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-   -   Will this be year that Sears declares Bankruptcy? (http://www.falfiles.com/forums/showthread.php?t=422068)

juanni December 16, 2017 14:40

Will this be year that Sears declares Bankruptcy?
 
You know it is coming. Retail stores alway declare and the end on the year, after another disappointing holiday season.

Exchanged a Craftsman ratchet that was not working properly.
Could have set off a bomb in that Sears store and not caused a single injury. :D

The company has been hollowed out, the real estate carved off the liabilities and the employee pensions will be hung out to dry...... facilitated with cheap FED money.




................juanni

SWOHFAL December 16, 2017 17:15

Probably. The hedge fund guy who runs them and K-Mart is apparently a retailing moron and must have another angle on the whole thing and is prepared to reap something from their filing for bankruptcy and liquidation. Craftsman was all they had going for them from my perspective and they sold that to Stanley.

easttex December 16, 2017 17:22

Retail in general is being crushed by the online giants like Amazon. The Internet has flattened prices on pretty much everything and retailers no longer able to hire employees with a "give-a-shit" attitude. I avoid places like the mall because there isn't much I can't order from a computer and have delivered these days.

I don't see all retailers dying off. There's a few, like clothing stores, that'll hang on because you'd really want to try the clothes on to make sure they fit first and you can't do that online. Other retailers like big-box DIY suppliers (Lowe's, Home Depot, etc.) also supply contractors and offer added-value like deliveries. But the run of the mill regular retailer like Sears has been marching towards the end of the run for a while. And they can only afford to bleed for so long...

meltblown December 16, 2017 17:39

I remember back in the day when damn near everything you had came from Sears. Kenmore appliances, tools, clothes, toys, etc. It was a treat to go there before they had malls. Remember the candy and nut counter and having a dollar to get cashews and those jelly slices. You could spend hours looking through the catalog the month before Christmas dropping hints for what you wanted. It's ironic that their business model was unique for decades with the catalog sales and shipping to your home and a forerunner of the web shopping model.

It won't be long whenl you see Macys and others drop off the radar as well.

SWOHFAL December 16, 2017 18:31

Quote:

Originally Posted by easttex (Post 4514386)
Retail in general is being crushed by the online giants like Amazon. The Internet has flattened prices on pretty much everything and retailers no longer able to hire employees with a "give-a-shit" attitude. I avoid places like the mall because there isn't much I can't order from a computer and have delivered these days.

I don't see all retailers dying off. There's a few, like clothing stores, that'll hang on because you'd really want to try the clothes on to make sure they fit first and you can't do that online. Other retailers like big-box DIY suppliers (Lowe's, Home Depot, etc.) also supply contractors and offer added-value like deliveries. But the run of the mill regular retailer like Sears has been marching towards the end of the run for a while. And they can only afford to bleed for so long...

Land's End, etc. all allow me to order and return as needed on the clothes. I haven't been to a mall in several years now and don't miss the fat cows with ugly bratty kids trying to jump in front of you at the register at Macy's or Kohl's.

SWOHFAL December 16, 2017 18:33

Quote:

Originally Posted by meltblown (Post 4514392)
I remember back in the day when damn near everything you had came from Sears. Kenmore appliances, tools, clothes, toys, etc. It was a treat to go there before they had malls. Remember the candy and nut counter and having a dollar to get cashews and those jelly slices. You could spend hours looking through the catalog the month before Christmas dropping hints for what you wanted. It's ironic that their business model was unique for decades with the catalog sales and shipping to your home and a forerunner of the web shopping model.

It won't be long whenl you see Macys and others drop off the radar as well.

The commies at Macy's and Kohl's deserve to go under - all major leftists who own and run them. Sen Herb Kohl was a major leftist turd, as is Gov. Dayton (Target) in MN.

Exit308 December 16, 2017 18:39

Quote:

Originally Posted by SWOHFAL (Post 4514382)
Probably. The hedge fund guy who runs them and K-Mart is apparently a retailing moron and must have another angle on the whole thing and is prepared to reap something from their filing for bankruptcy and liquidation.

I think you're talking about Eddie Lampert. I still remember Jim Cramer expounding about what a genius Lampert was back in '04 or '05 when he was taking over those companies.
I think most of the value in those companies was in the Real Estate which he has probably 'harvested' by now.
He can now go banko and stiff everybody else.
Modern financial engineering at its best.

Bawana jim December 16, 2017 18:48

I quit going into Sears years ago when they demanded queers be allowed into the Boy Scouts.

badzero December 16, 2017 22:48

I wonder if the management sees the irony of an original mail order company being bankrupted by online sales companies.

