đź”– Deals Cash-starved Sears is putting everything on sale
- Thread starter EmersonHart13
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No, they only offer the rejections instantly. It'll probably take 6 months to hear anything else.
How's it going over there?
Like I posted in the bored thread, ESL won the bid, so we're now a business (Affiliate) of ESL's world now (called "Transform Holdco LLC"). When those wheels started rolling a few weeks ago, it gave us a little direction as to what needed to be done. So now we're jamming through a 2019 plan (Q1 for now). In that time, we've had the year end close take place at the same time, so I've just been busy as all get out.
I could've told you that was coming. How long have I been saying it's a controlled liquidation with only his best interest(s) in mind. The Seritage Growth properties, securing his loans with the most valuable properties is a dead giveaway. And now that we're his company, he can do it without answering to a board.
Lampert belongs in jail. This isn't just an inept CEO. This is someone that systematically wound down a shrinking (albeit still profitable) company and lined his pockets while store after store closed. If what he did isn't technically criminal, it should be.
His unraveling of Sears and how it benefited him over the years has been one of the biggest scams going on right under everyone's noses and people seemingly didn't care. This will be a case study when it's all said and done.
His unraveling of Sears and how it benefited him over the years has been one of the biggest scams going on right under everyone's noses and people seemingly didn't care. This will be a case study when it's all said and done.
Not sure if he would get into trouble for but at the same time I could easily see this being long studied for a lesson in how companies are gutted.
He won't get in to any "trouble" as the courts and/or Board (while we were a public company) approved all these actions, so...
But yes, definitely a good course in "controlled Liquidation" as I've been calling it since day one.
I remember back in the day, adjusting the plan and subsequently forecasts, moving all those properties used to secure his funding, to Seritage (I handled all planning/forecasting items below EBITDA through Net Income), regularly voicing my viewpoint that "Gee, this doesn't look questionable AT ALL...", but as long as the courts and the Board kept going along with it, all I could do was shrug my shoulders and move on.
But yes, definitely a good course in "controlled Liquidation" as I've been calling it since day one.
I remember back in the day, adjusting the plan and subsequently forecasts, moving all those properties used to secure his funding, to Seritage (I handled all planning/forecasting items below EBITDA through Net Income), regularly voicing my viewpoint that "Gee, this doesn't look questionable AT ALL...", but as long as the courts and the Board kept going along with it, all I could do was shrug my shoulders and move on.
This is a complete game to him. He said what he needed to, to the courts, to get the company, so that he could liquidate it without having to work through a board of directors.
Now he sues the company that he owns, over their assets (again, that he already owns), which simply haven't had an intercompany journal entry done to move assets from right pocket to left pocket.
As to the severance issue. Not surprised in the least. As we closed stores, Severance and Inventory write-downs were some of the biggest charges we were taking. So any chance to reduce that burden, he'll fight for.
Now he sues the company that he owns, over their assets (again, that he already owns), which simply haven't had an intercompany journal entry done to move assets from right pocket to left pocket.
As to the severance issue. Not surprised in the least. As we closed stores, Severance and Inventory write-downs were some of the biggest charges we were taking. So any chance to reduce that burden, he'll fight for.
Have you guys had to do any asset impairments? I had to do a bunch at a company I worked for years ago. It was a huge pain in the ass. I had to go into the fixed asset system and redo EVERYTHING for those assets. And then make sure that the depreciable life didn't change, just the NBV's. I spent the better part of a month working with the data from the valuation firm and making all the changes in our accounting system...and then of course testing all the changes.
Yes. But we don't have a dedicated Fixed Asset systems. They simply do journal entries to record them.
My side of the fence was financial planning and analysis, so the accounting people would tell me that in the next few periods as we closed the store(s), which ones would be getting impaired, how much (within a ballpark), costs associated with all these charges (the closings), etc, and I'd plan/forecast that. A lot of this had to be scrubbed through Deloitte given the situation we were in.
My side of the fence was financial planning and analysis, so the accounting people would tell me that in the next few periods as we closed the store(s), which ones would be getting impaired, how much (within a ballpark), costs associated with all these charges (the closings), etc, and I'd plan/forecast that. A lot of this had to be scrubbed through Deloitte given the situation we were in.
If I told you what we would take as charges to close blocks of stores, it would make heads spin. It's all funny money to them.
$50M would be an inventory write-down, Another $20 - 30M in Severance. Another $10 - 15M in lease obligagions, another $5 - 10 in F/A impairments...
Then we sell a store (an owned one), easy couple million. Shit, I remember when we sold the Kmart store next to Lambeau Field up in Green Bay so that they could pave it and make it a parking lot. I want to say $25M there...
$50M would be an inventory write-down, Another $20 - 30M in Severance. Another $10 - 15M in lease obligagions, another $5 - 10 in F/A impairments...
Then we sell a store (an owned one), easy couple million. Shit, I remember when we sold the Kmart store next to Lambeau Field up in Green Bay so that they could pave it and make it a parking lot. I want to say $25M there...
No. I do it in spurts. Then I get almost instant rejections. Which I guess is something because you at least know someone moved the Resume from an inbox to trash, instead of sitting on it for 6 months.
I also need to focus more on areas outside of Chicago. Namely Atlanta keeps popping up in the Wife's and I conversations because part of her family is there.
I also need to focus more on areas outside of Chicago. Namely Atlanta keeps popping up in the Wife's and I conversations because part of her family is there.
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