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Respected Contributor
Posts: 2,937
Registered: ‎03-30-2010

Re: Bid to save Sears rejected

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! 

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Respected Contributor
Posts: 3,508
Registered: ‎10-27-2010

Re: Bid to save Sears rejected

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!

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Posts: 2,879
Registered: ‎09-15-2016

Re: Bid to save Sears rejected


@Woodie 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.

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Regular Contributor
Posts: 183
Registered: ‎03-09-2010

Re: Bid to save Sears rejected

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.

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Posts: 18,913
Registered: ‎03-10-2010

Re: Bid to save Sears rejected


@kitcat51 wrote:

@Woodie 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?  

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Respected Contributor
Posts: 2,879
Registered: ‎09-15-2016

Re: Bid to save Sears rejected

[ Edited ]

@SeaMaiden wrote:

@kitcat51 wrote:

@Woodie 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.

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Honored Contributor
Posts: 20,251
Registered: ‎03-10-2010

Re: Bid to save Sears rejected


@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. 

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Posts: 4,175
Registered: ‎03-09-2010

Re: Bid to save Sears rejected

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.