šŸ”– Deals Cash-starved Sears is putting everything on sale

Intel

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Oct 28, 2009
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They only take Discover Card ;)

I've heard that rumor here too. Turning it in to a retirement home. There is plenty of space to walk in this complex. It's all interconnected. It's almost like a big mall and then they can go right to their room to sleep.



An article in Crains not to long ago was talking about how the corporate suburban sprawl that took place years ago (Sears obviously being one of them), is reversing itself, not only here in Chicago, but other cites, and that all those corporates are moving back in to the city, so all these large real estate complexes are virtually worth little compared to what it was a decade or two ago, and now there is a surge in them. Just along 90 alone you have the old Motorola complex in Schaumburg, then a little further west the AT&T complex, then us... More demand than need and no one to fill them.


This has been happening for a while now, Mcdonalds, Motorola, Kraft, Walgreens have all started or already made the move to chicago. My company opened offices in the mercantile mart for our internet teams which have younger people. Takeda is moving to Boston.

Hoffman Estates approved a Metroburb for the AT&T complex.
 

CMNTMXR57

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Oh man, I won't be abducted late some night... They're replacing light bulbs. :D

Replacing lights.jpg
 

radioguy6

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I've heard that rumor here too. Turning it in to a retirement home. There is plenty of space to walk in this complex. It's all interconnected. It's almost like a big mall and then they can go right to their room to sleep.



An article in Crains not to long ago was talking about how the corporate suburban sprawl that took place years ago (Sears obviously being one of them), is reversing itself, not only here in Chicago, but other cites, and that all those corporates are moving back in to the city, so all these large real estate complexes are virtually worth little compared to what it was a decade or two ago, and now there is a surge in them. Just along 90 alone you have the old Motorola complex in Schaumburg, then a little further west the AT&T complex, then us... More demand than need and no one to fill them.

I heard retirement home as well, and that's probably the best plan for Hoffman instead of rezoning it for residential or mixed use. Schaumburg has been planning a redevelopment of the vacant Motorola campus for a while, and its slowing turning into a new entertainment district. Chicago is enticing these businesses back with massive tax breaks/freezes that they cant pass up. Combine that with the suburbs lack of public transportation options and younger talent already in the city, many of which prefer to work in the city than drive into the suburbs. And some dont even own a car.
 

CMNTMXR57

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well, did they??

Hell no!

My biological half-brother just got a loss prevention job at a Sears in Florida. I asked him if he was aware its a dying brand. I give it six months before he gets laid off.

If they're not looking to invest in a career here, sometimes a job is a job and keeps money coming in. 6 months, a year, then move on anyway.
 

EmersonHart13

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CMNTMXR57

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This is nothing different than ANY other time he's loaned us money and part of the controlled liquidation which I keep telling you guys what this is.

We fail, he profits from the assets that are now his secured by loans. He has essentially become a creditor to his own company and when it fails... He profits. If the assets are under Sears, he loses. He's basically shifting cash from bucket A to bucket B and taking the rights to real estate in bucket B and moving it over to bucket A.

Now... What I will say, is that the remaining properties don't have the value that previous properties did. First, as he has given us these loans, he is taking the most valuable assets (real estate) at the time, then as the bleeding continues, they become less and less valuable and the remaining become less. Two, retail properties just aren't valuable anymore as Brick and Mortar stores shrivel.
 

blakbearddelite

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Yeah, I'm sure he's giving a loan for $1M on property that's worth $1.5M. When they can't pay, he pockets the $500k after selling it. It make sense.

Are you able to say what IP they're referencing? What kind of patent, copyright, or trademark from Sears has much value?
 

CMNTMXR57

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Copyrights, patents, etc, are all considered IP. So anything related to Kenmore, or Die hard, could be considered. Any home built systems that could be used in any successive business. Our web site and all the behind the scenes functionality that they have built in for data extraction and marketing perhaps, customer data (I think prescription lists which we often sold to other drug stores as we'd close stores), heck even the human talent here. There are a lot of smart people regardless of the performance of the company.

When my former manager left the company 2 years ago, so walked out 45 years of Kmart intellectual/institutional knowledge. The guy was a human rolodex of Kmart (the later Sears after the merger) information. The guy knew all the systems inside out, all the hierarchies within those systems, when things happened. Shit, he'd hit me with his photographic memory... "remember on March 25th, 2014 when you did this analysis in the file names "blahblahblah.xlsx..." And I'd respond that I didn't remember what I did yesterday much less 4 years ago... Anyway, there are many more here with his tenure too. They can put a value on that.
 

greasy

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These Craftsman 2-stage snow blowers showing up at all the big boxes any good? Looks like made by MTD?

Those would not be affiliated with Sears in any way. Stanley Black & Decker purchased a minority stake in MTD and also owns the Craftsman name. This is a product of that. I think MTD is pretty solid.
 

CMNTMXR57

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The guy we just brought over to help on the expense side of our P&L was one of today's casualties.

To be honest, I had heard about it last week that there was going to be another "round" of purges this week. Then Monday I found it it was today and tomorrow. I actually had prepped myself, that today would be my last day. Why? Because there simply isn't anyone left here to cut anymore. We're already down to a skeleton crew.
 
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