Sears Reportedly Filing For Bankruptcy
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Use Your SYWR Points ASAP!!!
Sears Hires Advisers to Prepare Bankruptcy Filing
(Click on the “Follow Link” button at the page above. NO FACEBOOK ACCOUNT REQUIRED.)Credit DoC
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The Wall Street Journal reported Tuesday that Sears hired M-III Partners to prepare for a bankruptcy filing that could come as soon as this week.
Sears has a debt payment due on Monday that they will probably default on.
Here is another article: https://www.cnbc.com/2018/10/10/sears-arranges-financing-for-a-potential-bankruptcy.html
QUESTION: What is the consensus out there, when Sears files, SYW points will most likely become worthless, right? I bet Sears will discontinue the SYW program once they file for bankruptcy, since the points have no monetary value. I wonder if gift cards and merchandise return cards will be usable? As it looks, Sears probably won’t even survive the Christmas shopping season. I bet they will be having their liquidation sales about that time. I thought they would make it through Christmas and close in January, but it looks like I was wrong.
I know where I will be today (at Sears or Kmart liquidating the rest of my $75 in points). I feel sorry for those of you who have recently done deals where they give you points in installments in the coming months as you might not get those points. You may want to consider returning what you bought so at least you could get your money back.
https://www.cnn.com/2018/10/10/business/sears-time-running-out/index.html
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@mrvietnam Dude. This may actually be happening, but I distinctly recall you warning about this over a year ago on FatWallet. And it’s been a crazy years worth of deals for me at Sears and Kmart since. Just sayin’
Also, it’s good to see this topic under Deal Discussion where it belongs. Imo it’s too bad it’s under the SYWR points topic in Hot Deals too.
Btw when Sears stores do the announced closing thing (as shown in the picture here), it’s pretty much all over for actual deals. Those people coming out of the store with bagged merchandise have been looking at picked-over stuff that’s been marked up well over normal retail, then “price slashed” to evoke some kind of hot deal effect.
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Yes, I am surprised how long Sears has lasted. I too took advantage of the deals for the last year. Don’t get me wrong. I wish Sears could stay open so the deals could continue, but time will tell. It’s been a fun ride.
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Wsj reports that a deal was reached for chapter 11. Let’s hope they keep the points rolling.
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@mrvietnam said in Sears Reportedly Filing For Bankruptcy:
Wsj reports that a deal was reached for chapter 11. Let’s hope they keep the points rolling.
I didn’t get my “sweeps weekly” email this morning with my freecash. Sometimes they skip a week, but it might be gone for good.
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@thediggler I noticed that Sears has stopped being a seller for several different tool/tool supplies brand now, which over the last few years I’ve bought aplenty. Included are WEN (for the last couple of weeks) and more recently Powertec (the last few days). Now those items are largely available only through “Marketplace Sellers.”
Sigh. Oh well, my shop is pretty well stocked, at least for now…
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They filed https://www.bbc.com/news/business-45859722
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Sears Is Moving Closer to Loan Deal and Stave Off Shutdown
by Eliza Ronalds-Hannon
Sears Holdings Corp. is inching closer to a financial lifeline that it needs to avoid running out of cash while it pursues a turnaround, according to a person with knowledge of the situation.
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https://www.cnbc.com/2018/12/27/sears-may-need-to-liquidate-if-no-bid-comes-in-by-tomorrow.html
The company’s last shot at survival is a $4.6 billion proposal, put forward by Chairman Eddie Lampert.
The bid, largely composed of outside capital, has faced challenges from the start.
The 125-year-old company has more than 68,000 employees.
Lauren Hirsch
Published 56 Mins Ago Updated 18 Mins Ago(there’s a brief video on the CNBC link too, I didn’t want to copy and paste the whole article.)
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I hope they don’t go under. I still have one penny in my SYW rewards account.
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Sears wins reprieve from liquidation as Chairman Lampert makes last-minute bid on bankrupt company
https://www.cnbc.com/2018/12/28/sears-chairman-eddie-lampert-submits-bit-for-company.html
Department store chain Sears won a reprieve from liquidating Friday after its chairman, Eddie Lampert, submitted a bid in an effort to buy the retailer and keep it alive, people familiar with the situation tell CNBC.
Lampert’s hedge fund ESL Investments put forward his tentative proposal for Sears earlier this month with his formal submission due today.
A bid could help divert liquidation, but may not necessarily. Sears’ advisors have until Jan. 4 to decide whether ESL is a “qualified bidder.” Only then, could ESL take part in an auction against liquidation bids on Jan. 14. They will weigh the value of Lampert’s bid against offers to liquidate the company.
The terms or structure of Lampert’s bid could not immediately be determined. If it is similar to the $4.6 billion proposal Lampert outlined earlier this month, it is likely to face push-back from the company’s unsecured creditors. As part of the initial bid, which regulators required Lampert to make public, financing would in part stem from $1.8 billion in debt that Lampert would forgive through a so-called “credit bid.”
Unesecured creditors said earlier this month they will object to a credit bid. Those creditors believe there may be claims against Sears for transactions under Lampert’s leadership. Those deals include Sears’ spinoff of Lands’ End and transactions with Seritage Growth Properties, a real estate investment trust Lampert created through select Sears’ properties.
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Looks like Sears could cease operations as soon as tomorrow (1/8/19) according to cnbc.
Hope no one is sitting on SYW points. If you are I would spend them tonight or early tomorrow morning or face the possibility of losing them.It’s lights out for Sears on Tuesday unless Eddie Lampert can sweeten his bid
Eddie Lampert’s $4.4 billion offer was Sears’ only shot at staying alive and preserving 55,000 jobs. But the bid ultimately came up short.
It’s lights out for Sears on Tuesday unless Eddie Lampert can sweeten his bid
Sears is planning to announce its decision on Chairman Eddie Lampert’s bid to save the company Tuesday morning, people familiar with situation tell CNBC.
Sears believes Lampert’s bid is short, and the two parties have been unable to come to a resolution.
Without a fix, Sears will liquidate.
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nevermind
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Court allows Chairman Eddie Lampert another chance to buy Sears, pushing off decision to shut stores
Eddie Lampert’s $4.4 billion offer was the only bid that could keep the company going in its entirety.
Sears, which also owns Kmart, filed for bankruptcy in October.
ESL plans to contest Sears’ decision, pointing to the money its spent on advisors.
