Sears Holdings files for bankruptcy*

[TheFugitive]

I worked with a lady from Ames Home Office Information Systems during my stint in Jacksonville.  She was from Madawaska.  Sounds like a very interesting place.  She said the area had a large number of French speakers and yes, often times your best options were in Canada.

[retailisking]

ESL is apparently having trouble finding a partner to help shoulder the burden of that additional $300 in DIP money. We could be headed to liquidation sooner than expected...
https://twitter.com/ElizaHannon/status/1055133061308915712

[JJBers]

The closest Sears to me in Crystal Mall is closing in this bankruptcy. Luckily or unluckily Buckland Hills is only a long traffic light farther from me compared to Crystal Mall

[danfifepsu]

Last night I had a dream of all the Kmarts closing

[danfifepsu]

MORE https://www.usatoday.com/story/money/2018/11/08/kmart-sears-store-closing-list/1933522002/

[retailisking]

Unsecured creditors are pushing for immediate liquidation
https://www.businessinsider.com/sears-should-close-all-stores-creditors-say-2018-11

[retailisking]

Liquidator Great American is reportedly backing a $350 million loan to keep Sears afloat through the holidays. Unsecured creditors can't be happy with this development, as the loan is securitized. Past recipients of loans from Great American include HHGregg, Bebe, Hancock Fabrics, Radio Shack and Sears Canada. All of those are either completely out of business or hanging by a thread after massive store closures. Great American also recently led the liquidation of Bon-Ton Stores and the Chicagoland HOBO chain.
https://www.reuters.com/article/us-sears-bankruptcy-loan-exclusive/exclusive-sears-finalizing-350-million-bankruptcy-loan-with-great-american-sources-idUSKCN1NJ25O

[danfifepsu]

Liquidator Great American is reportedly backing a $350 million loan to keep Sears afloat through the holidays. Unsecured creditors can't be happy with this development, as the loan is securitized. Past recipients of loans from Great American include HHGregg, Bebe, Hancock Fabrics, Radio Shack and Sears Canada. All of those are either completely out of business or hanging by a thread after massive store closures. Great American also recently led the liquidation of Bon-Ton Stores and the Chicagoland HOBO chain.
https://www.reuters.com/article/us-sears-bankruptcy-loan-exclusive/exclusive-sears-finalizing-350-million-bankruptcy-loan-with-great-american-sources-idUSKCN1NJ25O

I wonder when they will announce the rest of them will close. the 400 they say that are most profitable they can still have 1 underperforming company.

[MikeRa]

Liquidator Great American is reportedly backing a $350 million loan to keep Sears afloat through the holidays. Unsecured creditors can't be happy with this development, as the loan is securitized. Past recipients of loans from Great American include HHGregg, Bebe, Hancock Fabrics, Radio Shack and Sears Canada. All of those are either completely out of business or hanging by a thread after massive store closures. Great American also recently led the liquidation of Bon-Ton Stores and the Chicagoland HOBO chain.
https://www.reuters.com/article/us-sears-bankruptcy-loan-exclusive/exclusive-sears-finalizing-350-million-bankruptcy-loan-with-great-american-sources-idUSKCN1NJ25O

I wonder when they will announce the rest of them will close. the 400 they say that are most profitable they can still have 1 underperforming company.

I say sometime in December bur it could be January

[danfifepsu]

Liquidator Great American is reportedly backing a $350 million loan to keep Sears afloat through the holidays. Unsecured creditors can't be happy with this development, as the loan is securitized. Past recipients of loans from Great American include HHGregg, Bebe, Hancock Fabrics, Radio Shack and Sears Canada. All of those are either completely out of business or hanging by a thread after massive store closures. Great American also recently led the liquidation of Bon-Ton Stores and the Chicagoland HOBO chain.
https://www.reuters.com/article/us-sears-bankruptcy-loan-exclusive/exclusive-sears-finalizing-350-million-bankruptcy-loan-with-great-american-sources-idUSKCN1NJ25O

I wonder when they will announce the rest of them will close. the 400 they say that are most profitable they can still have 1 underperforming company.

I say sometime in December bur it could be January

that is what I give it tooo. and a guy I know says they should cut their losses and move o. 1 problem is the Florida Keys but I wonder if Target will be more ideal to replace them as Target's demograhpics fit that area maybe more than Walmart.

