Sears in dire straits. |
The Sears Holdings Group owes $134 million to a private equity firm. The company that owns Sears and Kmart signals that on Monday the company will file for chapter 11 bankruptcy protection. If they don't find a suitable creditor to take over the business within three months the entire company could go out of business. That will be a chapter 7 liquidation.
We are danger of a recession.
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Sears are usually anchored in malls. Some are stand alone stores.
Kmart is down to 247 stores in the United States. That's critically endangered in layman's terms.
The Sears Holdings Group hires M-III to proceed on bankruptcy proceedings.
Kmart will be the first to go in the closing of Sears Holding Group. |
He is a majority shareholder. Lampert is hedge fund investor. He pulled in billions because of the company. His handling of Sears lead to the company's demise. This will leave thousands of workers out of their jobs. The shareholder will take home over $20 million in a golden parachute.
Lampert is a billionaire who took over Sears in 2004. He wanted to cut off retirees pensions and sell off brands like Kenmore, Martha Stewart and Sofia Vegera's clothing. He wanted to think like a Republican. After all he is a Republican who owns a yacht. His wife is a former corporate lawyer. His children go to private school. He will still be rich and he will takes a $3 million salary.
The Jobs and Tax Cut Act didn't help Sears. It helped his shares of other stock.
The company been around for over 125 years. The Sears, Roebuck and Company was founded in 1892 by Richard Warren Sears and Alvah Curtis Roebuck. The Kmart Corporation was founded by Sebastian Spering Kresge who started the company as the S.S. Kresge Company. The Kmart company came to life in 1977 when it merged with McCroy stores.
The two merged in 2005 as the Sears Holding Group. Kmart survived bankruptcy by merging with Sears. Now it seems like the end is near for both iconic brands.
These companies are part of American history. They will soon be history.
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Our country going down the crapper because of reality television, lackluster politicians, old farts running our government, capitalism, private equity firms, deregulation, religious zealots, conservative agitators, white male privilege, white "Becky's" calling the law on people of color, numerous culture wars and Donald J. Trump.
Republicans are counting on you to stay at home. The white Republican votes every election. People of color and young voters often stay at home. They end up getting purged from voter rolls.
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VOTE ON NOVEMBER 6, 2018