They had $819 million in liquidity available at end of last qtr people. With the refinancing of the July loan they are not going to run out of cash in early July. Presentation deck page 6
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SHLD has become the most predictable stock on the market. Traders can bet on the price going up whenever bad news comes out instead of down.
Haha Eddie is going to be reading Chapter 7 of the tragedy that is his Sears story. He thought he was the hero of the story, instead he's the village idiot.
Bankruptcy is Imminent. Sears Is Obviously so tight on liquidity that they cant buy goods from vendors and they are firing everyone in the stores such that there are no cashiers if you go to visit a sears. Obviously this strategy is to make it to July 7th or July8th to avoid the 2year federal window on fraudulent conveyance.
SHLDQ new symbol early July
I suspect they are not going to sell any RE before BK. Buyers just need to wait another 60 days to get better value.
Yesterday Eddie had $32 million worth of SRSC, and Brucie/Fairholme had $28 million. Today, not so much. Arrogant billionaires who can't conceive of themselves being wrong on anything. Dolts.
Sears will pay Seritage a termination fee equal to one year of the aggregate annual base rent, plus one year of estimate annual operating expenses.
To all the longs who think Eddie and Brucie are brilliant: both of those chuckleheads were buying SRSC up until recently. Both see the books. Both see the insider information that only a board sees. And SRSC declared BK this morning. Your thesis about the twins idiots being brilliant is completely torched.
Sears is closing 20 more stores. They are cutting costs big time!
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Funds need to dump this thing and send the price crashing. Everything points to Eddie walking away and taking his property. Why wouldn't he? He has everything to gain vs only pain and headaches by continuing this fiasco into next year. Why would he take on more debt even if its available or draw down his own money to keep this going? Even if Eddie is crazy or irrational or just stupid he would see its better to walk away. BTW, it seems they have a new store and opened another just recently that sell only mattresses and appliances. Their first new store seems to be a success. Probably too little way too late, Somehow I take it that if a company is forced to cut down the scope of what they sell to two items this says "Loser!" Of course, stores stay open months after BK filing. Maybe this is the new direction they think they could go. Just thought of a good analogy, this would be like a grocery store narrowing down their items to just milk and bread.
knowing BK is coming why would anyone buy this, It doesn't make sense.
Liquidity is based on what Sears (Ed) says everything is worth. Would anyone be surprised if the value of the remaining assets is less in the real world?.. No. They need cash, period. They need to announce a deal soon, so it can close before their money is gone. If they had any type of liquidity (cash), don't you think Ed would of paid himself back for the $500,000,000 that was due? Funny how longs see a dead cat and think it is something positive, I've seen companies announce BK, that will burn shares, and the stock still bounces due to short covering and simple supply/demand. Nobody is going to buy this turd, Ed would've if there was some secret value to unlock, he's already stolen most of what had value. I give Ed credit to convincing others to stay onboard as long as they have, but this party is months from finally being over. I hope we get more bounces along the way, I've made plenty selling naked calls, and would love the chance to sell more.
I can't believe some people think this will ever hit $10.00 a share again. Your insane.
Sears Canada just filed for BK. SHLD popped up this morning. That makes sense. #$%$????
SHORT SQUEEZE? LOL.
Why would someone cover. Last quarter was a lot of window dressing and exuberance by people who can't read a financial statement.
Glad I didn't take Kramer's advise when he was touting this as a strong buy at $160.
I will sincerely miss Sears because they used to be my most favorite store to buy everything. I remember when they had their catalogs, i used to go through all of the pages to buy anything that I wanted. You could buy a rebuilt car engine if you needed one. I purchased all of my dress shirts and slacks from them. Loved their Flex line.
Stupid management brought this wonderful store down. Shame on them! In the 70's it was America's greatest store. They should go back to fundamentals and correct all the changes. Buying Land's End was a big mistake too. Selling Craftsmen was another blunder. What happened to the Sear's Diehard or Road Handler tires that were so great? Shame on them for being so stupid and short sighted. I guess this is what happens in today's times. My generation appreciated good value, quality, and style.
WHY SEARS HAS NO ASSETS TO SELL TO STAY AFLOAT:
Everyone knows that Sears is a candidate for Bankruptcy. Any deal that Sears does now moving forward will be reviewed for possible clawback by a bankruptcy trustee. Another words, if someone like Amazon, Google, Apple, Microsoft or whoever cherry pick the prime real estate they too could be involved in protracted litigation in the bankruptcy court to unwind a deal. Same goes for Die Hard, Kenmore and the like, at this stage its too risky for an outsider to buy their assets.
Unless there is a complete buyout, Sears has no assets to sell. But wait, that would mean they would have to assume all their liabilities too.
Maybe the Lawyers for Sear CA Can copy the paperwork for Sears-USA filing next week. LOL