I just hope JC Penny isnt next as that will cripple some or many malls.

[retailisking]

Looks like December 15 will be the critical date - the $350 million loan was approved and Sears has until then to sell itself. Right now the only offers on the table are from liquidators. My money is on Great American winning a liquidation bid, as they did with Bon-Ton Stores.
https://www.reuters.com/article/us-sears-bankruptcy/bankrupt-sears-wins-court-approval-for-plans-to-sell-stores-idUSKCN1NK31B

[AmesNewington]

On one hand, it's really heartbreaking to possibly see another long time chain go away. On the other, not sure if Sears can truly make a comeback at this point. However, I personally hope by some miracle, they can escape their troubles and exist in a smaller way. They do offer good products and their prices are reasonable. It's just their lack of updated stores and technology, and scarce staffing, coupled with the extremely reduced amount of stores left that is their downfall.

I feel that Sears and Kmart still have a place in the market, especially Kmart. If their stores were more up to date and had more locations, they'd be still pretty popular and a welcome alternative to Walmart and Target. They beat both in the clothing arena. Better quality. 

[danfifepsu]

Looks like December 15 will be the critical date - the $350 million loan was approved and Sears has until then to sell itself. Right now the only offers on the table are from liquidators. My money is on Great American winning a liquidation bid, as they did with Bon-Ton Stores.
https://www.reuters.com/article/us-sears-bankruptcy/bankrupt-sears-wins-court-approval-for-plans-to-sell-stores-idUSKCN1NK31B

What do you think will be the outcome?

[retailisking]

What do you think will be the outcome?

I think the liquidators will end up with the winning bid and the rest of the stores will close after the holidays. There are no other viable options.

[danfifepsu]

What do you think will be the outcome?

I think the liquidators will end up with the winning bid and the rest of the stores will close after the holidays. There are no other viable options.

it seems cut their losses is the only thing they can do now, but to ask to ask. What will the date be of the when they close? I give it March 31, they are all to close their doors by , and start sales between after Christmas and Jan 1. we still have other stores that carry the same stuff. I bet JC Penney loves this.

[AmesNewington]

What do you think will be the outcome?

I think the liquidators will end up with the winning bid and the rest of the stores will close after the holidays. There are no other viable options.

it seems cut their losses is the only thing they can do now, but to ask to ask. What will the date be of the when they close? I give it March 31, they are all to close their doors by , and start sales between after Christmas and Jan 1. we still have other stores that carry the same stuff. I bet JC Penney loves this.

Why is everyone hoping they close? What does it do for you? I personally would hate to see yet another company (especially under two iconic identities) go away when there is already dwindling options. Then, I am reading people predicting JCPenney is next. Sure, take away all of the old dept stores and leave us Walmart. There is room for another option, especially Kmart. I am trying to be optimistic that maybe Sears can still exist under a smaller footprint. At least for another year. 2019 is just an odd year to go out of business. 2020 is what I had hoped for if Sears couldn't make it. Finish out the decade.

[mixedday]

Why is everyone hoping they close? What does it do for you? I personally would hate to see yet another company (especially under two iconic identities) go away when there is already dwindling options. Then, I am reading people predicting JCPenney is next. Sure, take away all of the old dept stores and leave us Walmart. There is room for another option, especially Kmart. I am trying to be optimistic that maybe Sears can still exist under a smaller footprint. At least for another year. 2019 is just an odd year to go out of business. 2020 is what I had hoped for if Sears couldn't make it. Finish out the decade.

I don't think people are hoping for it to close. It's the current state of the company and unfortunately, it's not healthy for JCPenney either.

One chain that I like is Bed Bath & Beyond. Unfortunately, even BB&B is in weak shape. Yet it has one of the best return policies, good product selection and clean stores at good locations, and not even sagged with dead malls.

Along with Wal-Mart, Amazon, the discounters/off price stores (Burlington, TJMaxx/Marshalls, Gabe's) seem to be very healthy. It's apparently the business model (or one of them) that is working for the masses. More exclusive but successful is Costco. But those Costco members are very loyal to it. Where it operates, I hope that Boscov's is doing well. Stores seem to be busy and more customers inside typically than a Sears and JCPenney.

