Im afraid the Bush administration will not let retailers get bail-outs. I am also afraid that Eddie Lampert had overleveraged himself into these mortgage backed securities. What are investors to do now that they will not receive a bailout and are at risk with all these unsalable securities? I can only imagine that bankruptcy is now a clear option.
I for one hope that SHLD declares bankruptcy. It would be coup de gras for all of these smart money people actually turning out to be the dumbest people in the room. It would pretty much put the nails in Cramer's coffin too, which would be the most gratifying thing ever to hit The Street.
Sears is the first place I go for tools Last place I go for anything else 1972 just called, and said they found Sears' relevance and no, I dont need a 'Discover' card, either
I got some tires at Sears for an older car that I use for the snow and going to and from NYC. When I was there, there seemed more staff then customers and I was forced to wait the whole day just for some tires. One customer lost control and yelled at the counter lady. Never got charged for the tires, but was handed the invoice. I never saw it appear on my credit cards. Poorly run store, bad customer service. I can only imagine that bankruptcy is in the cards and coming to a store near you. I mean, come on, how is Eddie still operating this hedge fund under the guise of a store. All those mortgage backed securities that are not sellable.
Sears Tower, built in 1973 if that doesnt mark the top, what does? from wikipedia: Planning and construction In 1969, Sears, Roebuck & Co. was the largest retailer in the world, with about 350,000 employees.[citation needed] Sears executives decided to consolidate the thousands of employees in offices distributed throughout the Chicago area into one building on the western edge of Chicago's Loop. With immediate space demands of 3 million square feet (279,000 m²), and with predictions and plans for future growth necessitating even more space than that, architects for Skidmore knew that the building would be one of the largest office buildings in the world.[citation needed] how freaking stupid was that? putting thousands of retail back office people in a new office building downtown? and they wonder how wal mart cleaned their clock
As a Chicagoan I've tried to patronize Sears over the years. Bought a Kenmore Washer and Dryer. Good, reliable products. An incident a few years ago though really soured me. My car battery went bye-bye. The garage attendant who jump started me went the extra mile and unplugged the battery cable to check my alternator. No problem. Just needed a battery. I drove immediately to Sears. Die Hard for Chicago winters. But not until a Sears "technician" came back with results from a computerized diagnostic showing that indeed I needed a new alternator. $400. I weighed the expertise of my Mexican car-hike vs. the computer at Sears and rolled the dice. Drove away with only the new battery. Never had a problem again. Either Sears or it's employees tried to yank me for $400. Very uncool....
sears tried to bork me for complete caliper replacement when all i needed was brake pads seems like every sears estimate comes to $400