Sears Holdings files for bankruptcy*

[jaredski09]

U-Haul’s real estate company, Amerco Real Estate Company, announced on Nov 30 that they will be purchasing 13 current/former Sears/Kmart sites for $62 million and will eventually transform them into U-Haul Moving Centers (pending bankruptcy court approval). U-Haul has already converted 9 vacant Kmarts this year into U-Haul sites. Here are the locations they just bought:

3115 Airport Way, Fairbanks, AK (Sears)
308 Dix Ave., Queensbury, NY (Kmart)
2875 Santa Maria Way, Santa Maria, CA (Kmart)
4110 E. Sprague Ave., Spokane, WA (Kmart)
5909 E. State St., Rockford, IL (Kmart)
20777 Bear Valley Road, Apple Valley, CA (Kmart)
200 Irwin Ave., Fort Walton Beach, FL (Kmart)
1805 E. Stone Drive, Kingsport, TN (Kmart)
3250 Clear Lake Road, Springfield, IL (Kmart)
996 W. View Park Drive, Pittsburgh, PA (Kmart)
1309 N. High St., Fort Atkinson, WI (Kmart)
17850 Frazho Road, Roseville, MI (Kmart)
1705 S. Main St., Roswell, NM (Kmart)

3 of these locations are “dark”, 6 are negative EBITDA, 4 are positive EBITDA (“the purchase price being paid by [Amerco] for the 4 positive EBITDA warrants proceeding with the sale.”)

“The parties have entered three-month occupancy agreements for 10 of the 13 parcels that provide for Sears to pay related real estate taxes and water and sewer charges and allow time for going-out-of-business sales.” (WWD.com)

All of this info came from:
www.sparefoot.com/self-storage/news/7442-u-haul-scoops-13-kmart-sears-stores-62-million
www.wwd.com/fashion-news/fashion-scoops/sears-holdings-corp-inks-real-estate-deal-for-certain-sites-for-62m-leases-retail-kmart-1202918156

[retailisking]

Eddie Lampert has made it official, submitting a $4.6 billion bid to keep Sears alive. There are a number of surprises in the bid, including a cash component and his decision to bid on the entire company and not just the previously-disclosed "going forward" 500 or so stores. Analysts suggest it's more of a face-saving gesture than anything else.
https://www.bloomberg.com/news/articles/2018-12-06/eddie-lampert-makes-4-6-billion-bid-to-keep-sears-chain-alive

[Amesguy2000]

So he isn't going to partner-bid with that one company that will give them ownership in the company but take away all their debt???    That (I think) would be their best bet..

[AmesNewington]

Eddie Lampert has made it official, submitting a $4.6 billion bid to keep Sears alive. There are a number of surprises in the bid, including a cash component and his decision to bid on the entire company and not just the previously-disclosed "going forward" 500 or so stores. Analysts suggest it's more of a face-saving gesture than anything else.
https://www.bloomberg.com/news/articles/2018-12-06/eddie-lampert-makes-4-6-billion-bid-to-keep-sears-chain-alive

The article said more than just the 505 stores would be salvaged if this happens. Does that also mean the stores that were announced to close on November 8 would also stay open? I doubt that would be the case, but one of those Sears stores is on the November 8 list (Meriden, CT) and I don't want to see it go. Sears also owns the space and has a say in what happens to it. I was just thinking how crazy it would be if they actually kept Meriden open because Best Buy in the same mall was scheduled to close a few years ago, but was saved at the last minute and is still open today. Again, wishful thinking. I also really didn't expect Sears to be around after next year. Never have I seen such an effort to keep a hurting retail chain operating. They just won't give up. I STILL believe if they did things right, they would be a viable company. I also believe if they had the ability to update their remaining Sears and Kmart stores, they would be a great Walmart alternative.

[danfifepsu]

Eddie Lampert has made it official, submitting a $4.6 billion bid to keep Sears alive. There are a number of surprises in the bid, including a cash component and his decision to bid on the entire company and not just the previously-disclosed "going forward" 500 or so stores. Analysts suggest it's more of a face-saving gesture than anything else.
https://www.bloomberg.com/news/articles/2018-12-06/eddie-lampert-makes-4-6-billion-bid-to-keep-sears-chain-alive

The article said more than just the 505 stores would be salvaged if this happens. Does that also mean the stores that were announced to close on November 8 would also stay open? I doubt that would be the case, but one of those Sears stores is on the November 8 list (Meriden, CT) and I don't want to see it go. Sears also owns the space and has a say in what happens to it. I was just thinking how crazy it would be if they actually kept Meriden open because Best Buy in the same mall was scheduled to close a few years ago, but was saved at the last minute and is still open today. Again, wishful thinking. I also really didn't expect Sears to be around after next year. Never have I seen such an effort to keep a hurting retail chain operating. They just won't give up. I STILL believe if they did things right, they would be a viable company. I also believe if they had the ability to update their remaining Sears and Kmart stores, they would be a great Walmart alternative.

