Want to watch a large corporation die?


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seta-san

Keep your eyes on Sears tomorrow. They are releasing their Q2 report and it's going to be a ###### show.

Nasdaq:shld

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DConnell

Nah, it was bad enough watching ToysRUs go down in flames ...

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firey

Sears closed all their Canadian stores earlier this year. Definitely weird seeing them gone. 

10 minutes ago, DConnell said:

Nah, it was bad enough watching ToysRUs go down in flames ...

ToysRUs still alive and kicking in Canada.

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tmorris1

Was once one of my favorite stores.  Poor management is all I can say.  You could see this coming 5 - 10 years ago.

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seta-san

Okay. So they lost 508 million but because same store sales were down but not as much as expected the stock shot up 30%. It's still doomed but day traders are going to play for a few more months

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  • 2 weeks later...
seta-san

it took a bit longer than expected but the bottom has finally fallen out. The end is getting super near.

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Mindovermaster

Our Sears in our city closed years ago. Only way they can go is lower. We lost Boston Store, ToysRus, K-Mart (only on north side now), and tons of other businesses.

 

It's all because everyone goes to WalMart...

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seta-san

the collapse continues

sears.thumb.png.957c22bc803a448ec8f52403e118e34c.png

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Brandon H

wasn't sears bought out by the american Kmart branch in the early 2000s?

 

it's no wonder kmart dragged them down with em' ...

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seta-san
16 minutes ago, Brandon H said:

wasn't sears bought out by the american Kmart branch in the early 2000s?

  

it's no wonder kmart dragged them down with em' ...

Kmart was basically bought by a hedge fund manager named Eddie Lampert who in tern used Kmart to buy out sears and formed the Sears Holdings Corporation. Never mind he knew nothing about retail or why he would try to combine an (at the time) upscale department store and a, then, popular discount retailer. He's spent the years since investing nothing in the stores, in it's legacy pensions, and siphoning off any equity or valuable assets for himself and leaving the shareholders with the debts and unfunded liabilities. 

 

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Brandon H
3 minutes ago, seta-san said:

Kmart was basically bought by a hedge fund manager named Eddie Lampert who in tern used Kmart to buy out sears and formed the Sears Holdings Corporation. Never mind he knew nothing about retail or why he would try to combine an (at the time) upscale department store and a, then, popular discount retailer. He's spent the years since investing nothing in the stores, in it's legacy pensions, and siphoning off any equity or valuable assets for himself and leaving the shareholders with the debts and unfunded liabilities. 

 

oh wow; never realized the merger was THAT much of a cluster ####

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seta-san

it's happening. it cratered today. bankruptcy by this weekend.

death.thumb.png.b77e0845325e650defb5be51eaaf7f55.png

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techbeck

Online sales has killed a lot of the traditional brick/mortar stores and I doubt it will get any better.  Some companies can adapt, and have, while others will fade out.   Sucks about Sears as I liked their tools.  But since Craftsman is made in China now, their quality has gone down.  I have sockets made in the USA that are outlasting the new crap that comes from China.

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Brandon H
On 10/6/2018 at 3:10 PM, seta-san said:

Press F to pay respects

Can I just press X to Jason instead? :shiftyninja::rofl:

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seta-san

https://www.marketwatch.com/story/sears-lenders-encourage-liquidation-rather-than-reorganization-2018-10-11

 

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seta-san

Tomorrow is the big day. They owe $134 million that they don't have tomorrow. The only question is it going to be chapter 7 liquidation bankruptcy or chapter 11 and they try to rework their $5billion debt load among a ###### credit rating, rising interest rates,  falling same store sales, and vendors who will only accept cash up front.

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Jim K

WSJ is reporting Chapter 11, closing at least 150 stores.

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seta-san
7 minutes ago, Jim K said:

WSJ is reporting Chapter 11, closing at least 150 stores.

They are talking about them trying to get a deal... but the banks are pushing for chapter 7

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Jim K
21 minutes ago, seta-san said:

They are talking about them trying to get a deal... but the banks are pushing for chapter 7

This was from about an hour ago. Should have included it in my other post but was in a bit hurry.

 

//

Sears Holdings Corp. was preparing to file for chapter 11 protection late Sunday or early Monday, a reckoning that would crystallize years of losses at the once iconic company.

 

Sears over the weekend reached a deal with lenders that would allow the troubled retailer to keep hundreds of its stores open through the holidays, according to people familiar with the matter. That setup was expected Sunday to be part of the filing.

//

 

https://www.wsj.com/articles/sears-will-it-shrink-or-close-1539514800

 

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astropheed

You called it pretty well Seta, nice work. I can't say I care about Sears and haven't even seen one as far as I know since I moved away from Canada. I remember when I was very little it was a bit classy but as I aged it seemed more and more like a pseudo-pretentious Kmart. I see no reason to shop there. Although I don't really go to many physical stores anymore to be fair.

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