My sources tell me the company will be having a payroll problem before the end of September. The problem is there will be no money to pay wages.
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There is a reason this guy left Connecticut and moved to a private island with a private police force .
The next Warren Buffet?
More like the next Howard Hughes.
Well, Eddie does live on an island for a reason, and sheep are not good swimmers (wet wool is heavy) so he will be safe.
Eddie will be okay. The 80,000 sheep still working for Shld will work for free and a promise for future wages.
Boy, if ol' Eddie became paranoid for years after being kidnapped by 4 people, imagine how paranoid he will be when 80k ex-employees come clawing at his door for repercussions.
You will come to work one day and there will be a sign on the door that says closed. There will be no notice or visit from the DM. Even the DM will not know about these closings. That will be the day you will have to fight to get paid.
Probably, won't ever happen like that because most businesses have enough money for payroll and most have insurance against default.
If it's true, I can believe it. They should just shut down immediately because if this is true, this is getting utterly ridiculous.
"Don't worry...Eddie does not want problems with 80,000 employees being p--sed".....
Ha ha ha ha ha!.....like Eddie is really worried about that.....Sears is about to go bankrupt and shut down.....so is Eddie going to magically bring customers back to Sears and turn it around solely because he is afraid of offending thousands of employees about to lose their jobs?......
employees always get paid before anyone else but the FEDs for payroll taxes. Don't worry. Eddie dies not want problems with 80,000 employees p-ss-d
Most companies will usually take some action, usually in the form of layoffs and significant cost reductions, long before they reach the point of suddenly not having enough money to make payroll in order to minimize or eliminate the risk of a sudden payroll deficit which could cost them dearly in lawsuits and fines for unpaid wages. If this is true (and, considering the long-term situation, it's quite probable) signs are pointing to bankruptcy.
If there is trouble on the horizon in making payroll, be prepared for more store closures and layoffs, and expect this to be the final throes of death of SHC.
Also, look back on Eddie's letter to the shareholders in regards to buying Kenmore, and consider the wording: "speedy" and "critical". Q2 results have not been released yet, so how much cash is on hand? If Eddie said that it was "critical" the board approved his purchase of Kenmore, it could be interpreted that it is in Sears Holdings' BoD best interest to accept the deal as soon as possible because it is almost out of cash and may go broke if the decision is delayed. We don't yet know the latest financial situation, but Eddie does, and $400 million might be all that's standing between a few more months of survival or going bust.
MY source says you're wrong.
Well...that's going to be a problem when no one gets money for their checks now, isn't it?