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Old 01-08-2019, 11:41 AM
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Default End of era? Sears poised to shutter as bid to save it fails

End of era? Sears poised to shutter as bid to save it fails
By Jade Scipioni Published January 08, 2019RetailFOXBusiness

https://www.foxbusiness.com/features...rt-ups-his-bid

It could be officially the end of the road for Sears.

The iconic retailer is expected to announce its liquidation plans this morning to a New York bankruptcy judge after a bid from the company’s chairman to save it fell through.

The news of the liquidation was first reported by both CNBC and Reuters on Tuesday after sources told the outlets that former Sears CEO Eddie Lampert’s $4.4 billion takeover bid failed to woo Sears’ advisers.

Lampert’s hedge fund ESL Investments submitted its offer last Friday, hours before the deadline, but according to CNBC, the offer “was deemed insufficient by Sears.”

The struggling retailer, which filed for bankruptcy in October, has been trying for years to Opens a New Window. keep afloat, announcing various rounds of layoffs and stores closures amid crippling sales declines due to a consumer shift to online shopping.

However, according to Reuters, Lampert is expected to make one last ditch effort to save Sears and his bid in court on Tuesday. U.S. Bankruptcy Judge Robert Drain in the Southern District of New York, who is presiding over the case, could also decide to give Lampert more time to improve his bid as well, sources noted.

A bankruptcy auction for Sears’ assets is not due until Jan. 14.

Neither Sears nor ESL Investments immediately responded to FOX Business’ request for comment on the reports.
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Old 01-08-2019, 12:53 PM
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Default Re: End of era? Sears poised to shutter as bid to save it fails

Craftsman tools are safe as they are now owned by Lowes. I would not suggest to anyone to buy Kenmore brand appliances, even though they are rebranded Maytag, Whirlpool, I would question warranties and service agreements.

Not sure about DieHard batteries. My Dad loved them, those were all he would buy. i prefer Optima myself so there you go.

Another one bites the dust. JC Penny is not going to be far behind I am afraid. Amazon and WallyWorld have sure changed the playing field.

Over the holidays, a friend brought over a 1972 Sears Christmas catalog. All I can say is I sure miss those days. That friggin catalog was a joy to thumb through and the toy section was awesome to say the least. Anyone got a Delorean we can go back in time with?
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Old 01-08-2019, 01:17 PM
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Default Re: End of era? Sears poised to shutter as bid to save it fails

Quote:
Originally Posted by TiredRetired View Post
Craftsman tools are safe as they are now owned by Lowes. I would not suggest to anyone to buy Kenmore brand appliances, even though they are rebranded Maytag, Whirlpool, I would question warranties and service agreements.

Not sure about DieHard batteries. My Dad loved them, those were all he would buy. i prefer Optima myself so there you go.

Another one bites the dust. JC Penny is not going to be far behind I am afraid. Amazon and WallyWorld have sure changed the playing field.

Over the holidays, a friend brought over a 1972 Sears Christmas catalog. All I can say is I sure miss those days. That friggin catalog was a joy to thumb through and the toy section was awesome to say the least. Anyone got a Delorean we can go back in time with?
The Sears and Montgomery-Ward Christmas catalogs were prime reading at our house.

Sears spun off Diehard like they did with Craftsman. Not sure who has the brand now. Excide used to make them for Sears. I have no idea who makes them now.
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Old 01-08-2019, 05:10 PM
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Default Re: End of era? Sears poised to shutter as bid to save it fails

Someone told me they thought a Kmart was still open in a town not to far away. I thought all the Kmarts closed even before Sears. Our local Kmarts closed.
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Old 01-08-2019, 07:08 PM
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Default Re: End of era? Sears poised to shutter as bid to save it fails

Sears went tits up last year in Canada. Screwed a lot of workers meanwhile the execs took home bonuses before they closed. I had a feeling it wouldn't be long before they bit the bullet down in the states.

Canadian eh!!!
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Old 01-09-2019, 10:21 AM
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Default Re: End of era? Sears poised to shutter as bid to save it fails

Sears did themselves in some time ago it just took them awhile to run through the assets. Back at one time Sears tough not always the cheapest always represented a docent quality product or value for the consumer dollars. They then decided to forfeit the value and relabel the cheep run of the mill Chinese garbage that everyone else was selling and we're now seeing and experiencing the results of their decisions. At least it appears they will be allowed to fail with a taxpayer bailout.......
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Old 01-09-2019, 02:32 PM
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Default Re: End of era? Sears poised to shutter as bid to save it fails

Any top management that failed to see what was happening around them deserves what happens. It really pisses me off, if true, the top execs got huge bonuses before leaving. In my working days I never got a bonus for screwing up, but it's happened many times over back in the wall street crash of '08 !!
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Old 01-09-2019, 04:08 PM
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Default Re: End of era? Sears poised to shutter as bid to save it fails

Sears Canada did give top executives huge retention bonuses meanwhile thousands of employees lost their jobs and other percs.


https://globalnews-ca.cdn.ampproject...ent-bonuses%2F

Canadian eh!!!
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Old 01-09-2019, 05:10 PM
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Default Re: End of era? Sears poised to shutter as bid to save it fails

This is fitting.

Canadian eh!!!
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Old 01-09-2019, 07:51 PM
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Default Re: End of era? Sears poised to shutter as bid to save it fails

There used to be a Sears in the Lima mall.
Also the last Kmart around as well, I think on Dixie highway.
Defiance JC Penney closed or is going to.
They said a Macy's is moving in, but I think it's a rumour.
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