Sears files for Chapter 11 bankruptcy. (1 Viewer)

[staphory]

Has removed the CEO and will close 142 stores by the end of the year.
https://www.google.com/amp/s/www.cnbc.com/amp/2018/10/15/sears-files-for-bankruptcy.html

I read somewhere that lenders might be pushing for Chapter 7 which means liquidation. I can’t seem to find that story again.

 

[49erKiller]

This has been a long time coming. So many mistakes made by that company. They got in early on the use of "big data," but they were pretty bad at getting in on digital business. They remodeled years ago and tried to go all fancy on us. It really didn't work. The wanted to sell more perfumes and colognes than the hardware they were known for. The acquired K-Mart and that was a seemingly dumb move. Crappier manufacturers for Kenmore. They'd mark up the price of certain items when they got popular, such as stainless steel appliances and small appliances. I could go on and on. lol

 

[0rion]

Shame to see...... so much history with that company but just bad leadership. I have a 3/8" ratchet I need to take in and swap out one last time. Love my Craftsman tools and hate that they're on borrowed time.

 

[crosswatt]

Eddie Lampert is a financial vampire, who utilized Ayn Rand's moral objectivism to create a Lord of the Flies type competition between the departments, essentially killing the business from the inside. All the while, he sold the real estate assets to another company he owns to keep the Sear's balance sheet stable. I'm not opposed to people making money off of ingenuity, but this is the type of action that unfortunately validates the folks who believe the late stage capitalism theory.

 

[SigFreudianSlip]

Man RIP Sears.
Lots of memories for me. My Dad was a Sears man. Think it was Sears and Roebuck perhaps? It’s fuzzy.

Regardless one step closer to Jeff Bezos total domination.

 

[efil4stnias]

Bye.

My first home in 2001...just married. We went to Sears (because that's what our parents did) for appliances.
We made our selections, nothing fancy, and I filled out a credit app. 10 min later the salesman comes back and says "congrats... You were approved for $290 credit line. How would you like to pay the balance of 2200?"

I walked out and down to A1 appliance and never returned to Sears. Ever.

 

[SigFreudianSlip]

Bye.

My first home in 2001...just married. We went to Sears (because that's what our parents did) for appliances.
We made our selections, nothing fancy, and I filled out a credit app. 10 min later the salesman comes back and says "congrats... You were approved for $290 credit line. How would you like to pay the balance of 2200?"

I walked out and down to A1 appliance and never returned to Sears. Ever.

Lol I don’t blame you.
Can’t even get a microwave for $290. ?

 

[You]

Don’t they own Lands End?

 

[gboudx]

Shame to see...... so much history with that company but just bad leadership. I have a 3/8" ratchet I need to take in and swap out one last time. Love my Craftsman tools and hate that they're on borrowed time.

Not really. Black & Decker bought the brand from Sear's and you can buy Craftsman tools in Lowe's and Ace Hardware, as well as Sears. I don't know if those retailers will honor the lifetime warranty though.

 

[Ambush]

Not really. Black & Decker bought the brand from Sear's and you can buy Craftsman tools in Lowe's and Ace Hardware, as well as Sears. I don't know if those retailers will honor the lifetime warranty though.

They are not the craftsmen of old. Many retailers now sell them.

 

[Bayouboy]

The softer side of Sears never worked.

 

[RKNSaint]

Pension obligations are hurring them.