Judibootie
6 년 전
I LIKE THE FACT THAT SEARS IS INCLUDING ALASKA IN THEIR MARKETING. Hoping for the best amidst the ambiguity..
April 4, 2019
(CNN) — Sears, which narrowly survived bankruptcy earlier this year, is opening stores that will be much smaller than its regular outlets.
The company announced Thursday the new stores are called Sears Home & Life and will be about 10,000 to 15,000 square feet, rather than the 160,000 square feet of a typical store. They won’t sell apparel and instead will focus on home goods like appliances and mattresses.
Three stores will open at the end of May in Anchorage, Alaska, Overland Park, Kansas, and Lafayette, Louisiana. The company didn’t disclose how many more it plans to open beyond those three.
“We are here to serve these communities and this is part of our strategy to maintain a presence in markets where we have right-sized our footprint,” said Peter Boutros, chief brand officer for Sears and Kmart, in a release. “Sears Home & Life supports our strategic plan to become a stronger, more profitable business and these test stores will enable us to learn and improve as we move forward.”
Sears emerged from bankruptcy in February and this is its first big attempt to revitalize the 133-year-old brand. A bankruptcy court approved the sale of most of the retailer’s assets to a hedge fund controlled by Eddie Lampert, the company’s chairman, for $5.2 billion. The decision kept open 425 stores open and saved the jobs of about 45,000 employees.
The company had said it would focus on opening smaller stores in its bankruptcy filings.
Mt69sinai
6 년 전
Thanks but no thanks amigo,,, ZER0 stores left.,, should be off the market IMO ., Sears Holdings Next,,,they should throw Lambert in Guantanamo Prison and let him Rot,, destroyed many families lives/pensions,, sure I've traded it for .20-.30 flip a few times,, enough of that,, at least Radio Shack cancelled the shares when bankruptcy ocurred,, I assure you 100% no family involved thankfully in company or myself or no loss for me just a history of Canada fked up because of incompetent CEOs,, I assure you maybe 10-15 people max still hold some shares as they are down 99%+ but that's it,, forget this thing,, no money to be made,, if you want 100%+ profits in 3-6 months come to Canada MJ sector,,, it's a guarantee!
EOM
Mt69sinai
6 년 전
Why is his thing even still trading and has a pulse,,, like this can ever go into pennyland,,,I say get out while you can,, forget US store and invest in MJ sector it's basically a 100%+ guarantee for huuuge profits next 2 years or so.
Gl
luckypie
7 년 전
I bought some. Here is why.
1. I think there are a number of significant assets left over. Assumption.
Based off of a Canadian shopping center study ("the study", URL: ) I found ~30 Sears Canada ("SRSCQ") locations that are in top Canadian malls. While I think some of them may or may not have been sold these 30 all are located in malls that have 300 or less s/sf. Additionally, the top 10 locations (Southgate Centre, Mapleview Centre, Guildford Town Centre, CF Carrefour Laval, Coquitlam Centre, Halifax Shopping Centre, West Edmonton Mall, Oshawa Centre and Kingsway Mall, Willowbrook Shopping Centre) all represent locations that have over $700 s/sf. With 4 of them over $900. And 1 over $1,100. The risk here is that SRSCQ doesn't actually own these properties and they were actually all sold. Ive briefly searched google news to see if they did but could find anything so this is a best effort thing.
Plus they own one Distribution Center. Estimates for that i think are $80-$40 which admittedly is high so lets just say $30m. Theres also $50m cash as of the most current report.
Anything else. Its Sears Canada theres lots of other properties that may range from $1m - $100k. Give them a -$10M value. I dont know I'm grabbing that out of my a$$.
2. CCAA Process so far to my understanding. More Assumptions. Lots of them.
The CCAA process to my understanding the DIP has been paid back and all properties under secured leases have been sold and all the secured debt of SRSCQ has been paid. That leaves pension problem and unsecured. According to the trustee website the unsecured, I think, is roughly near $300m CAD. This means that in addition to the $350m roughly in pension obligations there is $650m still outstanding in the bankruptcy. Also, estimate another $50m in fees. As of 1/26 there has already been $50m in fees associated with the process and if we "double" this we can assume there is another $50m in fees. I'm not experienced in this but lets just use that as a place holder.
The pension may have gotten a good kick from the Trump Rally this last year...the stock markets are up 30% so say the pension stock potion is up at least 20% on $294m in stock assets could close some of that gap. Also of note the actual pension part was only $112m unfunded. If the other benefits liability get reduced significantly then it could be beneficial.
Its tight but if some assumptions happen or some end up better than my hugely rough estimates there could be a tiny amount left over for shareholders. Then again there could not.
I own roughly 400k shares bought here for less than a penny per share. I bought some this winter when things were really bleak and Bruce was selling and some this jan...even thought the reports haven't come together.
It really depends on 1)I if the company still owns one more "puff" of assets and 2) How much can they milk out of the assets in the Great Bull Market. There's plenty of money out there and times are better than they've ever been. And Canadian CRE is not as over built as US CRE and amazon isnt in Canada as much yet....so even there its pretty good times.....Hopefully theres some suckers out there that want these before amazon comes to get them in the next 5 years or so.
Its chump change position but I think could hit but to hedge my bets on all this I think that this is almost certainly a doughnut. Things are not good at anything Sears these days so I would forget about seeing anything. Its a small position half of a percent or so. little less. so well see.
Mt69sinai
7 년 전
Canada to ask court for permission to liquidate all remaining stores
Retailer seeks to begin liquidation sales no earlier than Oct. 19
CBC News
55 Minutes Ago
Sears Canada closing sale
Sears Canada said it expects a court on Oct. 13 will hear its request for permission to begin liquidation of its remaining stores and assets. (Jeannie Lee/CBC)
Sears Canada said Tuesday it plans to seek court approval to begin liquidation of all of its remaining stores and assets.
