Brick and Mortar retail is slowly dying

[Reagan1k 3024]

Sears Directors to examine Lambert's deals

No way!!!!!  This is shocking.  

Quote

The deals, including separations of Sears’ businesses and real estate, may come under examination in bankruptcy proceedings, with creditors claiming the transactions stripped the retailer of valuable assets. Billionaire Lampert is the largest shareholder and creditor of Sears through his hedge fund, ESL Investments Inc.

 

[zzzz 39]

Sears may be down to its last 24 hours. Iconic retailer likely liquidates if no bid comes in tomorrow.

Sears, the 125-year-old icon, has 24 hours to survive.

The employer of more than 68,000 filed for bankruptcy in October. Its last shot at survival is a $4.6 billion proposal put forward by its chairman, Eddie Lampert, to buy the company out of bankruptcy through his hedge fund, ESL Investments. ESL is the only party offering to buy Sears as a whole, people familiar with the situation tell CNBC. Without that bid or another like it, liquidators will break the company up into pieces.

But as Lampert stares down a deadline of Dec. 28 to submit his offer, he is quickly running out of time. As of Thursday afternoon, Lampert had neither submitted his bid, nor rounded up financing, the people familiar said. Should Lampert submit a bid, Sears' advisors would have until Jan. 4 to decide whether he is a "qualified bidder." Only then, could ESL take part in an auction against liquidation bids on Jan. 14.

...the quickly approaching cutoff puts Sears the closest to death it has ever been. Should Lampert miss the deadline, it would put Sears and Kmart on the path to liquidation. That process would take weeks, according to the guidelines laid out by the bankruptcy court. But the process has also already slowly begun, with the retailer weighing the closure of 50 to 80 more stores, CNBC has reported.

 

 https://www.cnbc.com/2018/12/27/sears-may-need-to-liquidate-if-no-bid-comes-in-by-tomorrow.html

[Reagan1k 3024]

On 10/26/2018 at 8:45 AM, Reagan1k said:

Sears Directors to examine Lambert's deals

No way!!!!!  This is shocking.  

 

In a headline that should read - "Water is Wet" ......Sears Holdings sued Lampert claiming his team looted the company.

What exactly were they thinking as they watched him do it? 

Sears sues Lampert and Mnuchin

[RPM 26321]

Wasn't that the gameplan he laid out when he took over? Real shocker there.

[Reagan1k 3024]

Not sure what he told them, but his actions and transactions were nothing less than obvious.... 

It looked for all the world like they were the ones who opened the door to the hen house and told the fox where to go.

Is there a long game play here where they let him loot it and then somehow claw back assets after certain creditors have settled or been sent away empty handed.

I have no clue, and that too sounds like fraud but this looks like these guys were stranded with Gilligan for the last few years and just now showed back up to see what happened.

[bolverk 29672]

Not sure if it deserves its own thread, but here's another death knail (nail in the coffin) for big box retailers:

FAA Certifies Google's Wing Drone Delivery Company To Operate As An Airline

The Federal Aviation Administration has certified Alphabet's Wing Aviation to operate as an airline, in a first for U.S. drone delivery companies. Wing, which began as a Google X project, has been testing its autonomous drones in southwest Virginia and elsewhere.

"Air Carrier Certification means that we can begin a commercial service delivering goods from local businesses to homes in the United States," Wing said in a statement posted to the Medium website.

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In a statement to NPR, the FAA says Wing was able to qualify for an air carrier certificate because it has shown "its operations met the FAA's rigorous safety requirements."

Wing's electric drones are powered by 14 propellers, nearly all of which are top-mounted to help carry loads of up to 1.5 kilograms (3.3 pounds). They're meant to deliver a wide range of everyday items, from food and drinks to medicine and emergency supplies.

By developing delivery drones — and a retail system that would connect customers with local merchants — Google's parent company is directly competing with Amazon, which has been readying its own unmanned delivery system, called Prime Air.

Edited April 23, 2019 by bolverk
knell/nail confusion