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Sears filing for bankruptcy

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Many media reports saying that Sears is reportedly preparing for bankruptcy filing as soon as this week

Use all available points asap before they are revoked

Though expected, Sad to see an once iconic store collapse like this.

https://www.sears.com/
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Sears filing for bankruptcy
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Last Edited by matrixman October 15, 2018 at 08:04 PM
UPDATE 10-15-18- Answers many questions. http://restructuring.searsholding...mer-QA.pdf


Wall Street Journal: Sears Hires Advisers to Prepare Bankruptcy Filing


https://www.wsj.com/articles/sear...1539136189

NBC News article
https://www.nbcnews.com/business/...rt-n918446

Banks are pressuring for Chapter 7 (close the doors, turn off the lights, the party is over)
https://seekingalpha.com/news/339...iquidation

Sears has stopped paying vendors
https://seekingalpha.com/news/339...ts-vendors

Sears bankruptcy could cause one of the biggest pension defaults ever, and retires will lose life insurance
http://www.chicagotribune.com/bus...story.html

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HIDDENnutcr0cker10-09-2018 at 09:30 PM.
Joined Nov 2010
L10: Grand Master
> bubble2 10,942 Posts
7,914 Reputation
Pro
kea2525
10-09-2018 at 09:33 PM.
10-09-2018 at 09:33 PM.
Quote from nutcr0cker :
so? sell off sears stock?
They are talking about the kmart/sears SYWR program that gives you points.
Reply
Joined Dec 2006
Hellspawn
> bubble2 7,842 Posts
1,033 Reputation
ketamine
10-09-2018 at 09:35 PM.
10-09-2018 at 09:35 PM.
And people were buying Xbox controllers for $80 from Kmart last week. So Lampert has the last laugh after all.
Reply
Joined Apr 2006
L8: Grand Teacher
> bubble2 3,448 Posts
179 Reputation
spaceistheplace
10-09-2018 at 09:40 PM.
10-09-2018 at 09:40 PM.
Ha. You mean we shouldn't get the extended warranty on the new Kenmore washer?! It's a shame. Kenmore and craftsman were very decent brands. Bringing Kmart into the picture was a huge mistake
Reply
Joined Sep 2013
peekaboo!
> bubble2 10,341 Posts
912 Reputation
alxshanti
10-09-2018 at 09:40 PM.
10-09-2018 at 09:40 PM.
Quote from ketamine :
And people were buying Xbox controllers for $80 from Kmart last week. So Lampert has the last laugh after all.
Yeah, that f***er is going to make out like a bandit, but this was always his "alternate" plan. He didn't much care if Sears/Kmart died. He made sure he'd profit from it either way.
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HIDDENdougpaw5710-09-2018 at 09:48 PM.
Joined Sep 2016
L5: Journeyman
> bubble2 778 Posts
149 Reputation
danubuntu9
10-09-2018 at 09:50 PM.
10-09-2018 at 09:50 PM.
Those 12month instalments tho
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Joined Apr 2009
L9: Master
> bubble2 5,493 Posts
631 Reputation
DoobieBrother
10-09-2018 at 09:52 PM.
10-09-2018 at 09:52 PM.
What will all those cities who gave Tax Incrament Financing to build the malls that will now go dark do?

It is a huge problem to the cities that bought in to the hype and built the malls. Look out cities who built stadiums.. My hunch is that is the next big liability the public sector is going to have to eat..
Reply
Joined Dec 2009
Deal seeker
> bubble2 1,978 Posts
704 Reputation
Jesrf
10-09-2018 at 09:52 PM.
10-09-2018 at 09:52 PM.
Let's stick to one thing at a time. If, and it's still an if, they file for BK will they immediately revoke the points and what about future payable points? Any thoughts anyone?

I found this:

https://www.shopyourway.com/m/questions/3333632
Reply
Joined Apr 2009
L9: Master
> bubble2 5,493 Posts
631 Reputation
DoobieBrother
10-09-2018 at 09:58 PM.
10-09-2018 at 09:58 PM.
"Shares of Sears, which traded as high as $144 over a decade ago, closed Tuesday at 59 cents, a sign that investors are bracing for a potential bankruptcy filing or restructuring."


The SYWR was a lousy program . It caused more confusion and mistrust than it was worth in atracting shoppers.. I litteraly refused to shop after the rewards became a issue of who to blame when they did not post.. It was part of the problem..
Reply
Last edited by telobeck October 9, 2018 at 10:03 PM.
Joined Jul 2013
Banned Shill
> bubble2 7,695 Posts
4,221 Reputation
iDeal1st
10-09-2018 at 10:04 PM.
10-09-2018 at 10:04 PM.
I'm glad I resisted going for all those 12 months installment point deals. I came really close to biting.
Reply
Joined Oct 2010
Live Free or Move
> bubble2 29,827 Posts
7,238 Reputation
Medic311
10-09-2018 at 10:12 PM.
10-09-2018 at 10:12 PM.
https://www.wsj.com/articles/sears-hires-advisers-to-prepare-bankruptcy-filing-1539136189#comments_s... [wsj.com]

meanwhile Craftsman C3 stuff is seeing soaring resale values on eBay as people are in desperate need of accessories and replacement parts, and have no where to turn to.

after a nice long run with Craftsman C3, i think it's my time to bug out from the line and move to Ryobi. i'm going to make out like a bandit, stuff on ebay is going for 3-5x what i paid. i still have new stuff and it's insane what some of the new stuff is going for. new craftsman hand vacs are going for $70+ and i paid $9.99 for mine. still NIB.
Reply
Last edited by Medic311 October 9, 2018 at 10:15 PM.
Joined Nov 2004
L6: Expert
> bubble2 1,110 Posts
169 Reputation
aifan
10-09-2018 at 10:13 PM.
10-09-2018 at 10:13 PM.
Quote from Jesrf :
Let's stick to one thing at a time. If, and it's still an if, they file for BK will they immediately revoke the points and what about future payable points? Any thoughts anyone?

I found this:

https://www.shopyourway.com/m/questions/3333632
If it's a reorganization, then you'll be fine and they'll keep the points system going.

If' it's a liquidation, then it's anyone's guess. I imagine they would have to give some sort of compensation. Maybe reward the points early so they can be used in liquidation sales or something. Although prices would rise significantly in a liquidation sale, so Sears might get the last laugh there. Alternatively, maybe they award pennies on the dollar as a creditor.
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Last edited by aifan October 9, 2018 at 10:39 PM.
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