Tag Archives: bankruptcy

“Now they need a job.” “effective immediately”!: Happy New Year, Sears-Kmart death spiral December 2018!

EverythingLubbock.com: woman waiting on reimbursement from Sears two months later

CNBC: Vacant Sears stores to be demolished due to lack of active retailers

Ace Hardware, Centerbridge consider bid for Sears’ home services

New York Post: Sears says it’ll cost them $442M to shutdown 142 stores

Business Insider: After giving execs $25M in bonuses Sears now slashing severance for laid off employees!

Chicago Business Journal: Sears Home Improvement auction canceled due to lack of bids

bankruptcy lawyers already have charged $5 million

Chicago Tribune: Sears racked up nearly $1.9 billion in losses amid bankruptcy

Sears gets court approval for $25 million in bonuses to high-ranking executives

Revised internal forecasts show that Sears Holdings will bleed hundreds of millions of dollars more than expected, during the holidays

Law360: Bankrupt Sears Defends $25M Exec Bonuses

Yahoo Finance: Sears owes money to vendors for everything from lawn mowers to washing machines.

WWD: Sears Now Holds Third Largest Retail Bankruptcy Distinction

Motley Fool: Sears is worth more Dead

Canadian Broadcasting Corporation: Sears customers told to continue paying for worthless extended warranties

The Real Deal Magazine: Sears hires JLL to sell 500 stores, while weighing takeover bid

Seeking Alpha: Lampert effectively paying nothing for Sears

Fortune: Land’s End rescues itself from Sears

Bloomberg: Lampert’s own ESL hedge fund bids $4.6 Billion to buy Lampert’s own Sear Holdings (sounds like Lampert gets paid no matter what)

Reuters: U.S. government demands Sears Holdings latest bankruptcy court request be denied for being “deficient in several aspects”.

CBC: Retirees sue Eddie Lampert saying the Sears Canada pension fund was intentionally ‘shorted’ to pay-off investors

Phoenix Business Journal: U-Haul shells out millions for 13 shuttered Kmart, Sears stores

The Guardian: Laid-off Sears workers left with nothing – and they say wealthy bosses are to blame

Despite swearing that Sears Hometown stores will not be shutdown due to the Sears Holdings bankruptcy, a new round of Sears Hometown Store (by mid-January 2019), as well as Kmart store, shutdowns are taking place!

ALABAMA:  The Arab Sears Hometown Store, the Clanton Sears Hometown Store, the Fort Payne Sears Hometown Store, the Roanoke Sears Hometown Store, the Thomasville Sears Hometown Store and the Valley Sears Hometown Store all shutting down.

ALASKA:  Fairbanks Sears store shutting down after being suddenly sold-off to U-Haul.

ARIZONA: Tucson Kmart in March 2019.

CALIFORNIA: Apple Valley Kmart, Stockton Kmart, Burbank Kmart, Santa Maria Kmart, Auburn Kmart, all by March 2019.  The Manteca and Santa Paula Sears Hometown stores shutting down.  Apple Valley’s Kmart is shutting down after being suddenly sold-off to U-Haul.  Santa Maria’s Kmart is shutting down after being suddenly sold-off to U-Haul.

Santa Barbara Sears; 72 jobs gone by the end of January 2019.

CONNECTICUT: Vernon Kmart in March 2019.

COLORADO:  Sears/Auto Centers in Colorado Springs and Pueblo shutting down between the end of January and March 2019.

Sears Hometown Store in La Junta shutting down.

FLORIDA:  Four more Sears/Auto Centers in The Sunshine State shutting down between January and March 2019.  Fort Walton Beach and Ellenton Kmarts in March 2019.  The Sears Distribution Center in Jacksonville shutting down in April 2019.

Mall owner Sterling Organization shutting down the Pompano Beach Sears store at Pompano Citi Centre mall, by December 16th.  Apparently the mall owner has already rented out the Sears space to two other retailers.

Sears Hometown stores in Clermont and Fernandina Beach shutting down.  Cinco Bayou’s (Fort Walton Beach) Kmart is shutting down after being suddenly sold-off to U-Haul.

GEORGIA: Gainesville Sears/Auto Center between January and March 2019.  Swainsboro Sears Hometown Store shutting down.

ILLINOIS: Fairview Heights and Cherry Valley Sears/Auto Centers between January and March 2019.  Sears Hometown stores in Centralia, Mattoon and Vandalia shutting down.  The Kmarts in Rockford and Springfield shutting down after being suddenly sold-off to U-Haul.

Quincy Kmart; 48 jobs gone by mid-January 2019.

