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People said the same thing about AMD. Bottom feeders and swing traders like to pick up bargains and pumpers like to buy and pump. In this case I would not be a buyer however.
They have massive debt and are bleeding cash. Bankruptcy is almost a certainty
Same here with Sears Canada.
Close to the edge, closing 59 stores ....3000 employees getting the axe.
Eddie stepped in with $200M more, for some reason that only he knows. Most of Sears stores are already owned by Seritage. I am amazed that this company is still not BK, but it can't be turned around at this point, all they can do is stall for time.
I am still holding Sears puts with a Jan 2018 expiration. Strike price is $5 and they have lost close to half their value so far. I'm very close to throwing in the towel, but will probably wait until the next quarterly earnings are released. Amazing they are still not BK.
To the OP's question, there are still plenty of buyers of Sears stock. Plenty of gamblers and speculators trying to profit off of the volatility, or hoping for an Amazon type buyout deal. In fact the company's CEO Eddie Lampert and Bruce (forgot last name) bought tons of shares on multiple occasions this year when the stock fell below $8.00.
A buyout is extremely unlikely. Amazon only wanted a specific asset of Sears. Not the whole company. The company as a whole is virtually worthless. The real estate is mostly owned by Seratage. The valuable brands like Kenmore, Die Hard, Craftsman, etc. are being sold off.
Lampert's 11...not as good of a movie as Oceans, but a much bigger heist to be sure. I hope someone gives him a good swift kick in the nuts on his way to file.
Yep.... the end is near. Sears should have been gone two years ago, and the puts I held in both 2016 and 2017 expired worthless (technically I am remembering I sold them at a loss)…... I said in early '16 that this was the best short I had ever seen, and yet somehow didn't make a profit on it. This company is now going to be relegated to the textbooks on how not to run a retailer. They have been beaten by stronger and better competitors.
Last edited by BeerGeek40; 10-11-2018 at 12:50 AM..
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