[giantsfan2016]

business model (or one of them) that is working for the masses. More exclusive but successful is Costco. But those Costco members are very loyal to it. Where it operates, I hope that Boscov's is doing well.

I hear Boscov's is still doing well in Meriden, Connecticut, which was their first Connecticut location and opened in October 2015. I have no idea how things are going at the Milford, Connecticut Boscov's, which just opened in October 2018. It will be interesting to see how they do in Providence Rhode, Island where they will be replacing a higher end store - Nordstrom in 2019. 

I think if Sears ultimately goes completely out of business Manchester, Connecticut is a great location for a Boscov's.

If not Manchester Boscov's could go into one of the two vacant Macy's spots at the dying Enfield Square Mall, which is going up for auction in a couple weeks. Boscov's could revitalize that mall. The mall is really close to the Massachusetts state line so they should promote the mall on both sides of the border - both the Springfield and Hartford TV and/or radio stations. The former Sears spot can be divided into several spaces. The Edge Fitness Club or LA Fitness along with maybe Books-A-Million. Throw in a couple restaurants into that mall too.

[AmesNewington]

These malls have to think outside the box when it comes to finding new life. What saves the Meriden mall is Boscovs and the typical strip mall stores such as TJ Maxx, Dicks and Best Buy. The problem with Enfield is that they have just about every store imaginable (just about on par with Manchester), but the only difference is would be that Enfield's store base is spread out in town with several large strip malls. Hazard Ave is an example of a large shopping area with just about everything. Also, Enfield is not centrally located in the state like Manchester.

What I think would have helped with Sears Connecticut stores is if they tried downsizing their stores and allowing others to fill the rest of their spaces. That was supposed to be considered in West Hartford. Sears could have been a part of the new Corbin Collection. They could have been on one floor instead of two. I also can't help but think that the Meriden Sears could have downsized to one floor. Same with Enfield and the others. If they still weren't making them money, they would close, but I feel that Sears put themselves in such a big hole that it was too late.

[mixedday]

Have Sears stores stopped selling TVs? Kmarts too?

I went to Moorestown Mall Sears and Granite Run Sears in the Philly area. Moorestown is supposed to be a full service store (occupies 3 levels) and there was no section for TVs. It used to be on the upper level. In my opinion, the electronics area should have been moved to main first level when Best Buy opened near the Moorestown mall. Granite Run is two levels and a freestanding building as the mall was demolished for a town center like development. Both are stores that are not closing yet as well. I asked a Granite Run employee and she said they stopped keeping TVs in that store about two years ago.

I just remember circa 2000 when I bought a Sony Trinitron TV set from a local Sears. At that time, Sears had better TVs than what you get at a discounter, like Wal-Mart or Target. Those chains sold TVs like Magnavox and Quasar.

Now, Sears isn't even in the business at least in the stores in my area (excluding sears.com). I suppose it's somewhat understandable with the thin margins in the business. I would likely go to Best Buy anyways over Sears as my first choice, but still rather surprising in some ways for Sears to not keep space for TVs.

[AmesNewington]

Have Sears stores stopped selling TVs? Kmarts too?

I went to Moorestown Mall Sears and Granite Run Sears in the Philly area. Moorestown is supposed to be a full service store (occupies 3 levels) and there was no section for TVs. It used to be on the upper level. In my opinion, the electronics area should have been moved to main first level when Best Buy opened near the Moorestown mall. Granite Run is two levels and a freestanding building as the mall was demolished for a town center like development. Both are stores that are not closing yet as well. I asked a Granite Run employee and she said they stopped keeping TVs in that store about two years ago.

I just remember circa 2000 when I bought a Sony Trinitron TV set from a local Sears. At that time, Sears had better TVs than what you get at a discounter, like Wal-Mart or Target. Those chains sold TVs like Magnavox and Quasar.

Now, Sears isn't even in the business at least in the stores in my area (excluding sears.com). I suppose it's somewhat understandable with the thin margins in the business. I would likely go to Best Buy anyways over Sears as my first choice, but still rather surprising in some ways for Sears to not keep space for TVs.

