Sears Reportedly Ready to File Bankruptcy

The Sears Roebuck company burst on the American scene in the late 1800s.

They gained popularity in the 1890s with the release of their first mail order catalog.

For millions of Americans, they looked forward to the annual mailing of their Sears Roebuck catalogs. Their Christmas catalog was a favorite for millions of kids and parents.

However, the company that has been the cornerstone of malls across America has been running into ever increasing financial trouble.

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They were one of the first major retailers to transform a full time work force into a part time workforce, saving millions in benefits they didn’t have to pay.

They closed many a store and yet they are still having financial problems.

Facing a $132 million debt payment due this coming Monday, the company is reported to be on the verge of filing for bankruptcy.

(USA Today) – Sears Holdings is teetering on the edge of bankruptcy.

The retailer faces a daunting $134 million debt payment due Monday that looms increasingly large since the company has so far failed to work out a deal with CEO and largest shareholder Eddie Lampert to restructure its debts and sell more assets.

With heavy losses mounting, it may not have enough to make that payment on time.

Now, the company is working with advisers to prepare a potential bankruptcy filing as early as this week, according to the Wall Street Journal and CNBC.

CNBC also reported Sears contacted financiers to secure potential financing to operate in bankruptcy…

Many people across America are beginning to wonder what will happen to the warranties on many of their items purchased at Sears.

Craftsman Tools are supposed to have lifetime warranties, but if Sears cannot recover from bankruptcy and ends up closing their doors, what will happen with those warranties?

We recently purchased a new refrigerator for Sears and have an extended warranty through Sears, so what will happen to our warranty?

What will happen to malls across the nation if they lose one of their cornerstone retailers?

Let’s not forget about the many people that face losing their jobs.

Sears is not out of business yet and could recover, but some are saying the writing is on the wall for their eventual closure.

Toys“R”Us closed stores and then sought bankruptcy restructuring before beinng forced to close their doors. 

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The opinions expressed by columnists are their own and do not necessarily represent the views of Barb Wire.

David Jolly
R.L. David Jolly holds a B.S. in Wildlife Biology and an M.S. in Biology – Population Genetics. He has worked in a number of fields, giving him a broad perspective on life, business, economics and politics. He is a very conservative Christian, husband, father and grandfather who cares deeply for his Savior, family and the future of our troubled nation.

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