D P Six December 16, 2017 23:12

Just bought a multi year service contract on a Sears water softener ... that might not have been a good idea. :sad:

juanni December 17, 2017 00:55

Quote:

Originally Posted by Exit308 (Post 4514426)
I think you're talking about Eddie Lampert. I still remember Jim Cramer expounding about what a genius Lampert was back in '04 or '05 when he was taking over those companies.
I think most of the value in those companies was in the Real Estate which he has probably 'harvested' by now.
He can now go banko and stiff everybody else.
Modern financial engineering at its best.

Bullseye!!

Bill Bonner on Sears.
How Do You Destroy a Business?

Two hedge funds swooped in with a plan: They would use cheap financing to transform valuable Main Street real estate into a Wall Street asset. They set up a real estate investment trust (REIT), took the property out of the company, and put it in the REIT.
[Note: A REIT is similar to a mutual fund, except that it is composed of property instead of stock.]

Sears can go broke; they will still have the company’s most valuable assets. And now they can sell the REIT to investors.

And by the way, one of the two funds involved is run by a former college classmate and Goldman Sachs crony of Mnuchin’s, Eddie Lampert.

Stockman continues:

…the whole deal was a backdoor financing to get assets out of SHLD [Sears] prior to its impending bankruptcy. The hedge fund insiders will now have a secured senior claim through the newly created REIT, which they substantially own, rather than worthless SHLD common stock.

At least Steve Mnuchin can do Sears no more harm. Donald Trump picked him as his Treasury secretary.

http://bonnerandpartners.com/how-do-...oy-a-business/




.................juanni

SWOHFAL December 17, 2017 01:21

Quote:

Originally Posted by D P Six (Post 4514523)
Just bought a multi year service contract on a Sears water softener ... that might not have been a good idea. :sad:

May be through a third-party. I'd look into canceling it if it isn't.

juanni January 06, 2018 16:03

Well Sears made it past the end of year bankruptcy, but they are closing 100 Sears and Kmart stores.

Sears is closing over 100 more stores
https://www.cnbc.com/2018/01/04/sear...re-stores.html


The slow death continues...........





................juanni

Mebsuta January 06, 2018 20:54

It happens. There's nothing funny or smiley about it.

Someday, somebody clever will outsmart 3b4y, 4m4z0n and utub3.

Texgunner January 06, 2018 22:25

About 10 years ago, I had a principal who showed the faculty a short video. It portrayed a time in the not so distant future in which all retail buying went through Amazon, and all higher education was conducted through Google University. At it's conclusion, he asked what we thought about it. I said that it seemed pretty farfetched to me, and scary too. Now, I start to wonder.

South of Dallas, in Hillsboro, there was a huge outlet mall for years. A couple years ago, we pulled into to buy some baby present at one of the few remaining stores. I mean the damned place looked like a ghost town. All it needed was a few tumbleweeds blowing though the parking lot.

There sure could be another reason for the drastic change, but I suspect the hand of Amazon and its ilk. These are hard times in the retail game in the Amazon Era. And I suspect we're just getting started. Can Google U. be that far behind? :shades:

VALMET January 06, 2018 22:29

I feel like Sears and KMart have been declaring bankruptcy since like 2008.

clodhopper January 09, 2018 10:08

Quote:

Originally Posted by meltblown (Post 4514392)
I remember back in the day when damn near everything you had came from Sears. Kenmore appliances, tools, clothes, toys, etc. It was a treat to go there before they had malls. Remember the candy and nut counter and having a dollar to get cashews and those jelly slices. You could spend hours looking through the catalog the month before Christmas dropping hints for what you wanted. It's ironic that their business model was unique for decades with the catalog sales and shipping to your home and a forerunner of the web shopping model.

It won't be long whenl you see Macys and others drop off the radar as well.

And at that time there were people lamenting how the big evil Sears was pushing the little local ma & pop stores out of business. Then the malls. Then Walmart. Now Amazon.

Gotta hate the now and reminisce about the past. Everybody does it.

Black Blade January 10, 2018 01:44

I would say that Sears in finished ... they are screwing their customers

Our two-year-old Kenmore (Sear's) refrigerator quit working. We had a repair man look it over and said that the parts are LG and no longer made. Well, thankfully it is winter and we have a spare refrigerator in the garage. We placed the food items in the outside refrigerator and the freezer and some in coolers in the garage were it's below freezing. Good to keep old appliances as spares just in case.

