Based on the SEC filing in the below article the spring lien with the PBCG lasts until most likely November 3, 2020. Crazy Eddie will continue in the meantime to convert stores over to Seritage and then drain their EBITDA in order to close the store and convert the leases over to more profitable tenants.
https://www.sec.gov/Archives/edgar/data/1310067/000119312516516958/d143938dex101.htm
2020? Please no. Just no.
Please understand. Retail is not the end game. SHC will survive but as something that looks nothing like it does today. There will be no retail left when it is all said and done. Just look at everything that has been done in the past 10 years. Now I ask: What make anything done help retail survive? Answer: Nothing. It is, has never been or ever will be about keeping the retail portion of SHC going.
That is why they renamed it a "Holding" company. Look up what that means in business and legally.
Eddie is a smart guy and he actually knows what he is doing. Is the real estate worth what he thought it was going to be or what it is today? NO. But the plan is not retail. That is all you have to know and all you have to look through the glass of to see the truth/.68
That's because you have to remove the stores entirely before the company will start to see any type of profit. It's much better to have a few, well staffed stores than a lot of skeleton staffed stores that can barely function. The only issue with removing stores entirely is the fact that it's actually a more expensive process to close a store than to keep it running on life support in some cases.
@HPD
I know he has shrunk the size, but if you keep shrinking profits reduce. I speak for my store once one of the top performing stores to now being probably heading to the threhold of getting elimanted next, lots of cutting in staff and hours. The Amazon deal basically benefits Amazon more than Sears it won't save them much other than some time. If its still alive by all means wow, but I know for a fact my store wont make it to 2020.
Jason the point you are missing is that Sears retail and Kmart retail might not be here in their current size and format, but Crazy Eddie has a transformation underway that will enable Sears "Holdings" to survive for the next few years with the more profitable business units and partnerships he is setting up with the likes of Amazon. More to come.
I would be shocked if Sears lasted till 2020 I mean its already 4 billion in debt how much can a company consider to trust Sears as you can see they are even struggling to survive I doubt it has another 3 years left.