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OUT OF TIME: Sears Takeover Fails, Company Going To Scrap Heap!

Quite honestly, Sears was one of those companies that I thought was going to be around forever.

That being said, a few horrible business decisions can stop any consumer powerhouse dead in its tracks.

Just look at how many local retailers that you might have seen in the past that fell by the wayside because they did something to upset the customer base or restaurants that made one too many changes to the menu that the customers didn’t like.

The problem with Sears is that they didn’t;’t change with the times.

There is something to be said for a business staying the same in all of the right respects.

The problem with Sears is that they stayed stuck in a mindset from decades ago in all the wrong ways. Now they are paying for it,

Via Daily Wire:

One of America’s most iconic businesses, which has been in business for over 125 years and still employees 68,000 people, is on the verge of liquidation after an eleventh-hour, $4.4 billion takeover bid failed to satisfy advisers to the company, which hasn’t turned a profit in nearly a decade.

“Sears Holdings Corp will ask a bankruptcy judge on Tuesday if it can proceed with liquidation after it could not reach an agreement on Chairman Edward Lampert’s $4.4 billion takeover bid, casting doubt on the survival of the 126-year-old U.S. department store,” Reuters exclusively reported Tuesday, citing sources familiar with the matter.

Lampert submitted the bid just before the December 28 deadline set by a bankruptcy court, prompting the company’s advisers to assess if he was a “qualified bidder” and the deal was enough to keep the company afloat. According to Reuters’ sources, the bid fell short. Now Sears faces full liquidation of its assets if the judge doesn’t decide to give Lampert more time to improve his offer, which Reuters’ sources say he and his hedge fund, ESL Investments Inc., are attempting to do.

“U.S. Bankruptcy Judge Robert Drain in the Southern District of New York, who is presiding over the case, could decide to give Lampert more time to improve on his bid, the sources said,” Reuters notes. “A bankruptcy auction for Sears’ assets is not due until Jan. 14.”

When Sears filed for bankruptcy in October, it announced the closure of 142 Sears and Kmart stores. As The Daily Wire reported last week, Sears has recently announced the closure of 80 more stores across the country, including its automotive shops. The latest round of closures leaves the company with just 400 stores nationwide.

12 Comments

12 Comments

  1. EttaMae

    January 10, 2019 at 4:05 am

    This is so SAD. I just wish someone could come up with a high bid. I really liked K-Mart.

  2. Gary Hirsch

    January 10, 2019 at 6:42 am

    I worked for Sears in college and in management after college. Their problem always has been they have not kept up with the retail industry. I blame their stodgy management for this. You just can’t operate in this world like you operated 125 years ago. It is sad, but has finally led to their demise. RIP Sears

  3. jj

    January 11, 2019 at 3:32 am

    as they say- a little bit too late – the mindset of the sears board was from the 1940’s – as people who I knew work at the supply house in chicago in the 1960 – 1980 they said they could see a different in the amount of stock being depleted. When the Sears corp was charging outrageous credit card cost on their cards the other credit card companies were cutting their in half and sears would not budge on the credit card financial charge-people stopped using sears and went to other retailers. the other credit card companies knew what sears was about and it was like the Titanic and it too some time spam but they are about to sink- by the time the Sears board realized they has lose about 20 to 25 percent of customer base they still did not change. the last time I went to Sears to buy a item – appliance, they had a middle eastern female in the location and she did not know anything about washers and dryers or AC units -so I stopped going to sears. I have not been in a sears store in over 10 yrs now- the one closest to me is closed now so that is that –

  4. william couch

    January 11, 2019 at 11:35 am

    Gary,, the same thing was said about AMC.. They’re only true spark came when they produced the Javelin & AMX.. The Hornet of the early ’70’s was a very good car………. But bland on the styling.

  5. Don Baker

    January 11, 2019 at 6:56 pm

    I never thought of Sears as a great store

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