After running around with Sears (we have the 10 year warranty) they say they have no one in our area and refuse to honor the warranty. Of course sears is effectively bankrupt anyway and are closing more stores today no less. So now we handed off to the lawyer to deal with it. One thing is certain tho. No more purchases from Sear's or Kmart ... ever. They are really no longer in business as far as I am concerned. One repairman says he may be able to get a LG compressor but not sure. May even cost as much as a new refrigerator anyway.

Moral of the story ... keep your old appliances as back ups "just in case".

Texgunner January 10, 2018 08:54

Back in '09, we did a major kitchen redo. We bought all Whirlpool appliances; gas range, fridge, microwave/venthood and dishwasher along with a washer and dryer. Whirlpool is an old name right? Always made good stuff. Haha. All but the washer and dryer were crap. The refrigerator has ice and water in the door. Big no-no. It is impossible to keep it working right. Never get that feature again.

Local independent repair guy says all the brands buy their parts from the same suppliers in China and they are all crap. Basically, disposable appliances. I asked about Maytag; my wife's grandmother owned a coin-laundry and knew a thing or two about washers. She swore by Maytag. Today, she would swear at them he said. Same crap as all the others...

juanni January 10, 2018 13:00

Well talk of bankruptcy is back.

Bankruptcy Looms As Sears Warns "Will Consider All Options" If New Financing Process Fails

Sears Holdings, the one-time giant retailer that has been teetering on the edge of bankruptcy for years now, announced this morning that, following yet another disappointing holiday season (shocking), they've initiated new discussions with lenders aimed at renegotiating terms on some $1 billion of "non-first lien debt."


https://www.zerohedge.com/news/2018-...ancing-process





................juanni

NFADLR January 10, 2018 13:52

It's really too bad as back in the old days my great grand pappy bought a Thompson 1923 sub machine gun from the Chicago sears and robuck store, without any background check or even showing any ID just cash and carry.

It was in his estate willed to my grand father back in the 1940's

D P Six January 10, 2018 17:40

Quote:

Originally Posted by NFADLR (Post 4524119)
It's really too bad as back in the old days my great grand pappy bought a Thompson 1923 sub machine gun from the Chicago sears and robuck store, without any background check or even showing any ID just cash and carry.

It was in his estate willed to my grand father back in the 1940's


Wow! And I thought it was neat when I was fourteen to have called up Macy's (or was it Gimbels) and had a Marlin 39A delivered to the house.

johnnycobra January 10, 2018 22:39

Quote:

Originally Posted by Texgunner (Post 4523982)
Back in '09, we did a major kitchen redo. We bought all Whirlpool appliances; gas range, fridge, microwave/venthood and dishwasher along with a washer and dryer. Whirlpool is an old name right? Always made good stuff. Haha. All but the washer and dryer were crap. The refrigerator has ice and water in the door. Big no-no. It is impossible to keep it working right. Never get that feature again.

Local independent repair guy says all the brands buy their parts from the same suppliers in China and they are all crap. Basically, disposable appliances. I asked about Maytag; my wife's grandmother owned a coin-laundry and knew a thing or two about washers. She swore by Maytag. Today, she would swear at them he said. Same crap as all the others...

We looked to replace our 17 year old whirlpool fridge recently. Looking at them and doing some research, maytag is the same fridge as whirlpool with a better compressor warranty and some cosmetic improvements. Kitchen Aid is a cosmetic and material upgrade from Maytag. Same general design and most components shared across the three. Kitchen Aid is a maytag with a different icemaker configuration and an option for a fancy interior. There is some overlap in each line. A high end whirlpool is similar to a maytag. A low end kitchen aid is nearly the same as a maytag.

I repaired our old whirlpool.

justashooter January 11, 2018 11:18

Sears and Roebuck were telegraph operators at train stations in the American mid-west who started their business by selling off an unclaimed crate of pocket-watches, and eventually developed a catalog business aimed at prairie dwellers. opportunities maximized do not remain static in a developing marketplace.

NFADLR January 11, 2018 11:37

Well it was but you have to realize that this was in the time of the bonnie and Clyde etc before all federal firearms laws so it was legal and get this..


This is a story that had gone around the thanksgiving table for the last 50 something and most likely longer than that...

Great grandmother pitched a bitch as my ggf needed a new plow for the tractor and to afford this toy he kept using the old warn out plow shares for another 2-3 years..

Beyond that the tale around the dining room table was why did he need this gun, what purpose did it really serve she wanted to know...

Possibly the start of liberalism in my family way way back....

Quote:

Originally Posted by D P Six (Post 4524235)
Wow! And I thought it was neat when I was fourteen to have called up Macy's (or was it Gimbels) and had a Marlin 39A delivered to the house.


