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Is Sears Going Bankrupt? The
Cash-Strapped Retailer Drops a
New Clue It´s Nearing Chapter 11

Fortune, by Lucas Laursen

Original Article

Posted By:NorthernDog, 10/10/2018 8:53:14 AM

Sears is preparing for a possible bankruptcy filing with the help of restructuring firm M-III Partners, according to the Wall Street Journal. The retail giant faces a $134 million debt payment on October 15th. Sears did not immediately return Fortune‘s request for comment on the WSJ report. (Snip) The company’s sales have dropped almost 60% since 2011, and it’s reported losses of $11 billion in that period. It still has almost 900 stores, and its stocks bounced upward last year when the retailer announced a partnership with Amazon to install car tires bought online. Also noteworthy in Sears’s recent

Comments:
World´s longest death watch. But now they are just about out of cash.

      


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Reply 1 - Posted by: Attila DiMedici, 10/10/2018 9:16:14 AM     (No. 11791760)

One of the funniest things to me is that people contrast Sears to Amazon to indicate that something new is happening in business.

Amazon is a catalog company (their website is just a more convenient catalog) which is starting to open brick and mortar stores. Sears was a catalog company which became a brick and mortar store company. Amazon today is almost exactly the company Sears was 100 years ago.

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Reply 2 - Posted by: red1066, 10/10/2018 10:29:33 AM     (No. 11791890)

I´ve been waiting for this for at least five years, and probably longer after reading an article in the Wall Street Journal. The usual suspects are responsible for this. The same market factors that killed Toys R Us, Circuit City, and untold numbers of national and local department stores is killing Sears. Growing up in the late 50´s and early 60´s, it was an exciting experience going shopping at a large department store. All the stuff to look at and touch. Now it´s just too much hassle, and the excitement is gone. Even as a 6 or 7 year old boy going to Wanamakers in Philly to see and hear the organ was exciting.

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Reply 3 - Posted by: coldoc, 10/10/2018 11:24:28 AM     (No. 11791977)

Sears and radio shack- the ruth bader ginsburgs of retail.

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Reply 4 - Posted by: stablemoney, 10/10/2018 12:51:21 PM     (No. 11792132)

Sears has a leadership problem. Their CEO has been liquidating the company to pay for his mistakes for 5 years. Does Sears have a board of directors, and haven´t they noticed the company is going down the tubes? It couldn´t have escaped their notice, as it has been going on for a very long time. Now, it is probably too late, but I would get another CEO.

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Reply 5 - Posted by: rubberneck, 10/10/2018 12:52:25 PM     (No. 11792134)

How will this affect my Craftsman tool lifetime warranties? (I have a couple ratchets and a snap-ring pliers and a garden rake that I need to replace... guess I better git ´er dun...)

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Reply 6 - Posted by: Felixcat, 10/10/2018 12:57:07 PM     (No. 11792145)

Re #2 - for the last couple of decades, shopping in a large department store or local mall was not a pleasant experience.

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Reply 7 - Posted by: kiwinews, 10/10/2018 10:53:31 PM     (No. 11792637)

Sears´ customer no-service and lemon appliances drove me away. You would not believe the garbage I went through trying to use my expensive, extended "Master Service" warranty on a washing machine. Inertia, hours on hold, hang-ups, rudeness and flat out lying. Any corporation that allows that kind of practice will go broke - no need to blame Amazon. Sears didn´t die, it committed suicide!

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