Sears files for bankruptcy

Strider64

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Dec 1, 2015
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We have a Shopping Mall that is on life support for they already closed Macy's and if Sears goes completely under I almost positive the Mall itself will close down. I read where other stores would pickup the slack, but not in this case. Other people outside of Sears are going to feel the pinch as well.
 

maflynn

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if Sears goes completely under
Even if they don't go under completely right now, the store closures will be severe.

I almost positive the Mall itself will close down.
Because many of the big box stores are having issues, malls in of themselves are under duress. I go to one of my local malls, and I see a lot of nail salons, and massage places. Gone are the toy stores, department stores, hobby stores.
 

max.ine

macrumors 6502
Aug 16, 2016
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Sad. I think Sears Canada closed here back in January or so, but seeing the rest of the chain go hurts. One of my favourite things to do as a kid was to look at the Sears Christmas catalogue every year.
 
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furbzv1

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Sep 17, 2014
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Sad to hear but not surprised. If anything I think it was shocking it took this long. I feel like they just never kept up with the times in the last few years.
 

vkd

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Sep 10, 2012
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I wonder if little Englanders will mourn the demise of the Littlewoods catalogue in the same way?
 

AllergyDoc

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Mar 17, 2013
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Utah, USA
I read an article a few weeks ago, in the News app, that said that the Kenmore brand was worth more than Sears stock, which wasn’t much anyway. K-Marts are rapidly disappearing around Lund here, too. On a different note, my wife and I still sleep on a mattress we bought from Montgomery Wards. (It has a memory foam topper.)
 

maflynn

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My very thoughts:
Sears was 'toast' ever since its 2005 Kmart merger, says former Sears Canada CEO

Back in 2005, Sears was hurting, no question, Kmart was hurting, yet executives at sears thought it was a good idea to buy another failing retail chain. While sear's failure may have been inevitable, the purchase of kmart sealed the deal and hasten their demise.
How is it that none of the news about Sears has mentioned Eddie Lampert’s horrible Hunger Games style management
People are:
Yes, Blame Eddie Lampert For Sears' Bankruptcy, But Don't Forget These Other Contributors
 

Arran

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Mar 7, 2008
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They sold good stuff back in the day. We bought our dishwasher, washer and dryer from them 20 years ago. The store demo models were hooked up to power and water so you could hear how quiet they were. I’m not sure any electrical retailers do that now.

Dishwasher just died. RIP. The rest is still going strong. Maybe that’s the problem?
 

someoldguy

macrumors 68020
Aug 2, 2009
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usa
I think just about everyone realized this was gonna happen when Eddie got his hedge fund fingers on Sears . Sell off assets and leave a bankrupt shell for the creditors . Too bad , I've got 2 roll arounds and a basement full of Craftsman Tools from the 60's , 70's , and early 80's . All good stuff , not professional quality , but sure good enough for a competent homeowner to do professional work . Also have a Kenmore fridge of indeterminate age (50?) in my kitchen that's still chugging along . There's one Sears left in my area , it's an old free standing store that still seems to do a pretty good business . Seems to serve a not particularly affluent clientele who have limited transportation options . Sad for them if it closes .
 

bradl

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Jun 16, 2008
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I remember when Sears sold computers and Apple Computers under the Performa label.
Young'un. :D

I remember when Sears sold the Atari as the "Sears Video Arcade System" and the Intellivision as the "Sears Super Video Arcade System".

What I really miss is that right behind the endcaps where they had those consoles displayed, were shelves of new amazing toys that they were trying their hardest to keep stocked...

.. called Transformers. Bought my first two from there: Soundwave and Buzzsaw, and Thundercracker. They had some Robotech, all 3 Voltrons, and He-Man and She-Ra that they just couldn't keep stocked on the shelves...

.. but they couldn't give their Go-Bots away!!

Seriously now, this throws Black Friday into a huge disarray now, as they were going to be one of the last big toy catalogs for the kids.

Hopefully they don't go the Full Monty and slip into Ch. 7. That would be the end.

BL.
 

maflynn

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Their website was awful and they shut down the catalog business.
This was the major factor imo in their demise. If only they saw the potential of online sales, they had a natural distribution network that could be leveraged for online. They could have been the major force with online retailing. I think what Steve Jobs is applicable to some degree (at the 40 second mark)
 

ericgtr12

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Mar 19, 2015
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It's an unfortunately result of the digital age, those like Walmart saw it coming and have established their place in the virtual world while many of the others either haven't made the investment or waited too long. The fact that some of the larger retailers who put mom and pop shops out of business back in the day are now facing the same fate is not without a bit of irony I suppose.

