topic Re: Bid to save Sears rejected in Community Chat

Bid to save Sears rejected

bikerbabe — Tue, 08 Jan 2019 19:14:48 GMT

Just saw this on my newsfeed. Sounds like liquidation is inevitable. 😢

Re: Bid to save Sears rejected

bikerbabe — Tue, 08 Jan 2019 19:18:49 GMT

Well, now I see a revision that maybe a revised deal is possible? Sorry!

Seems to me they are just delaying the reality.

Re: Bid to save Sears rejected

Krimpette — Tue, 08 Jan 2019 19:26:15 GMT

CNN is saying that they're still alive. Just waiting for the bankruptcy judge to approve. But I agree, not promising for the future, it would seem.

Re: Bid to save Sears rejected

Lucky Charm — Tue, 08 Jan 2019 19:37:17 GMT

I've been following the headlines all morning, too. And it did just change minutes ago.

I have over $79 in cashback from Sears, good until the 11th. I just texted hubby and told him it looked like it was going under--and fast. Asked him if I should get a chest freezer for his fish and bait (never allowed in house!) for our new place.

I hate to see them go, really I do. I checked recently and none of ours (3 different states) were ones that were slated for the choppping block. I was glad to see that.

Last weekend, I bought pants (boys' Dockers) for a grandson who won't even need them for at least 2 more years. I buy all his uniform pants at Sears. Got them for $17.60 each--reg. $44. Nice pants, not junk.

Some people turn their noses up at Sears. Whatever. Can't find the school pants the boys need at Neiman Marcus!

Re: Bid to save Sears rejected

FrostyBabe1 — Tue, 08 Jan 2019 19:59:53 GMT

I was just in my Sears store this afternoon - to hit the sales at the Lands End shop. I asked the manager of the LE shop if he had heard anything and he said he stopped paying attention because it changes minute by minute. He's told me in the past that LE has looked for their own space in the mall (since they were spun off from Sears in 2014) but it was much less expensive to stay in the Sears store (and Sears obviously needs the rent from them). Lands End is the ONLY reason I go in Sears.

Re: Bid to save Sears rejected

IMW — Tue, 08 Jan 2019 20:09:23 GMT

Very sad.

Re: Bid to save Sears rejected

chrystaltree — Tue, 08 Jan 2019 22:05:59 GMT

I don't see the point in prolonging the inevitable. Sears is a dinosaur that has been on the brink of death for years. Let it go. Put it out of it's misery.

Re: Bid to save Sears rejected

kitcat51 — Tue, 08 Jan 2019 22:58:03 GMT

put it out of it's misery...Good Grief, what about the employees jobs & pensions? Everything they worked for will be gone & the attitude of many is so what, it's not me so why should I care.

Re: Bid to save Sears rejected

Cwoldie — Wed, 09 Jan 2019 00:26:42 GMT

Jobs will be lost and that is too bad. However Sears has not offered pensions in over 30 years. If you have a pension with them the feds will guaranty it. If you have a 401k then it is your money.

Re: Bid to save Sears rejected

MsCatLuver — Wed, 09 Jan 2019 00:41:44 GMT

@Cwoldie wrote:
Jobs will be lost and that is too bad. However Sears has not offered pensions in over 30 years. If you have a pension with them the feds will guaranty it. If you have a 401k then it is your money.

@Cwoldie. Will you please explain “why” the federal gov’t would guarantee pensions. TIA

Re: Bid to save Sears rejected

this is my nic — Wed, 09 Jan 2019 00:42:13 GMT

If Sears couldn't make the right decisions regarding the quality of their merchandise they have no one to blame but themselves. Craftsman tools are not what they used to be. One of my sons returned and replaced a broken tool twice. This was unheard of in the past; Craftsman tools were once the best. I don't know if they are still selling the Kardashian line of clothes, but that was an example of poor judgement. Women who shop at Sears for clothes want basic items that can be washed over and over and last more than one season; they do not care about the name on the label. I once shopped at Sears for my and my children's clothes, so I know what many women need. Thankfully, I don't have to do that any longer! Frankly, I rarely shop the Q for clothes. I have become quite picky!

Re: Bid to save Sears rejected

libbyannE — Wed, 09 Jan 2019 00:52:51 GMT

Never shopped there for anything but an occasional tool until we were just walking through Sears to the rest of the mall years ago and ran into a killer appliance sale. So we bought a Jenn-Air range for our lake cabin’s new kitchen. A fluke!