Norridge Kmart; 126 jobs gone by mid-January 2019!

Moline Kmart; 49 jobs gone by mid-January 2019.

Joliet Sears; 87 jobs gone by mid-January 2019.

INDIANA: Peru Kmart in March 2019.  Sears Hometown Store in Bedford shutting down, local news media say the owner is blaming product supply problems for Sears Hometown stores on the Sears Holdings bankruptcy.  Kendallville Sears Hometown shutting down as well.

IOWA: Sioux City Sears/Auto Center between January and March 2019.  Hometown stores in Atlantic and Dubuque shutting down.

Council Bluffs Kmart; 46 jobs gone right after Xmas.

Webster Kmart; 23 jobs gone right after Xmas.

Cherokee Kmart; 26 jobs gone right after Xmas.

HAWAII: Sears customers in Hawaii now wonder who will warranty-repair their Sears bought appliances now that all the remaining local stores are for sale? 

KANSAS: Wichita Sears/Auto Center between January and March 2019.  The Hometown store in Chanute shutting down by mid-January 2019.

KENTUCKY: The Corbin, Madisonville and Monticello Hometown stores shutting down.

LOUISIANA: Metairie Kmart and Sears in March 2019.  Sears Hometowns in Baker and Opelousas shutting down.

MARYLAND: A Kmart in Baltimore, by March 2019.  Salisbury Sears/Auto Center between January and March 2019.

MASSACHUSETTS: Sears Hometown Store in Hadley shutting down.

MICHIGAN: Sears operations in Muskegon and Novi between January and March 2019.  Sears Hometowns in Alpena and Cadillac shutting down.  Kmart in Roseville shutting down after being suddenly sold-off to U-Haul.

MINNESOTA: Bloomington Sears by March 2019.  Rochester Kmart in March 2019.  The Willmar Sears Hometown Store suddenly posted Store Closing sale signs.  Back in October the owner told local news media his store was not shutting down.  But wait, there’s more, Alexandria and Detroit Lakes Hometown stores are also shutting down.

Minnetonka Sears; undisclosed number of people being laid off right after Xmas.

Saint Paul Sears; 1-hundred jobs gone right after Xmas!

MISSISSIPPI: A Kmart in Gulfport, by March 2019.  Sumrall Sears Hometown Store shutting down.

MISSOURI: Crystal City Kmart in March 2019.  Fulton and Rolla Sears Hometowns shutting down.

NEBRASKA: Sears/Auto Centers in Lincoln and Omaha between January and March 2019.  Alliance Kmart in March 2019.  The Sears Hometown Store in Beatrice shutting down, local news media reported that the store manager explained the shutdown is because Sears Hometown ‘corporate’ failed to find a buyer for the store, which has been for sale for the past year-and-a-half.

NEVADA: A Las Vegas Sears/Auto Center between January and March 2019.

Taxpayers about to fund the take-over of a vacant Elko Kmart by the Meridian Pacific and the Elko Institute for Academic Achievement.

NEW JERSEY: Toms River Kmart in March 2019.  Taxpayers about to become the new owners of a vacant Kmart in Rio Grande.  Local news media discovered that a proposed taxpayer funded bond includes $15.7-million USD to buy the vacant Kmart and turn it into a new office building for the Department of Social Services.

The last Sears Hometown Store in the state, in North Cape May, shutting down.

NEW MEXICO: Roswell Kmart shutting down after being suddenly sold-off to U-Haul.

NEW YORK: Rochester Sears/Auto Center between January and March 2019.  Four Kmarts in The Empire State shutting down in March 2019.  Hometown Stores in Geneseo, Hudson and Olean shutting down.  Queensbury Kmart shutting down after suddenly being sold-off to U-Haul.

Saratoga Springs Sears; 33 jobs gone by February 2019.

Huntington Kmart; 76 jobs gone by February 2019.

NORTH CAROLINA: Two Sears/Auto Centers in Durham between January and March 2019.   Aseville, Morganton and Morehead Kmarts by March 2019.  The independently owned Sears store in Marion is shutting down, the owner claims it’s because he’s ready to retire.  The building will be available in January 2019.

Hometown Stores in Brevard and Marion shutting down.

NORTH DAKOTA: Grand Forks Kmart in March 2019.

OHIO: The Springfield Sears/Auto Center shutting down between January and March 2019.   Kmarts in Cleveland and Fostoria, as well as a Sears/Auto Center in Columbus also shutting down by March 2019.  The Piqua Sears store shutting down in February 2019.

The previously undisclosed date of the shutdown of the Sears store in Beavercreek was revealed; 6pm December 9th.