Texgunner January 11, 2018 11:50

Well, there was this:

http://i7.photobucket.com/albums/y29...20gun%20ad.jpg

Ahhh, the good ol' days...:biggrin:

Black Blade January 11, 2018 22:21

I used to be a somewhat loyal Sear's customer for several years. That ended of course but they really brought their own demise upon themselves and now they seem intent on gutting the company in a "scorched earth policy" by turning on the very customers they need if the company were to actually survive. Given how they are now and how they treat customers it is apparent that they have already made the decision to file Chapter 7 and liquidate. Just a matter of time as they sell properties (real estate), liquidate merchandise and stiff suppliers.

The big malls are dead or dying and an expense when successful retailers are going to online sales and competitive pricing on shipping. Sears missed the boat and refused to adapt. Even Wally World is expanding online (I have done some buying off that site as well). Dinosaurs like Sears are toast however.

gunners January 14, 2018 11:32

Only for old gray haired men. Remember when you were 6-7-8-ish and you were planning that mini-bike and or go-cart from deep inside the catalog? This is before any of your buddies had a Honda 50 or 70 - no jap bikes - maybe one those brand spanking new Hodaka's! Sitting cross legged on the floor with the big catalog in your lap thinking now let's see what around here can I liberate a Brigg's and Stratton from...

Texgunner January 14, 2018 12:22

My first motorcycle came from Montgomery-Wards. It was a 50cc bike made by Benelli. Man, I looked at that thing for months in the Wards catalog. I was twelve years old. It actually looked like a motorcycle, unlike the "step-through" bikes some of my classmates had. One late afternoon in the fall of 1965, after dark really, a Wards bobtail truck backed up our dirt driveway and unloaded that "Riverside SS-450". I remembered having to be made to come in from the garage that night. That little motorcycle went to Australia with us the next spring. This is me on it, in our backyard in Geelong, Victoria. Check those bad-ass mocs!

http://i7.photobucket.com/albums/y29...cycles/013.jpg

gman January 14, 2018 16:19

My first mini-bike was a 3 1/2 hp through Sears and Roebuck. It was $99.95 in the catalog and $118.00 when delivered. My dad was impressed I saved $100 through my work and allowance that he took the delivery. This was 1972. He paid me $2.00 per week working on our farm. I worked after school, sometimes before school, and on weekends. I go onto eBay and can still find that bike.

We outfitted a hog farm, at our height rated in the top 10% producers in North Carolina, from augers, feeders, waterers, and a hammermill grinder for grain using the Sears and Roebuck Farm Catalog. This stuff wasn't cheapo Chinese shit, that hammermill was rated 75hp direct drive. My dad got a deal on a 40hp induction-repulsion motor (cool as all hell to hear it spool up), which he halved the 3600rpm using pulleys to get the rpm correct for the mill. It would bog sometimes, but we didn't have the money for a 75hp motor.

Grain silos, grain dryers, everything was there. And if you needed help, you could call someone in Chicago that knew the equipment you were looking at.

Exit308 January 14, 2018 22:16

Quote:

Originally Posted by gman (Post 4525949)
My first mini-bike was a 3 1/2 hp through Sears and Roebuck. It was $99.95 in the catalog and $118.00 when delivered. My dad was impressed I saved $100 through my work and allowance that he took the delivery. This was 1972. He paid me $2.00 per week working on our farm. I worked after school, sometimes before school, and on weekends. I go onto eBay and can still find that bike.

We outfitted a hog farm, at our height rated in the top 10% producers in North Carolina, from augers, feeders, waterers, and a hammermill grinder for grain using the Sears and Roebuck Farm Catalog. This stuff wasn't cheapo Chinese shit, that hammermill was rated 75hp direct drive. My dad got a deal on a 40hp induction-repulsion motor (cool as all hell to hear it spool up), which he halved the 3600rpm using pulleys to get the rpm correct for the mill. It would bog sometimes, but we didn't have the money for a 75hp motor.

Grain silos, grain dryers, everything was there. And if you needed help, you could call someone in Chicago that knew the equipment you were looking at.

Ahhhh, the good old days.
I'm afraid those days are far behind us now, Gman.

spider991 January 15, 2018 18:16

I was always a loyal sears craftsman guy, but with all them made in China now......no thanks, I break a nice American made tool and return it for some Chinese junk....pass

ftierson January 15, 2018 20:14

I bought my first rifle, a Swedish Mauser M94 Carbine, from a Montgomery Ward store.

If things keep going like now, they'll probably be declaring bankruptcy soon too...

Oh, wait...

Forrest


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