Re: Bid to save Sears rejected

kitcat51 — Wed, 09 Jan 2019 01:42:44 GMT

@Cwoldie wrote:
Jobs will be lost and that is too bad. However Sears has not offered pensions in over 30 years. If you have a pension with them the feds will guaranty it. If you have a 401k then it is your money.

The PBGC guarantees pensions & it's mandated but not funded by the Federal government, companies pay into it. You don't get the whole amount of your pension, the PBGC has a formula & many don't qualify for anything. Older retirees who have counted on their pension including health care find it extremely difficult to make ends meet when the pension is gone. My husband, myself & my son have lost pensions & let me tell you it's a big kick in the fanny... I have sympathy for all in the same situation.

Re: Bid to save Sears rejected

Cwoldie — Wed, 09 Jan 2019 01:43:30 GMT

My husband corrected me on what I said about the govt guarenteeing pensions. The pensions are held by a fund that is govt sponsered. I cannot really explain it properly but it’s sort of like fdic for pensions. The fund has paid in premiums. It’s not tax dollars. My husband retired 5 years ago from sears after 43 yrs. he went on the pension website today which said his monthly payments would continue. I have really done a poor job explaining this. After the pension stopped he contributed to a 401 k which, for a time, Sears matched but then that stopped too.

My feeling is it is time for Sears to go. Lambert has run it into the ground. Very sad as they were so reliable, especially for appliances.

They took LE out of my local Sears about a year ago and I have not been back since.

Re: Bid to save Sears rejected

SeaMaiden — Wed, 09 Jan 2019 01:46:18 GMT

@kitcat51 wrote:
@Cwoldie wrote:
Jobs will be lost and that is too bad. However Sears has not offered pensions in over 30 years. If you have a pension with them the feds will guaranty it. If you have a 401k then it is your money.
The PBGC guarantees pensions & it's mandated but not funded by the Federal government, companies pay into it. You don't get the whole amount of your pension, the PBGC has a formula & many don't qualify for anything. Older retirees who have counted on their pension including health care find it extremely difficult to make ends meet when the pension is gone. My husband, myself & my son have lost pensions & let me tell you it's a big kick in the fanny... I have sympathy for all in the same situation.

@kitcat51 How did you lose your pensions?

Re: Bid to save Sears rejected

kitcat51 — Wed, 09 Jan 2019 03:57:14 GMT

@SeaMaiden wrote:
@kitcat51 wrote:
@Cwoldie wrote:
Jobs will be lost and that is too bad. However Sears has not offered pensions in over 30 years. If you have a pension with them the feds will guaranty it. If you have a 401k then it is your money.
The PBGC guarantees pensions & it's mandated but not funded by the Federal government, companies pay into it. You don't get the whole amount of your pension, the PBGC has a formula & many don't qualify for anything. Older retirees who have counted on their pension including health care find it extremely difficult to make ends meet when the pension is gone. My husband, myself & my son have lost pensions & let me tell you it's a big kick in the fanny... I have sympathy for all in the same situation.
@kitcat51 How did you lose your pensions?

The companies we worked for went into bankruptcy & were purchased by companies that wanted only the assets & none of the liabilities...the liabilities include retirees & current employee retirement plans. This is what happens...the buyers submit their purchasing plans to the Bankruptcy Court & if approved a judge signs the order then everything you worked for is gone & there is nothing you can do about it, no appeals, no getting a lawyer to sue, it's simply a done deal & your retirement plan is taken over by the PBGC. In 2018 861,000 people depended on the PBGC & an additional 532,000 will depend on it when they retire and the numbers continue to grow. Thanks for asking @SeaMaiden. Be well.

Re: Bid to save Sears rejected

Sooner — Wed, 09 Jan 2019 03:45:02 GMT

@kitcat51 wrote:
put it out of it's misery...Good Grief, what about the employees jobs & pensions? Everything they worked for will be gone & the attitude of many is so what, it's not me so why should I care.

@kitcat51 I don't think people mean that. I think they are saying the store is no longer viable and maybe getting it over with will in the long run help out. Maybe a bigger company will move into vacated space and have more jobs and a better future. At least that is what we would hope and pray for and give people some options.

Of course it is sad to see this happen. Remember all the factory workers that had good jobs, then the jobs went over seas? Many cities were devastated.

Re: Bid to save Sears rejected

bikerbabe — Wed, 09 Jan 2019 04:40:08 GMT

Lambert isn’t interested in savings Sears. He’s been the single biggest force in running it into the ground, selling off assets and arranging bailout loans via his hedge fund, all at personal profit to himself. I’m amazed that what he has done is even legal. It’s certainly immoral.