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from the and-isn't-it-ironic?-don't-you-think? dept.
Arthur T Knackerbracket has found the following story:
Sears, the one-time titan of American retail, filed for bankruptcy ahead of a $134 million debt payment due Monday and announced that it will close 142 stores.
For years, Sears has contended with the threat that it would become the latest big-name retailer to fall to online competition and crushing debt. The icon once known for its pristine catalogs, and more recently known for decrepit showrooms and a controversial chief executive, saw its stock price plunge last week after reports that it had hired an advisory firm to prepare a bankruptcy filing ahead of the Oct. 15 payment.
Early Monday morning, Sears announced it had filed for Chapter 11 bankruptcy -- which would allow it to reorganize and possibly reemerge from bankruptcy with some part of the business intact -- and received commitments for $300 million in debtor-in-possession financing to carry through the bankruptcy period while it restructures its debt and reorganizes its business.
[...] Sears will close 142 unprofitable stores near the end of this year, with liquidation sales at those stores expected to begin soon. It was not immediately clear where those stores are located or how many jobs would be affected. Those store closings are in addition to 46 others that were expected by next month.
[...] It has also already sold off many of its brands, including Craftsman tools, and hasn't turned a profit since 2010. Many of its most valuable properties have been sold off, with the other half leased and offering little cost savings from rent restructurings since Sears already pays below market rents.
-- submitted from IRC
(Score: 2, Funny) by Anonymous Coward on Tuesday October 16 2018, @10:39PM (7 children)
Eddie Lampert put his heart and soul into turning Sears around. He was almost back to profitability when the SJWs and the cost of their demands for numerous gender-specific bathrooms threw the company into bankruptcy.
(Score: 0) by Anonymous Coward on Tuesday October 16 2018, @11:31PM
If he didn't spend so much time in the bathrooms he could have saved the company.
(Score: 2) by LaminatorX on Tuesday October 16 2018, @11:49PM (2 children)
It's good to see that the art of classic trolling has not completely vanished. This sort of post is much more fun than all the virtual poo-flinging that we see so much today.
(Score: 2) by schad on Wednesday October 17 2018, @01:30AM (1 child)
Yeah, we need a +1 Troll mod.
(Score: 0) by Anonymous Coward on Wednesday October 17 2018, @02:50AM
Hmm, +1 troll would help decide on which side of Poe's law a post falls. Might be amusing watching a truly ambiguous post go up and down and up and down with just troll mods.
Though of course currently only the initial troll mod is necessary. Then a series of underrated mods can provide the elusive +5 troll. (Think we've had 2 of those so far?) Maybe make troll worth 0 points like disagree but allow underrated/overrated to apply? (Never tried it, can a disagree post be underrated/overrated without another mod?)
(Score: 0) by Anonymous Coward on Wednesday October 17 2018, @12:03AM
Even as the future is always in motion, 3rd Impact yet approaches.
Just a little more until the Queen of Heaven's project is complete.
(Score: 0) by Anonymous Coward on Wednesday October 17 2018, @12:04AM (1 child)
Is it coincidence that Sears was at its most profitable when there were just male men and female women? In fact, isn't that when America was at its greatest?
(Score: 0) by Anonymous Coward on Wednesday October 17 2018, @12:17AM
Don't worry. There are still just male men and female women....
*watches the goal posts of what constitutes female begin to zoom off into the horizon!*