Brought to you in part by:
Thirteen Years!

...

Nineteen Years!
.

Click here to see a list of our Supporters.
  • If this is your first visit, be sure to check out the FAQ by clicking the link above. You may have to register before you can post: click the register link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below.

Announcement

Collapse
No announcement yet.

Final days of Sears?

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Final days of Sears?

    There is talk in the financial community that Sears may not last past this weekend, when a huge credit payment is due on Monday and they just don’t have available cash to make it, which will immediately trigger them into bankruptcy. If this does happen, most likely the first thing to be done is to freeze all available assets, so things like store credit, or balances on gift cards will most likely not be honored. If you have any of these things you would be wise to redeem them ASAP. A firm has already been hired to execute the bankruptcy process.

    '70 Mach 1 - '72 Sprint - '94 F-150 XL -'97 E-150 - '18 Edge SEL AWD

    My Mach's restoration progress
    My Sprint's restoration progress
    ”Mercy for the guilty is cruelty to the innocent.” ~ Adam Smith

  • #2
    You could see this coming way back. The CEO is also the largest stockholder, and he’s wanting to get ownership as cheap as possible. I think it’s going to backfire on him though, he has done destroyed the reputation of Sears, and it will be hard if not impossible to recover it. I figure it will be broken up and sold in a fire sale for pennies on the dollar.
    ----1999 F150 XLT Lariat Super Cab 4X4 5.4----
    -----1947 Lincoln Zephyr Coupe 5.0-----
    -----2005 Expedition Eddie Bauer 5.4----
    " Sometimes you fix the car, sometimes the car fixes you" Steve L.

    "Do not let anyone tell you it cannot be done. No challenge can match the heart and fight and spirit of America". President Donald J. Trump

    Comment


    • #3
      It’s worse than that. They no longer have any substantial assets. All that will be left is a hole in the ground. CEO Eddie Lampert has milked it for all it’s worth. For at least two years people have wondered how it could continue getting credit. This is actually very long overdue.
      '70 Mach 1 - '72 Sprint - '94 F-150 XL -'97 E-150 - '18 Edge SEL AWD

      My Mach's restoration progress
      My Sprint's restoration progress
      ”Mercy for the guilty is cruelty to the innocent.” ~ Adam Smith

      Comment


      • #4
        As bad as their tools have gotten in recent years, this really sucks. A lot of great memories heading into Sears to wonder thru the tool isle.
        1965 Poppy Red Three Peddle Gear Banger
        347 Stock Block Pump Gas Street/Strip 10.44 @ 125.97 Old Combo
        363 Dart Block Pump Gas Street/Strip - 10.11 @ 133.17 so far

        2005 Torch Red Topless Three Peddle 12 valve Monster
        244 Stock Block Pump Gas Street /Street Much Slower


        Current CI Count - 104

        Comment


        • #5
          Originally posted by SteveLaRiviere View Post
          It’s worse than that. They no longer have any substantial assets. All that will be left is a hole in the ground. CEO Eddie Lampert has milked it for all it’s worth. For at least two years people have wondered how it could continue getting credit. This is actually very long overdue.
          True, but they have property everywhere that has value. I would imagine some of that property is pretty valuable in desirable locations. Some of it though is now in slum neighborhoods. I read yesterday the stock was trading for $0.59. Sounds like everybody has lost faith and interest in them.
          ----1999 F150 XLT Lariat Super Cab 4X4 5.4----
          -----1947 Lincoln Zephyr Coupe 5.0-----
          -----2005 Expedition Eddie Bauer 5.4----
          " Sometimes you fix the car, sometimes the car fixes you" Steve L.

          "Do not let anyone tell you it cannot be done. No challenge can match the heart and fight and spirit of America". President Donald J. Trump

          Comment


          • #6
            They sold and leased back most of their properties years ago. The remaining ones have been neglected so bad that they are virtually worthless. Check out their balance sheets, they have empty wells, hence the move to go bankrupt. This has been a long running trainwreck.
            '70 Mach 1 - '72 Sprint - '94 F-150 XL -'97 E-150 - '18 Edge SEL AWD

            My Mach's restoration progress
            My Sprint's restoration progress
            ”Mercy for the guilty is cruelty to the innocent.” ~ Adam Smith

            Comment


            • #7
              Here’s a quick snapshot of their balance sheets. Note first of all how small a business this company is even though it’s still a nationwide, if not international organization. Secondly, you see they owe more than four million dollars than all the remaining assets they still have left, and that doesn’t even include the cost of the upcoming bankruptcy procedures. They are more dead than a zombie already.