The Kmart in Vernon, CT still sells TVs. Was just there today. They sell a limited selection of them, but they are still there. Just picked one out for Christmas that was marked down. Last one on the shelf. Plus earned $73 in points back for purchasing it.

[shore72]

Of all places, the extended Thanksgiving weekend found me in the Sears at the Augusta, GA mall. (only 10 hours from home!) Thoughts: slightly busier than others I've been in lately, helped I'm sure by the Black Friday weekend & the fact that this seems to be a rather healthy mall. Still, it seemed to have fewer customers than any of the other anchors. We picked up something in housewares & only had one person ahead of us in line. The clerk from the mattress department went out of his way to come get us & check us out at his station. My wife felt sorry for him!

We were thinking about purchasing a set of curtains as my wife really liked the styles they had. The trouble was they didn't have enough in stock to cover all our living room windows & I was nervous about buying a partial set, knowing that Sears could die anytime & we may never find more. Some departments were understocked, as expected, and there were piles of "last seasons" seasonal merchandise just pushed out of the way along a back wall.

[TheFugitive]

Have Sears stores stopped selling TVs? Kmarts too?

I went to Moorestown Mall Sears and Granite Run Sears in the Philly area. Moorestown is supposed to be a full service store (occupies 3 levels) and there was no section for TVs. It used to be on the upper level. In my opinion, the electronics area should have been moved to main first level when Best Buy opened near the Moorestown mall. Granite Run is two levels and a freestanding building as the mall was demolished for a town center like development. Both are stores that are not closing yet as well. I asked a Granite Run employee and she said they stopped keeping TVs in that store about two years ago.

I just remember circa 2000 when I bought a Sony Trinitron TV set from a local Sears. At that time, Sears had better TVs than what you get at a discounter, like Wal-Mart or Target. Those chains sold TVs like Magnavox and Quasar.

Now, Sears isn't even in the business at least in the stores in my area (excluding sears.com). I suppose it's somewhat understandable with the thin margins in the business. I would likely go to Best Buy anyways over Sears as my first choice, but still rather surprising in some ways for Sears to not keep space for TVs.

The Kmart in Vernon, CT still sells TVs. Was just there today. They sell a limited selection of them, but they are still there. Just picked one out for Christmas that was marked down. Last one on the shelf. Plus earned $73 in points back for purchasing it.

The Kmart closest to me in Pleasant Hills was selling TV's (or at least they were before the GOB sale started a couple weeks ago).  Sears had completely stopped selling them.

[mixedday]

 Just odd that Kmart stores still carry TV sets, but Sears stores don't. Wouldn't it make sense the other way?

[retailisking]

Sears has obtained another $350 million in financing to take it through the holiday season. Hedge fund Cyrus Capital Partners is also teaming up with ESL to bid for the company
https://www.reuters.com/article/us-sears-bankruptcy/lamperts-hedge-fund-and-cyrus-capital-to-team-up-for-possible-sears-bid-bloomberg-idUSKCN1NX2LI

[Amesguy2000]

Yea.. Take away debt for shares/ownership in the company

Huh...

[retailisking]

Sears is in talks with liquidators to acquire the company in the event the ESL/Cyrus bid fails, which would of course mean the end of the line for the company
https://www.retaildive.com/news/wsj-sears-talks-with-liquidators-as-it-tries-to-sell-itself/543251/

[Retail Fan+ (Justin Hill)]

Just odd that Kmart stores still carry TV sets, but Sears stores don't. Wouldn't it make sense the other way?

They both did at one time.

[jason83080]

The last time I was in a Kmart store of any kind, they had barely any electronics section left at all - one video rack, a couple standalone bargain bins, and - I think - four TVs on a shelf - which is a stark contrast to how things used to be back in the day.

I'm going to check out the Middleburg Hts, OH, store in the morning. We'll see what's kicking around over there, now that they're well into their store closing sale...

[danfifepsu]

The last time I was in a Kmart store of any kind, they had barely any electronics section left at all - one video rack, a couple standalone bargain bins, and - I think - four TVs on a shelf - which is a stark contrast to how things used to be back in the day.

I'm going to check out the Middleburg Hts, OH, store in the morning. We'll see what's kicking around over there, now that they're well into their store closing sale...

I was Middleburg Heights store earlier this week and it had a lot left. Only Parma will remain. Kmart may just close