Personally, I loved going into all the shops and big box stores at the mall and it's sad to see its decline. Progress, I guess.
 

maflynn

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The fact that some of the larger retailers who put mom and pop shops out of business back in the day are now facing the same fate is not without a bit of irony I suppose.
Definitely, in some ways I don't have too much sympathy, but then you think about it a bit more, and then you realize there are people who collected a paycheck and they're out of a job.
 

AxiomaticRubric

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Sep 24, 2010
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On Mars, Praising the Omnissiah
This was the major factor imo in their demise. If only they saw the potential of online sales, they had a natural distribution network that could be leveraged for online. They could have been the major force with online retailing. I think what Steve Jobs is applicable to some degree (at the 40 second mark)
Very ironic that this process is happening to his company as well. The product people no longer call the shots at Apple.
 

ericgtr12

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Mar 19, 2015
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This was the major factor imo in their demise. If only they saw the potential of online sales, they had a natural distribution network that could be leveraged for online. They could have been the major force with online retailing. I think what Steve Jobs is applicable to some degree (at the 40 second mark)
In under 2 minutes you see why Apple was such a success under Jobs, I mean he really got it and had a clear understanding of what it took, who was involved and the reasons for success (and failures).
 

maflynn

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Looks like the end may be approaching
Sears, Kmart could be liquidated with no bid to save 2 retail icons

68,000 jobs are on the line, though I suspect even if a lifeline is thrown to them, a heavy percentage of that 68,000 will still be laid off, i.e., store closings.

The malls in my location which had your typical sears stores and even automotive center are all closed.

I still find it odd, and sad, that a company that built it success on catalog/mail delivery sales failed to take advantage of online sales. They could have been the Amazon, but totally missed the seismic change in retailing.
 

ericgtr12

macrumors 65816
Mar 19, 2015
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Looks like the end may be approaching
Sears, Kmart could be liquidated with no bid to save 2 retail icons

68,000 jobs are on the line, though I suspect even if a lifeline is thrown to them, a heavy percentage of that 68,000 will still be laid off, i.e., store closings.

The malls in my location which had your typical sears stores and even automotive center are all closed.

I still find it odd, and sad, that a company that built it success on catalog/mail delivery sales failed to take advantage of online sales. They could have been the Amazon, but totally missed the seismic change in retailing.
One still has to think that it's creating jobs in the shipping industry though, it's hard to say if it's as many but there's a whole new crop of drivers, planes and logistics coming from Amazon.
 

MacNut

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Jan 4, 2002
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Saw that story last night. I'm not surprised though. I figured it would happen in 2019 not this soon. The writing has been on the wall for years that the company was finished. It's been getting lifelines and cash infusions but that can't fix a failing company.
 

MacNut

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Jan 4, 2002
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Looks like Sears isn't dead yet.

Department store chain Sears won a reprieve from liquidating Friday after its chairman, Eddie Lampert, submitted a bid in an effort to buy the retailer and keep it alive, people familiar with the situation tell CNBC.

Lampert's hedge fund ESL Investments put forward his tentative proposal for Sears earlier this month with his formal submission due today.

A bid could help divert liquidation, but may not necessarily. Sears' advisors have until Jan. 4 to decide whether ESL is a "qualified bidder." Only then, could ESL take part in an auction against liquidation bids on Jan. 14. They will weigh the value of Lampert's bid against offers to liquidate the company.


The terms or structure of Lampert's bid could not immediately be determined. If it is similar to the $4.6 billion proposal Lampert outlined earlier this month, it is likely to face push-back from the company's unsecured creditors. As part of the initial bid, which regulators required Lampert to make public, financing would in part stem from $1.8 billion in debt that Lampert would forgive through a so-called "credit bid."

Unesecured creditors said earlier this month they will object to a credit bid. Those creditors believe there may be claims against Sears for transactions under Lampert's leadership. Those deals include Sears' spinoff of Lands' End and transactions with Seritage Growth Properties, a real estate investment trust Lampert created through select Sears' properties.
https://www.cnbc.com/2018/12/28/sears-chairman-eddie-lampert-submits-bit-for-company.html
 
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