Sears: It’s Like Watching A Relative Die A Slow And Painful Death
It's like watching a relative die a slow and painful death. Sears has been such a big part of the American business landscape for so long, and with the latest announcement of 80 more store closings for it and sister store K-Mart, it seems just that; a painful and linger goodbye. Here's the tough part. Sears employs 68,000 people. Where are they supposed to find work in an economy that increasing appears to be tanking again.
Two developments late this week: Sears announcing those store closings, including one in Muskegon, and the man generally responsible for the fall of Sears, Edward Lampert, submitting a bid to buy the bankrupt company.
A bid could help divert liquidation, but may not necessarily. Sears’ advisors have until Jan. 4 to decide whether ESL is a “qualified bidder.” Only then, could ESL take part in an auction against liquidation bids on Jan. 14. They will weigh the value of Lampert’s bid against offers to liquidate the company. - CNBC
And another question without answer at the moment: Doesn't Lampert and his ESL Holdings buy the company simply put a bandaid on a cancer? None of this will put shoppers in to stores and see them purchasing merchandise. It's seems to be simply putting off the inevitable.