Over/Under Memorial Day for BK? Take the under...
https://www.cnbc.com/2018/01/10/sears-lands-additional-financing-even-as-holiday-sales-disappoint.html
14 replies (most recent on top)
@ubk-- They need the money not to keep stores open but to close stores. It takes money to close a store and that is what they will use the money for. Also, they need to pay the BK lawyers and prepare to shut it down. Read between the lines of Eddies blog.
@ubk gets it, seems like one out of ten here do. The rest of you need to do some homework.
BUY BUY BUY!
We are trumped. Eddie is the master wizard from Oz saving us with his magic. We are making sears and kmart stores so huge again. It's all happening so biggly. Nice clean new stores to compete with target jcpenney etc are so are happening as they close us down. It's huge.
Lots and lots of drama and people speculating about things of which they really have no knowledge. If you feel the end is near, then it probably is time to move on.
@ans I can’t believe anyone would lend this company money! I know Bank of America has lent them funds
Wonder what kind of collateral they have to put up
It’s not just sears or Kmart people that will eventually loose their jobs but just think of all the other people involved from bankers to vendors
Sears has deep reaching tentacles 🦑
Shame on Eddie
My sears store is hiring too!! The hours just got cut so where will the hours come from?
Maybe it’s to have enough people in hand to handle the liquidation since I heard they really Dish out the hours
Every quarter they are taking on as much debt of similar magnitude to the loss in the previous quarter. This is simply unsustainable and that's without the crushing debt that's going to come due sooner or later no matter what creative refinancing tricks are pulled in the short term. Add the MASSIVE reinvestment that would be required in the crumbling stores and IT infrastructure. Kicking that can down the road will only last so long before it implodes (maybe literally as bad as some of the buildings are.) Where is that money going to come from? I can't believe the non-Eddie lenders haven't already pulled the plug.
@ubk Are you retarded?
Suddenly we are hiring a bunch of people...must be in preparation to full time and or ASM layoffs!!!
200 million dollar cost savings is cutting employees, layoffs, cutting benefits, cutting hours, cutting budgets-- get it. Store might stay open but you will get layed off
@ubk #3 “ found” 200 million in cost reduction without closing stores
This just means Eddie dreamed up a way to screw all the full time associates at both Kmart and Sears
Make them all part time employees
And put them all at minimum wage
No benefits to pay if they’re part time
No vacation time to pay them as their hours will be greatly reduced no more guaranteed 30 hrs a week
Make all salaried associates part time or eliminate position
Again, the people that have busted their butt for this company will get screwed.. the people below store manager level are NOT the problem
Funny how they all of a sudden “found” cost reductions without closing stores
I could find that and more by cutting the thick layer upon layer of upper management!
Will Eddie use the nuclear option and just pull the plug on the whole mess?
Bank of America will be on the hook for a lot of eddies debt too while he floats away on his yacht
Actually it's the opposite, this is a great news
"The department store chain has raised $100 million in new financing and is pursuing an additional $200 million from other lenders.
Sears is pushing to return to profitability and will continue to explore ways to monetize its other assets."
To sum up :
1- The losses are diminishing
2- The company found new financing
3- They have found 200 million cost reducing WITHOUT closing stores !
Maybe we can hope the losses might stop this year.
But if you take out the closed pharmacies at stores still open and fewer electronic sales they are only down 13-14% instead of 15-16% LOL.