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re: Sears Rejects Lampert Bid, Cue Up the Fat Lady
Posted on 1/8/19 at 11:57 am to LSUFanHouston
Posted on 1/8/19 at 11:57 am to LSUFanHouston
quote:
WMT, Target, etc have all tried small-format urban stores and they don't seem to work.
Yeah they are basically trying to recreate the bodega style shop. Amazon is currently doing it with their "Amazon Go" locations.
0
Posted on 1/8/19 at 12:00 pm to hiltacular
I heard that a few years ago. They subcontracted and didn't pay well at all. Few people want to do this type of job anymore; and they don't want to pay the top wage the few old schooler's that remain require.
Posted on 1/8/19 at 12:02 pm to Mingo Was His NameO
quote:townhouse/condo/apartment is not a house
from my house
Posted on 1/8/19 at 12:03 pm to cajunangelle
quote:
I heard that a few years ago. They subcontracted and didn't pay well at all. Few people want to do this type of job anymore; and they don't want to pay the top wage the few old schooler's that remain require.
A friend of mine is actually on the team that is working on it at Home Depot corporate in Atlanta. They are basically creating a vetted contractor database that they will sub out to you for various services.... roofing, hvac, carpentry, painting etc. Basically if you are buying materials from home depot they are going to start upselling the service side to you
Posted on 1/8/19 at 12:11 pm to Capt ST
quote:
They had everything in place to be successful with an online operation.
They destroyed themselves by spending money trying to be anything and everything.
Remember in the late 80s / early 90s they had photo booths, financial planning, etc? They ruined their success in tools, appliances, and auto repair by pissing away billions of dollars on things they weren't good at.
Posted on 1/8/19 at 12:14 pm to hiltacular
Yep, there were rumors of HD buying out A&E Factory Services which was Sears. But tell your friend A&E went to HELL and a lot ran for their pension protection while they could. How are they recruiting?
Posted on 1/8/19 at 12:18 pm to member12
Honestly Amazon should just buy the Sears distribution infrastructure
Posted on 1/8/19 at 12:19 pm to deltaland
quote:
Honestly Amazon should just buy the Sears distribution infrastructure
Not just no, but frick no. Sears distribution is a disaster.
Posted on 1/8/19 at 12:22 pm to Kracka
I don’t think clothes retailers will go anywhere due to the fact most people want to try them on before buying,..especially women.
Posted on 1/8/19 at 12:26 pm to LSUFanHouston
quote:
Lampert had put forward a $4.4 billion bid to save Sears and 50,000 jobs by buying it out of bankruptcy through his hedge fund ESL Investments. His offer, though, was deemed insufficient by Sears' advisors, the people said.
Fact is the board that declined this offer did Lampert a HUUUUGGGEEE favor. $4.4 billion for an old drecipt relic of 20th century business is nuts. Couple that with the pension liabilities it owes its former employees and you would be throwing good money at bad.
His hedge fund should be happy about this outcome.
Posted on 1/8/19 at 12:38 pm to member12
quote:
I guess they think they can get more for the Sears real estate and inventory?
Lampert owns a majority of real estate; especially the highest valued properties around the country. When SEARS was in dire need of money to stay afloat, Lampert and his ESL investment company loaned SEARS $500M in exchange for the real estate and property. Lampert then leased the property back to SEARS. So even if SEARS goes bankrupt, Lampert can then sell or lease the properties for millions/billions. This dude is shady as shite and used SEARS to increase his fortune.
Posted on 1/8/19 at 12:47 pm to Covingtontiger77
quote:
Sears Holdings Corp. Chairman Eddie Lampert is getting another shot at saving the bankrupt 126-year-old retailer.
Sears lawyer Ray Schrock said in bankruptcy court in White Plains, New York, that the company will compare Lampert’s bid with alternatives
Lampert must put up a $120 million deposit by Wednesday in order to participate in an auction
“Hopefully we’ll be able to get to an auction and have a chance to save Sears as a going concern,” Schrock, the lead bankruptcy attorney for the company, said
Lampert will be able to use debt he controls as part of his bid, a process known as “credit bidding,” Schrock said. But the company will reserve its right to review Lampert’s attempt to use debt instead of cash
The bankruptcy judge overseeing the case said that means Lampert’s use of a credit bid has not been preapproved
Posted on 1/8/19 at 12:49 pm to LSUFanHouston
Sears/Kmart's failure was a organizational mindset problem. A few years ago, I visited locations from the Gulf Coast to Baton Rouge with a few guys with Sears Holdings to scope out a project we were working on for them. It was like type warps dealing with the employees/managers and corporate, they seemed stuck in the early 90's or earlier. Admittedly I didn't know much about retail, but I thought to myself over and over again, this is why this is doing to fail.
Posted on 1/8/19 at 12:49 pm to bbvdd
Eddie doesn't want to save Sears. He wants to liquidate. He wants the real estate and store brands to sell off. It's more valuable to him. That's why he got in it in the first place, to aid in sinking the ship to make himself rich. He's scum, but what can you do?
Posted on 1/8/19 at 12:50 pm to Covingtontiger77
quote:
$4.4 billion for an old drecipt relic of 20th century business is nuts. Couple that with the pension liabilities it owes its former employees and you would be throwing good money at bad.
1.8B of that was in forgiveness of debt that Sears already owed ESL.
The vast majority of the other 2.6B was borrowed money. His hedge fund had very little new money coming to the table, which is one of the reasons Sears saw this for the joke it was.
Posted on 1/8/19 at 12:54 pm to Got Blaze
quote:
So even if SEARS goes bankrupt, Lampert can then sell or lease the properties for millions/billions.
This is certainly the conventional wisdom. And I get it. But I wonder how much that stuff is really worth. Many of the buildings have had neglected maintenance needs. Many of them are in malls which are already struggling.
If entire malls start getting razed, there are probably some interesting redevelopment opportunities. But, with boxes, or even the raw land, attached or near to a mall, which limits the size of redevelopment?
Posted on 1/8/19 at 12:56 pm to The Korean
quote:They were stuck in the 1990's with way too many chiefs micromanaging. Their headquarters in Chicago is a waste (especially the HR department)
Sears/Kmart's failure was a organizational mindset problem. A few years ago, I visited locations from the Gulf Coast to Baton Rouge with a few guys with Sears Holdings to scope out a project we were working on for them. It was like type warps dealing with the employees/managers and corporate, they seemed stuck in the early 90's or earlier. Admittedly I didn't know much about retail, but I thought to myself over and over again, this is why this is doing to fail.
Posted on 1/8/19 at 1:18 pm to LSUFanHouston
quote:
And I get it. But I wonder how much that stuff is really worth
Have you ever seen land prices go down ? Even if re-developed, apartments, condominiums, student housing, nursing homes, medical walk-in clinics, smaller strip malls with retail and restaurants, etc... will never stop being built. It's crazy how much commercial/residential construction is going on even when the economy is struggling.
Posted on 1/8/19 at 1:24 pm to TheCaterpillar
quote:
Well I guess my extended warranty through Sears for my fridge is worthless.
I just bought a freezer from Sears and glad I didn’t buy the service plan.
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