Sears Holdings Corporation Bankruptcy

[Parkman]

Will they declare Chapter 7 after the Holiday Season?

The end of Sears and Kmart both fan retailers at one point.

A very interesting history and unfortunately end.  Some interesting reads about Eddie Lampert and Sears Holdings on the internet which help assist there demise.

[Cole D]

I've heard people saying that could happen too after Christmas. But then it's been said for the last couple of years. Although, Montgomery Ward did go out of business just after Christmas.

Do you think people still buy appliances at Sears? We got our refrigerator there I think in fall of 2016. Earlier this year my mom bought a new Kenmore washer but she didn't like it so took it back to Sears and got a GE instead. She said it was just too complicated to use. Probably the last Kenmore appliances we will get if they go out of business. All of our other appliances have been Kenmore up until the GE washer.

[Parkman]

Kenmore is supposed to be purchased by their former CEO Eddie Lampert.

We bought 2 Kenmore Air Conditioners a fridge and microwave in 2016.

Of all of that the one Air Conditioner which is there cheapest model I picked up at Kmart is good. The Microwave constantly has the "plate" fall off the rack when you use it my fridge makes noises and the one air conditioner has a horrendous design when it rains.

[Cole D]

The refrigerator we got replaced a 1995 model. The new one is made by Haier (about the time they bought GE). It runs quiet, but the door bins are all plastic and things rattle around every time you open the door. It has a lot more plastic parts in the inside than the old one did. But that's not just Kenmore, it's probably any brand these days.

[becausecanadia]

All of the Sears up here in Canada shut their doors a few months ago. Its only a matter of time for the US stores.

[Parkman]

Nov 5, 2018 1:35:31 GMT -5 becausecanadia said:

All of the Sears up here in Canada shut their doors a few months ago. Its only a matter of time for the US stores.

This is true.. Even if they can somehow make it out of Chapter 11 with there 400 stores, HOW is that going to work with some states having one or two stores.  And that includes the Puerto Rico Kmart's in that number.  It would be a logistical nightmare not to mention Craftsman is gone at this point and Kenmore will probably go.. Its just wasting more money of banks and lenders that somehow we will have to pay for it the long run.

[Adin Panthers]

Sadly, the Sears at the Lloyd Center Mall are already closed down.

[Cole D]

The Sears here is still open, and according is not supposed to close until the company declares Chapter 11 bankruptcy.

[Parkman]

They are in Chapter 11, If your Sears/Kmart isn't in the 400-500 Go ahead stores then its being liquidated. As of now ALL Sears and Kmarts in that 4-500 "Go Ahead" or Move Forward stores are for sale if another company wants to buy them.

Our local Sears closed Sunday, I went there with my wife... It was very sad!

[Cole D]

I meant if they actually do go bankrupt and the company goes out of business, then the Sears store will close. Otherwise it's one of the stores that are staying open. The Kmart already closed early this year.

But it's possibly they may go out of business early next year after the holiday shopping season, just as Montgomery Wards had.

[Cole D]

Well, it looks like the end of Sears and Kmart could be tomorrow, if Eddie Lampert doesn't secure another loan for the company. I didn't realize it would be so quick. But I do doubt that Sears and Kmart made much any profit during the Christmas season. Kind of surreal, I may never step foot in Sears again. I already knew it was highly unlikely I'd be at a Kmart again after ours closed in February.

Plus from what I'm reading sounds like Sears wasn't making good on appliance deliveries of late, which has really ruined their reputation for anyone to make that large of a purchase there.

I don't see much point in them staying in business, unfortunately. I think all of the bad news over the last months/and years has certainly not helped to sour their reputation, plus all the closures.

It is sad for all the employees though, I feel bad for them. I would have been looking for a way out long before now though.

One thing I noticed this month is that Kenmore started selling their vacuum cleaners on QVC and on Walmart.com with their own page. I wonder if they are trying to separate from Sears somehow, similar to how Craftsman is at Ace Hardware and Lowes?

