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Thread: Sears declares chapter 11 bankruptcy

  1. #1

    Sears declares chapter 11 bankruptcy

    Sears, the once American retail giant, has filed for chapter 11 bankruptcy.

    Sears Holdings filed for bankruptcy early Monday after years of staying afloat through financial maneuvering and relying on billions of CEO Eddie Lampert's own money. The company also announced that Lampert will be stepping down as CEO, effective immediately, although he remains its chairman.
    The 125-year-old retailer said Monday it was appointing Mohsin Meghji, managing partner of M-III Partners, as its Chief Restructuring Officer.
    As part of the bankruptcy, Sears will shutter 142 stores towards the end of the year end. It expects to begin liquidation sales shortly.
    Last edited by uncharted; 10-15-2018 at 01:51 AM.
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  3. #2
    another corpse caused by a hedge fund raider that will come out ahead after all the other stockholders lose money.
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  4. #3
    I blame internet porn.

    Kids these days no longer need that Sears catalog.
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  5. #4
    Quote Originally Posted by kpitcher View Post
    another corpse caused by a hedge fund raider that will come out ahead after all the other stockholders lose money.
    Exactly. He'll make more from selling the properties than he ever made from them as stores. He'll strip out the pension fund and then line his pockets from the sale of the stores.

    I'm sad to see both Sears and Kmart wither away and die, especially as the US gov is personally financing their collapse by supporting Amazon, to the tune of billions of dollars every year.

  6. #5
    Their automotive department got in trouble back in '92 for systematically over selling customers on services they didn't need.

    Ever since then, I've found they have been a pretty good place to get car maintenance done, tires, etc.
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  7. #6
    Quote Originally Posted by CaptUSA View Post
    I blame internet porn.

    Kids these days no longer need that Sears catalog.
    LOL You must spread some Reputation around before giving it to CaptUSA again.
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  8. #7
    They sell a lot of products that would have been affected by the tariffs.

    ...not that that's the root cause (which goes back further), but it can't have helped.

  9. #8
    The catalog company that missed the internet. Instead, their brilliant leadership chased Nordstrom. They shunned their heritage, just like VW did to the compact car, and HD did with the development of the v-rod. "We're not a catalog company any more - we sell more than tools... Come see our softer side".

    Morons... What was wrong with being the catalog king? The same morons that shrugged off the catalog went and acquired lands end (a catalog company), after spending tons trying to shed their catalog reputation. What was wrong with tools? People were willing to pay more to buy craftsman - the screwdriver/prybar/chisel that was a must have for the average household.

    How's that shareholder value treatin' ya? Hey, maybe after the company is a total ash heap, ridding them selves of their "executive talent", and shareholder value, they can start an online catalog business?

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  11. #9
    1776 > 1984

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