SEARS BANKRUPTCY COMING

Discussion in 'The Drivers Lounge' started by slipperysleuth, Oct 10, 2018.

  1. Jaloc

    Jaloc Well-Known Member

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    The only reason they are going bankrupt is too get rid of the pension liability YRC may do the same thing next year?

    Lampert cites Sears’s pension fund and its 90,000 beneficiaries as a huge drag on the company. “Amazon doesn’t have this kind of thing and neither does Walmart. This was a problem for him,”
     
  2. pro1driver

    pro1driver I am LOST

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    have you ever thought of, or tried, "anti-seize" on the bolts/nuts when you go to reinstall them?

    it is not like oil, so the nuts/bolts, will not loosen up over time, it does make it so much easier to remove them however.

    i do believe i heard the, "if it says Craftsman, we replace it motto"...
     
  3. pro1driver

    pro1driver I am LOST

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    which (to me), it's better to have oneself set up a retirement fund at the bank, rather than to trust any company. you'd be in charge of your own funding, instead of putting one's thumb up it's ass and HOPE the company makes contributions.
     
  4. seabreeze

    seabreeze Not Well Known Member, 60 Year Teamster Member

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    We use anti-seize on everything here on the coast, a track loader running in salt water and sand 3 or 4 y ears
    anti-seize is worthless as teats on a boar hog.
    Why IHC used a fine thread just complicated the problem, regardless, they're not coming off, plus they sell more bolts.
     
    buffalobill likes this.
  5. DCM_Doc

    DCM_Doc Well-Known Member

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    I saw the same problem on the South China Sea. Blowing sand would take the paint off dozers, loaders etc. then the salt in the air would rust everything. We used a cutting torch to take off most everything. Anything close to the fan got a double dose of blown sand. I saw aluminum oil/fluid coolers get the paint taken off by the sand blown by the fan then the salty air would corrode the metal. Copper wire connections would also corrode.
     
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  6. 20_yrs_2_go

    20_yrs_2_go So we got that going for us, Wich is nice

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    As I posted earlier in this thread other pension companies might have to take on the sears pension fiscal burden
    It reminds me of the time Schneider founders son went to court to separate from the teamsters union
    Turns out...he might have saved his company from the same fate sears is going through now
     
  7. Apostolic

    Apostolic Super Moderator Staff Member

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    Whoever wins the Mega Lottery next Tuesday,could help Sears out,& still have a few bucks left over.
     
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  8. 20_yrs_2_go

    20_yrs_2_go So we got that going for us, Wich is nice

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    Except Sears has already sold off Kenmore and the Craftsman brand not to mention bankruptcy papers already filed
    I wouldn't intervene this situation if I won the Powerball and mega millions jackpot because you would be hounded by sears pension holders who must be very ticked off right now
     
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  9. PDX Buddha

    PDX Buddha Member

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    No Great loss. Sears was broken by the mid 80's. It was noticeably going downhill when I left them in 1983 after 15 years employment. I was a Receiving Manager when I quit. When ESL Investments bought up both Sears and K-Mart, the writing was on the wall. Edward S Lampert is a venture Capitalist who buys up distressed businesses, then bleeds them dry , taking the assets before dumping the carcass. Fast Eddie now owns most all of the Real Estate, which was his plan all along. What's really sad is the employees who stuck it out to the end, and those who will probably get screwed out of their Pensions when the Bankruptcy Court gets done settling Creditors Liens.
     
    20_yrs_2_go likes this.
  10. PDX Buddha

    PDX Buddha Member

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    There's really nothing left of value in Sears to save. Real Estate is already in Eddie lampert's hands and out of touch of the Bankruptcy Court. The Brands have been sold.
     
  11. PDX Buddha

    PDX Buddha Member

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    Luckily, I cashed my Pension out in 2015, 32 years after i quit. At the time I told others to do the same, because it was shaky even then.
     
  12. 20_yrs_2_go

    20_yrs_2_go So we got that going for us, Wich is nice

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    I'm not sure how sears structured thier pensions but their are some out there that freezes your funds until your about 65
     
  13. PDX Buddha

    PDX Buddha Member

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    They only can freeze your account until age 65 if you are still employed with them. I was not. I quit in 1983 after 15 years of employment. Enough to be vested, and there may have been some special provisions on the Pension then, as it was relatively new. The Company was forced by the Feds to come up with a proper Pension in addition to the established Profit Sharing Plan, because numerous other companies that offered similar Profit Sharing Plans were found to be dipping into the plans,so the Feds attempted to fix that by banning all retirement plans that only had Profit Sharing schemes. I took my Profit Sharing part when I left the company, because it was allowed then.
     

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