[Parkman]

My wife and I just bought an artificial Christmas Tree at Kmart we did are part to help but its gonna collapse. They have too much debt and the only one whose willing to buy them out is Eddie Lampert and he's willing to exchange his personal debt to the company for equity of the whole thing screwing out many other debtholders.

I've only had one appliance delivery from Sears in the last few years and the guy was very nice but the two that delivered my mattress I think just got out of prison and the one guy you could tell was casing my house out looking up the stairs and around the hallways and so forth. VERY unprofessional and they hit a tree in my driveway and drove off even though they dented their truck. Everything I've read since they declared Chapter 11 their deliveries have been even worse causing most people even before hand to cancel their orders and make the sales people pay back their commissions.

The only people I feel bad for like you said Cole is the employees. As for management they did a horrendous job. Sears when you mention its either someone older that still shops there but not much or you get laughed at. Kmart still seems to have (where they remain) a following. A few years ago people laughed about Kmart but now most of them are gone where people didn't shop them. Ours is still pumping out customers but after being there the day after Christmas I told my wife we'll be lucky if there still here by your birthday in March.. And our Kmart has been one of the top 100 profitable since it opened.


Wow! I know Sears partnered with Amazon to sell Kenmore. Stanley Black and Decker owns Craftsman now. Lowes will be the new retailer once Sears ends its misery while Ace still sells theres but not as much stuff. I would figure they are trying to expand Kenmores sales like you said QVC and Walmart to make the numbers look better to get a bidder for the brand. I don't know how "damaged" Kenmores reputation is but of the 5 appliances I have of Kenmore 2 of them I'd buy again..

[Cole D]

True and yet Fast Eddie can come back here to his FL mansion with his millions yet the employees get no severance probably...
I knew an appliance salesman here that works on commission. Feel bad for her and she kept saying "we're staying open, we're staying open" but then this comes up.

I do wonder what will happen to warranty claims and the parts dept. My grandparents bought a new Kenmore fridge a few years ago just before we did. Main difference theirs is fancier and LG made while we have a cheaper Haier made one. My grandma was a bit unsure about how well it would last so she bought the 3 year maintenance agreement. And last fall she decided to schedule the final maintance appt since the Sears near them was closing. Tech said he was losing his job since the store was closing. I always thought the home services dept was separate, but apparently tied to the store. We got an extended warranty on ours too since we were worried about the durabilty, but I guess that will be void anyway.

Yet the couple that moved into the new house next door just bought a Craftsman riding mower. He asked if he should go to Sears or Tractor Supply. I was surprised he picked Sears and not TS or one of the home center. Not that it's not just a Husqvarna rebadge but for the warranty, we'll I guess he'll be out of luck too.

For the appliances most are LG, Haier, Whirlpool or Frigidaire so parts shouldn't be hard to get. Cleva will probably just sell the vacuums under another brand. (They were already selling some discontinued designs under the Titan name at vac shops).

[Parkman]

What really made me mad was the $25 million retention bonuses for the executives while cancelling severance and screwing over vendors and so forth.

I saw 80 stores are closing which was announced today so sad.

Hmmm, I'm confused because Sears owns A&E Service, Sears Home Improvement, and then another tech branch I believe. One of them got a bid and is being sold to Service.com I read.. I'm surprised about them being based in a store but then again their vans were always parked near the auto center.

My Father in law is in the same boat as your neighbor.. He went out and bought a zero turn radius mower in June.. Bought an extended warranty too. I don't know how that works did Stanley/Black and Decker get the mower element of the brand too or did Sears license that out?

Good to know, I know the one Air Conditioner I have was a rebadged Fridgidaire and its a terrible design!

[Cole D]

Yeah, I see those A&E and Sears vans near the Auto Shop here too. I don't know if Stanley got the mowers or not. Most of the Craftsman stuff at Lowes looks like it's just tool boxes or totes and shop vacs and such. I haven't looked closely, but I hadn't seen any hand or power tools there from Craftsman yet.

It looks like financing came through so I guess Sears and Kmart are saved again from bankruptcy...