              https://finance.yahoo.com/quote/SHLD...e-sheet?p=SHLD
              '70 Mach 1 - '72 Sprint - '94 F-150 XL -'97 E-150 - '18 Edge SEL AWD

              My Mach's restoration progress
              My Sprint's restoration progress
              ”Mercy for the guilty is cruelty to the innocent.” ~ Adam Smith

              Comment


              • #8
                There are individual car dealerships that have more assets than this formerly huge company.
                '70 Mach 1 - '72 Sprint - '94 F-150 XL -'97 E-150 - '18 Edge SEL AWD

                My Mach's restoration progress
                My Sprint's restoration progress
                ”Mercy for the guilty is cruelty to the innocent.” ~ Adam Smith

                Comment


                • #9
                  I didn't know they had sold the properties already. I agree, I don't see how they are even open with numbers like that. Other than current stock, what do they have of value? The name is tarnished now, so that isn't worth much. Stock in a worthless company is worthless. There's not enough meat on the bones left to pay the lawyers to go bankrupt!
                  ----1999 F150 XLT Lariat Super Cab 4X4 5.4----
                  -----1947 Lincoln Zephyr Coupe 5.0-----
                  -----2005 Expedition Eddie Bauer 5.4----
                  " Sometimes you fix the car, sometimes the car fixes you" Steve L.

                  "Do not let anyone tell you it cannot be done. No challenge can match the heart and fight and spirit of America". President Donald J. Trump

                  Comment


                  • #10
                    We went to our local mall Sears store yesterday hoping to see close out prices, but there were none. Lots of empty shelves, though. They sure aren’t replacing sold stock, that’s for sure. It was roomier there since I remember it opening in the early seventies. Today they officially filed for chapter 11 and will try to reorganize.
                    '70 Mach 1 - '72 Sprint - '94 F-150 XL -'97 E-150 - '18 Edge SEL AWD

                    My Mach's restoration progress
                    My Sprint's restoration progress
                    ”Mercy for the guilty is cruelty to the innocent.” ~ Adam Smith

                    Comment


                    • #11
                      Heard on the news that CEO Lambert resigned,too.
                      ----1999 F150 XLT Lariat Super Cab 4X4 5.4----
                      -----1947 Lincoln Zephyr Coupe 5.0-----
                      -----2005 Expedition Eddie Bauer 5.4----
                      " Sometimes you fix the car, sometimes the car fixes you" Steve L.

                      "Do not let anyone tell you it cannot be done. No challenge can match the heart and fight and spirit of America". President Donald J. Trump

                      Comment


                      • #12
                        Here’s a link to see if your local Sears or KMart will be closing soon: https://www.foxbusiness.com/retail/s...mpression=true
                        '70 Mach 1 - '72 Sprint - '94 F-150 XL -'97 E-150 - '18 Edge SEL AWD

                        My Mach's restoration progress
                        My Sprint's restoration progress
                        ”Mercy for the guilty is cruelty to the innocent.” ~ Adam Smith

                        Comment


                        • #13
                          No need for a link for me, no Sears or Kmart within 100 miles of me anymore. Don't see how they expect to stay in business and not have stores close to people....
                          ----1999 F150 XLT Lariat Super Cab 4X4 5.4----
                          -----1947 Lincoln Zephyr Coupe 5.0-----
                          -----2005 Expedition Eddie Bauer 5.4----
                          " Sometimes you fix the car, sometimes the car fixes you" Steve L.

                          "Do not let anyone tell you it cannot be done. No challenge can match the heart and fight and spirit of America". President Donald J. Trump

                          Comment


                          • #14
                            Thought I read somewhere that they sold off Craftsman to Black & Decker or something.
                            Ed S.
                            M&M #411

                            68 J-code Sprint"B"
                            Blue Jean 2018 F150 STX, Crew Cab 2.7 Eco

                            “Somewhere in Kenya a village is still missing its idiot."

                            Comment


                            • #15
                              Originally posted by 68 S-code GT View Post
                              Thought I read somewhere that they sold off Craftsman to Black & Decker or something.
                              Stanley (Black & Decker, DeWalt, ect.) bought them out a few years ago. Haven't bought a Craftsman since the change. Did their quality improve?
                              1965 Poppy Red Three Peddle Gear Banger
                              347 Stock Block Pump Gas Street/Strip 10.44 @ 125.97 Old Combo
                              363 Dart Block Pump Gas Street/Strip - 10.11 @ 133.17 so far

                              2005 Torch Red Topless Three Peddle 12 valve Monster
                              244 Stock Block Pump Gas Street /Street Much Slower


                              Current CI Count - 104

                              Comment

                              Working...
                              X