What willl happen with SEars and Kmart liquidating and if so when?

[Kmart4life]

https://www.cnbc.com/2018/12/28/sears-chairman-eddie-lampert-submits-bit-for-company.html

[AmesNewington]

https://www.cnbc.com/2018/12/28/sears-chairman-eddie-lampert-submits-bit-for-company.html

Would have meant more if they didn't announce the 80 additional locations, including the Vernon Kmart. But this doesn't mean the company will survive if the impending rulings/bids in January go against Eddie.

[danfifepsu]

https://www.cnbc.com/2018/12/28/sears-chairman-eddie-lampert-submits-bit-for-company.html

Would have meant more if they didn't announce the 80 additional locations, including the Vernon Kmart. But this doesn't mean the company will survive if the impending rulings/bids in January go against Eddie.

I feel Kmart / Sears arent out of the woods and how long will it last. or if they ever emerge it will be like Bradlees where its a temporary thing and then fall back in and die 1-2 yrs later.

[danfifepsu]

Sears in Mall of America is closing! OK its a lucrative and busy busy mall, I Feel it closed due to the value of the property.

Kmart will have no stores in 13 states after this wave. Kmart seems to be becoming more of a regional chain.

[danfifepsu]

I wonder if Kmart and Sears will be around in a year.

[danfifepsu]

As it's 2019, will this be the year Kmart & Sears cut their losses and move on or continue? or continue and crash into 2020?

[danfifepsu]

No news on the liquidation bid.

[danfifepsu]

What next:https://www.wsj.com/articles/sears-to-stay-open-after-edward-lampert-prevails-in-bankruptcy-auction-11547636823 ?

[patk]

old fast eddy just saved jobs

[shore72]

It's absolutely amazing to me just how long it's taking this rickety old contraption to coast to a stop. It goes to show just how mighty Sears once was.

[danfifepsu]

It's absolutely amazing to me just how long it's taking this rickety old contraption to coast to a stop. It goes to show just how mighty Sears once was.

and show how a rich investor is pulling the strings, yet he wont put any money into the stores, which look the same as since the 1980s  or earlier.

I feel this can't last forever and Sears / Kmart have more lives than a cat. Woolworth this happened of where they closed stores in rounds to where there was a few hundred left.

[danfifepsu]

What is the chances that the judge will approve this: https://www.cnbc.com/2019/01/17/sears-announces-esl-as-winning-bid-in-bankruptcy-auction.html?fbclid=IwAR1cZMcKkxHvHGQfb4aT9R8QguGgCJ2EB5R7x7yrw0NuWxkjfcRO3zoG6IA and

[danfifepsu]

Anyone's guess on the outcome of the hearings that are going on and creditors objections? and I feel Lambert saying he is trying to save 45K jobs is an excuse to save a sinking ship!

[TheFugitive]

It's official.

The Bankrutcy Court is giving Eddie Lampert ANOTHER shot with Sears.

https://www.foxbusiness.com/retail/u-s-bankruptcy-judge-has-approved-lamperts-5-2-billion-bid-for-sears

Frankly this astounds me.

[danfifepsu]

It's official.

The Bankrutcy Court is giving Eddie Lampert ANOTHER shot with Sears.

https://www.foxbusiness.com/retail/u-s-bankruptcy-judge-has-approved-lamperts-5-2-billion-bid-for-sears

Frankly this astounds me.

and why I feel Sears / Kmart has more lives than a cat I feel! I feel the inevitable will come soon. I went to one in Salem NH 2 weeks ago and only 3 other people in the store than me with clerks bored standing around talking. Many states in Middle America will only have 1 of the 2 chains or none of both, and those chains due to how they have downsized are more of a regional chain than a national. Either Shopko or Kmart / sears is next.

[giantsfan2016]

With the story that came out that they stole over $700 grand for sick and dying children I decided I would never spend any money with such a despicable company.

[danfifepsu]

With the story that came out that they stole over $700 grand for sick and dying children I decided I would never spend any money with such a despicable company.

I agree and that is a sign of greed! and how disorganized the company is is many states they are in smaller cities as I guess they cant handle the competition. and I pointed out above Kmart and Sears are now more of a regional chain (s) than national).

I feel the chain is on borrowed time, now I am predicting the end is a year from now.

[Zayre88]

I've recently read that Sears, after the purchase by Lampert, will only have 223 stores left! Kmart only 202 stores...

They even plan to close more stores and downsize others...