• Please be sure to read the rules and adhere to them. Some banned members have complained that they are not spammers. But they spammed us. Some even tried to redirect our members to other forums. Duh. Be smart. Read the rules and adhere to them and we will all get along just fine. Cheers. :beer: Link to the rules: https://www.forumsforums.com/threads/forum-rules-info.2974/

Sears files for Chapter 11 bankruptcy protection

Jim_S

Gone But Not Forgotten
GOLD Site Supporter
Sears files for Chapter 11 bankruptcy protection
By Ken MartinPublished October 15, 2018MarketsFOXBusiness

https://www.foxbusiness.com/markets/sears-files-for-chapter-11-bankruptcy-protection

Sears Holdings made it official early Monday morning, announcing the retailer has filed for Chapter 11 bankruptcy protection.

Banks have agreed to provide Sears with a bankruptcy loan.

According to a court filing, Sears Holdings lists assets of $1 billion to $11 billion and liabilities of $10 billion to $50 billion.

Sears had a debt payment of $134 million due on Monday.

This is a developing story, check back for more.
 

Attachments

  • 27179474-72F5-4860-B274-E37986E17FF7.jpeg
    27179474-72F5-4860-B274-E37986E17FF7.jpeg
    81.3 KB · Views: 103

NorthernRedneck

Well-known member
GOLD Site Supporter
Sears already shut down their longstanding Canadian department last year. I have been wondering when the other shoe would drop and they fall apart down there.
 

Melensdad

Jerk in a Hawaiian Shirt & SNOWCAT Moderator
Staff member
GOLD Site Supporter
Sears already shut down their longstanding Canadian department last year. I have been wondering when the other shoe would drop and they fall apart down there.

Most of our Sears stores have closed, but some of them remain. Sears Holding also operates the K Mart/Super K chain there are still some of those stores open here too.

Pretty much been waiting for the bankruptcy to happen.

Not sure why Sears (or WalMart) have been unable to even compete with Amazon.

Sears had the inventory, the name, the stores, and best of all they had the catalog business ... which should have easily been transferred into an internet marketing program. They blew it big time.
 

300 H and H

Bronze Member
GOLD Site Supporter
Not sure why Sears (or WalMart) have been unable to even compete with Amazon.

Amazon doesn't require a trip to any store, they ship to your door, and have the lowest prices around.

Is it any wonder? When Wall Mart is getting beat up, you know something is going on...

Regards, Kirk
 

Doc

Bottoms Up
Staff member
GOLD Site Supporter
I agree with Bob, Sears blew it big time. They had online marketing way before Amazon with the catalogs. That should have transferred over to online presence but for some reason that did not happen. I was at the mall a couple of months ago and drove past the sears. Their lot was so empty I thought they had closed down. I've never seen their lot so empty. But they were open. I could see the writing on the wall at that time. Sad.
 

Bamby

New member
First maybe look at their pension liabilities most or maybe even all their competition has little or none.


Then look at the widgets they sell now. You see all widgets seem to be made on the same assembly line somewhere where labor and people are disposable and cheep. The only real difference in value of the widget is the name on the packaging itself. Heck at the end of the assembly line the products may split into several packaging lines for different vendors being processed at the same time.


Then: Well one upon a time their were holdouts in the retail world that demanded more and Sears was one of them. Sears demanded better craftsmanship, workmanship, and materials being utilized in their products. As such the priced were sometimes a bit higher but Sears stood behind the product assuring the consumer he'd getting a product that's going to last awhile. Plus as a added bonus if there were problems they had service personnel to make good on their products.


Now: Sears as everyone else just sells random run of the mill widgets no better or worse than everyone else. Likely all sourced from the same sweat shop in some third world hellhole where some mega rich corporation could source out the cheapest labor. The only real value choice for the customer is to find the vendor who will pass the widget though to him with the least amount of markup and it ain't likely to be Sears. They have to many other costs to account for to be in the position to pass on best value anything.
 
Top