OT: Sad end appears imminent

[purplefaithful]

New York (CNN Business) — Sears has two days to come up with $134 million.
Sears Holdings (SHLD), the parent company of Sears and Kmart, faces a Monday deadline to pay that much in debt.The most recent filing from Sears showed it had only $193 million in cash on hand as of August 4, the end of its last fiscal quarter. The company also has $269 million available to it from lenders, according to figures it released on September 13.
Having so little cash available would make it very difficult for Sears to pay back $134 million in debt due on Monday. Plus, Sears also has to pay its current vendors and employees and stock up inventory before the holidays.
All signs point to a bankruptcy filing in the next few days. Sears' stock has fallen more than 50% in the last five days to around 35 cents a share.

Three companies that sell items at Sears told Reuters this week that Sears had missed payments to them over the past few weeks. One of Sears' major shareholders recently dumped a chunk of his stock for pennies on his original investment. The company added a new director this week who is familiar with bankruptcies and restructuring. 

Maybe someone one will takeover kenmore and just gut the rest...

https://www.cnn.com/2018/10/12/business/sears-bankruptcy/index.html

[Guest]

Sears started as a mail order delivery buisiness where you could get almost anything shipped to your door. They were put out of businiess by a mail order company where you could get almost anything shipped to your door. 

[Guest]

It was inevitable. Retail is dying. I feel for the employees. 

[Guest]

Montgomery Wards went about 20 years ago, now Sears. How long before JC Penny goes....

Actually, I'd say maybe Home Depot had as big an impact on Sears' demise as Amazon. In the 70s if you wanted tools, a Shopvac, etc., you went to Sears. Then it became Home Depot and Lowes.

I sorta wonder if Amazon is now going to hurt those stores. Come to think of it, the last several purchases of that type I made (air compressor, patio table, etc) were made online. I even started buying clothes online. You can find EXACTLY what you want, find the cheapest price and typically have it on your door step in 36 hours. 

[Guest]

@Vikergirl said:
It was inevitable. Retail is dying. I feel for the employees. 

why?  its not like the bulk of them were skilled labor. with the unemployment rate theyll have a job by tommorrow.

[Guest]

You could even buy a house from Sears......
 https://www.popularmechanics.com/home/ho...ng-in-one/

[Guest]

@AGRforever said:

@Vikergirl said:
It was inevitable. Retail is dying. I feel for the employees. 

why?  its not like the bulk of them were skilled labor. with the unemployment rate theyll have a job by tommorrow.

Uh because of the loss of employment. And not everyone is going to get a new job right away. 

[Guest]

@Vikergirl said:

@AGRforever said:

@Vikergirl said:
It was inevitable. Retail is dying. I feel for the employees. 

why?  its not like the bulk of them were skilled labor. with the unemployment rate theyll have a job by tommorrow.

Uh because of the loss of employment. And not everyone is going to get a new job right away. 

our town could take a couple thousand workers. jobs are a dime a dozen here. and were not some metro area. cookeville tn. 

[Guest]

@AGRforever said:

@Vikergirl said:

@AGRforever said:

@Vikergirl said:
It was inevitable. Retail is dying. I feel for the employees. 

why?  its not like the bulk of them were skilled labor. with the unemployment rate theyll have a job by tommorrow.

Uh because of the loss of employment. And not everyone is going to get a new job right away. 

our town could take a couple thousand workers. jobs are a dime a dozen here. and were not some metro area. cookeville tn. 

There have been several retail stores closing in the metro area here and a lot of people are still looking for work. 

[Guest]

@ThunderGod said:
You could even buy a house from Sears......
 https://www.popularmechanics.com/home/ho...ng-in-one/

A car, too. It was called The Allstate. I forget who made it, but the company actually sold cars to Sears branded as the Allstate and they were sold for less money than the cars at dealships. That didn’t make the dealers very happy.

I haven’t been to a Sears Department store in years. We do have a Sears Hardware by the Menard’s and Lowes in town. I bought my last lawn mower from there. But I honestly don’t know how they stay in business.