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Tue Jan 8, 2019, 08:15 AM

Exclusive: Sears to ask bankruptcy judge to liquidate

Sears Holdings Corp will ask a bankruptcy judge on Tuesday if it can proceed with liquidation after it could not reach an agreement on Chairman Edward Lampert’s $4.4 billion takeover bid, casting doubt on the survival of the 126-year-old U.S. department store, people familiar with the matter said.

https://www.reuters.com/article/us-sears-bankruptcy-liquidation-exclusiv/exclusive-sears-to-ask-bankruptcy-judge-to-liquidate-idUSKCN1P218J

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Reply Exclusive: Sears to ask bankruptcy judge to liquidate (Original post)
Troll2 Jan 8 OP
freedumb2003 Jan 8 #1
Troll2 Jan 8 #2
Currentsitguy Jan 8 #3
FreeWheelBurning Jan 8 #4
Currentsitguy Jan 8 #5

Response to Troll2 (Original post)

Tue Jan 8, 2019, 08:25 AM

1. Like RadioShack I think Sears #1 asset is property

Most of which are attached to moribund malls.

Someone correct me if i am wrong but Sears already sold off the good stuff -- like the Craftsman and Kenmore brands.

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Response to freedumb2003 (Reply #1)

Tue Jan 8, 2019, 09:55 AM

2. Yes, the good brands are gone, and I think much of the good property is too.

From what I've read, Sears carried a lot of real estate on its books at historic acquisition value. The true market value of the real estate was not reflected in the Sears balance sheet and also not in the stock price.

Hence, Eddie Lampert could acquire Sears for less than it was worth, raid the company for undervalued real estate and dispose of the remainder in bankruptcy. He's probably made lots of money this way, but the decline of the malls after the Great Recession probably made his plan a lot less lucrative than he thought.

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Response to freedumb2003 (Reply #1)

Tue Jan 8, 2019, 10:40 AM

3. Radio Shack died

Because they stopped selling parts and ignored their core customer base in a misguided attempt to be a cell phone store. That and their insistence on collecting way too much personal information with each and every transaction. I remember being in there about 10 or 12 years ago to buy some stupid wire or connector, I can't really remember what. After the 20 minutes to took to get someone's attention because they were too busy hawking cell phones to people, and the 5 minutes of arguing that I did not need nor want a new phone, the register refused to complete my cash transaction without my name, address, phone number, and date of birth. After arguing with the manager, who told me their system was linked to an address database, so no false addresses, I ended up walking out, never to return.

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Response to Currentsitguy (Reply #3)

Tue Jan 8, 2019, 10:48 AM

4. Don't underestimate the hit they took when they got rid of the battery of the month

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Response to FreeWheelBurning (Reply #4)

Tue Jan 8, 2019, 10:53 AM

5. I don't

When I was around 12 or so, my friends and I would dutifully hike the mile to the local store to present our card and collect our battery. More often or not if I had a little cash I'd pick up a small kit or something. I still have my 300-In-One electronics kit around here somewhere. It really built up a lot of brand loyalty. It's one of the reasons my final visit there felt like such a betrayal.

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