"Sears Canada, with the recommendation of its advisers and approval of the monitor, FTI Consulting Inc., is seeking an order to commence a liquidation that would result in a wind-down of its business following court approval," Sears Canada said in a release.
ADVERTISEMENT
"The company deeply regrets this pending outcome and the resulting loss of jobs and store closures," the retailer said.
Possible liquidation looms as Sears Canada faces deadline on revised takeover bid
'Sears is doomed': Why former execs doubt troubled retailer can survive
Sears Canada said that if it gets court approval to begin the process, it expects that liquidation sales at its stores would start no earlier than Oct. 19 and continue for 10 to 14 weeks.
Sears Canada has been in court-approved creditor protection since June 22.
After it was granted protection, Sears received permission from the court to seek out a buyer or investors.
Hope for a potential buyer resided in a bid led by Canada's executive chairman, Brandon Stranzl, who pledged to keep Sears in operation and save thousands of jobs.
However, the company said Tuesday that "following exhaustive efforts, no viable transaction for the company to continue as a going concern was received."
'A complete joke': Laid-off Sears workers say hardship fund cash amounts to nothing after EI cut
The company announced in June that it would be closing almost 60 stores.
Last week, it received court approval to close 11 other stores. At that court hearing, a lawyer for FTI Consulting warned that Sears Canada was running out of time and money.
At the same hearing, a lawyer for the lenders that provided the retailer with financing while it is in creditor protection said that if a buyer couldn't be found, then it would be key to liquidate before the Christmas season is over in order to maximize the value the process could generate.
Mt69sinai
7 년 전
Sears Canada going out of business
After struggling since June 22 to find a buyer, Sears Canada has thrown in the towel, announcing it will shut down.
By FRANCINE KOPUN Business reporter
2:45 PM, Tues., Oct. 10, 2017
About 12,000 Sears employees will be out of work over the coming weeks, after the company announced Tuesday that it is going out of business.
“Following exhaustive efforts, no viable transaction for the company to continue as a going concern was received,” according to a press release from the company issued Tuesday.
As a result, Sears Canada, which has already closed 59 stores and announced the closure of another 11, will be seeking court approval on Friday to liquidate all its remaining assets.
More on Sears Canada
“The Company deeply regrets this pending outcome and the resulting loss of jobs and store closures,” according to the brief press release.
Article Continued Below
Executive chairman Brandon Stranzl had been working on a bid to save the company. He was not available for comment on Tuesday.
Sears Canada filed for creditor protection on June 22.
Sears Canada filed for creditor protection on June 22. (ANDREW FRANCIS WALLACE / TORONTO STAR)
According to an insider, the Stranzl deal would have saved thousands of jobs and offered relief to landlords, suppliers and consumers holding warranties. It also had financial backing.
While most of the 12,000 employees will be let go over a 10- to 14-week period as the liquidation sales wind down; most of the 800 head office jobs in Toronto will be eliminated next week.
About three-quarters of the 12,000 employees are part-time.
Employees were informed prior to the press release being issued, according to an insider.
OTC Scam Hunter
7 년 전
Sears Canada Earnings Update release....
Sears Canada Announces Update on Q2-2017 Earnings Release
TORONTO - September 18, 2017 - Sears Canada Inc. (the “Company”) announced today that it will not be filing unaudited interim financial statements, Management’s Discussion and Analysis, or related CEO and CFO certifications (the “Continuous Disclosure Filings”) in respect of the 13-week period ended July 29, 2017, which, under applicable securities laws, are required to be filed by September 27, 2017 (the “Filing Deadline”).
The Company remains subject to a stay of proceedings under the Companies’ Creditors Arrangement Act (“CCAA”), initially granted by order of the Ontario Superior Court of Justice on June 22, 2017. Since the granting of that order, the Company’s common shares have been delisted from the Toronto Stock Exchange (effective July 28, 2017) and the Nasdaq Stock Market (effective July 3, 2017). Following the Filing Deadline, the Company expects that the Ontario Securities Commission (“OSC”) will issue a cease trade order in respect of the Company’s securities. Any cease trade order issued by the OSC will also apply in the other jurisdictions of Canada. In light of the Company’s ongoing restructuring process, the Company does not intend to make the Continuous Disclosure Filings prior to or following the issuance of the anticipated cease trade order.
FTI Consulting Canada Inc. is the court-appointed monitor under the CCAA court order. Information about the CCAA Proceedings, including the monitor’s reports, are available on the monitor's website at http://cfcanada.fticonsulting.com/searscanada.
About Sears Canada
Sears Canada Inc. is an independent Canadian digital and store-based retailer and technology company whose head office is based in Toronto. Sears Canada's unique brand format offers premium quality Sears Label products, designed and sourced by Sears Canada, and of-the-moment fashion and home décor from designer labels in The Cut @ Sears. Sears Canada also has a top ranked appliance and mattress business in Canada. Sears Canada is undergoing a reinvention, including new customer experiences at every touchpoint, a new e-commerce platform, new store concepts, and a new set of customer service principles designed to deliver WOW experiences to customers. Information can be found at sears.ca/reinvention. Sears Canada operates as a separate entity from its U.S.- based co-founder, now known as Sears Holdings Corp., based in Illinois.
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=12284204
Hot Features
프리미엄
실시간 차트, 분석 도구 및 가격을 받으려면 등록하세요.
real777mellon
12 월 전
SC777
6 년 전
Seanblue
6 년 전
Penny Stocks 2.0
7 년 전
