offering crappy merchandise.

To stay afloat, Sears sold Craftsman. That was most of the name.
 

joko104

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This immediately follows after the bankruptcy court approved $25,000,000.00 in bonuses to the executives for doing a great job - while stiffing creditors. Outrageous!
 

WillyPete

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This immediately follows after the bankruptcy court approved $25,000,000.00 in bonuses to the executives for doing a great job - while stiffing creditors. Outrageous!

They call that the Donald Trump Special.
 
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