Lampert is not likely to be able to secure the financing he needs to put forward his buyout proposal. No others have bid for the whole company. And even he does put forward a proposal by the upcoming deadline, the odds are not good that the bankruptcy court accepts it.
Sears and Kmart will most likely go into liquidation in mid January, with the termination of all 68,000 employees and the closure of all stores.
Simply put, Sears and Kmart are worth more to their creditors dead and in many pieces, rather than as a living whole.
And sheer pragmatism points to liquidation. I don’t think anybody believes that Sears or Kmart will ever again be viable entities and with that view in mind, keeping them alive and burning through cash is foolish.
My dad was a drive-up appliance repairman for Sears back when I was a kid. He drove one of those Sears trucks and went to home and fixed washers or refrigerators or whatever needed to be done. He did something you certainly couldn’t do now and took me with him. He’d buy me comic books and let me either read or come in with him. (That was boring, I have to admit.) But Sears had a lot to do with our getting through those years.
Crazy how the consumer mentality has changed so drastically within the past couple of decades. People just don’t care to repair these washers or refrigerators anymore, they just buy a new one because it’s cheaper to do so.
It’s technology that drives that mentality. When I was getting my degree in electronics engineering, repairing televisions, VCRs and stereo systems was still a thing. Who does that anymore? The art of component level troubleshooting is lost these days. Is it even taught anymore? Maybe in the military?