The Coshocton, Delaware, East Liverpool, Saint Marys and Wooster Sears Hometown stores shutting down by mid-January 2019, local news media reports that employees, managers and owners were ordered not to talk about it!

OKLAHOMA: Sears Hometown stores in Eufaula and Mcalester shutting down.

OREGON: Corvallis Kmart in March 2019.  Medford Sears/Auto Center between January and March 2019.

PENNSYLVANIA:  Sears/Auto Centers in Altoona, Greensburg and Lancaster between January and March 2019.  Kmarts in Pittsburgh and Erie shutting down in March 2019.   Kmart’s distribution center (Regional Specialty Center) in Chambersburg suddenly shutdown, 140 people out-o-work “effective immediately”!   Local news media reports that Sears Holdings refuses to comment, nor have they notified state unemployment officials.

Meadville Sears Hometown Store shutting down.  West View (Pittsburgh) Kmart shutting down after suddenly being sold-off to U-Haul.

SOUTH CAROLINA: Sumter Kmart in March 2019.

SOUTH DAKOTA: Rapid City Kmart in March 2019 (the last Kmart in the state).

TENNESSEE: Sears operations in Goodlettsville and Jackson by March 2019.  Kingsport and Sevierville Kmarts in March 2019.  Fayetteville and Harriman Hometown stores shutting down.

TEXAS: Seven Sears ops in The Lone Star State between January and March 2019.  Gun Barrel and Sulphur Springs Sears Hometown stores shutting down.  After 70 years the Victoria Sears store shutting down by mid-January 2019.

VIRGINIA: Charlottesville Sears/Auto Center between January and March 2019.  Hometown stores in Christiansburg and South Hill shutting down.

WASHINGTON: Kennewick Sears/Auto Center between January and March 2019.  A Spokane Kmart shutting down after suddenly being sold-off to U-Haul.

WISCONSIN: Appleton Sears by March 2019.  Oconomowoc Kmart in March 2019.  Atkinson Kmart shutting down after being suddenly sold-off to U-Haul.  Sears Hometown in Marinette shutting down.   A month-and-a-half after swearing to local news media that the Rinelander Sears Hometown Store would not shutdown, the Rinelander Sears Hometown Store is shutting down by mid-January 2019: “This store is great. The people are nice. They’re friendly. Now they need a job.”-Angelic Venegas, Fishman PR

Cudahy Kmart; 75 jobs gone by the end of January 2019.

Sears-Kmart death spiral, November 2018: U.S. POPULATION DEATH SPIRAL BLAMED 

Government Incompetence: Idaho County violates Federal Law, Federal Judge orders the County to violate Idaho Law in order to pay off fine

In 2010, Boise County was found guilty of violating the Federal Fair Housing law.  They must now pay $5.4 million in fines, with 5.5% yearly interest.

Boise County tried to file for bankruptcy, but a Federal bankruptcy judge found the county can afford the bill.

Now, the Federal district court has ordered Boise County to violate the Idaho law on property tax limits, in order to raise the money to pay the Federal fine.

The Federal court wants Boise County officials to charge at least 3% over the state property tax cap.  Under state law a 2/3rds majority vote must OK such a move.

Idaho State Tax Commission officials are handling this like a hot potato, saying they don’t have the time to review the case, but they are working on a public press release to explain their position.

Boise County is required to make two payments per year, and have already made the first payment of $1.2 million.

 

What Economic Recovery? Jefferson County, Alabama, makes largest bankruptcy claim in U.S. history! Thank you JP Morgan Chase.

“Despite the county’s best efforts, these negotiations have not produced a deal that fairly treats the county and its citizens, and there is no reason to believe that further out of court negotiations will lead to a fair, acceptable result.”-David Carrington, County Commission President

On November 10, Jefferson County, in Alabama, filed the biggest municipal bankruptcy in U.S. history.  They can’t pay back a loan from JP Morgan Chase of U.S.$3 billion, used to upgrade the county sewer system.

Just like many business owners and individuals have tried, the county was trying to negotiate for a new loan.  At the last minute (again, small business owners, construction contractors and individuals have experienced this) the finance industry changed its mind.

The failed negotiations put all other county services at risk of being shut down, so they had no choice but to file bankruptcy.  It’s not just the county that’ll be affected: “Bankruptcy will negatively impact not only the Birmingham region, but also the entire state.”-Robert Bentley, Governor of Alabama

Amazingly, JP Morgan Chase says the $3 billion bankruptcy will not negatively affect them financially!

Jefferson County, Alabama, is part of a growing trend of municipalities going bankrupt.  Since 2010 seven U.S. cities and towns have gone officially bust.