Until recently, I was a long-time Sears upper management employee based out of their Hoffman Estates headquarters. I recently took a similar position with another national retailer because Sears Holdings truly is like the Titanic. They are DOOMED.
I can tell you firsthand that Sears executives have had discussions with bankruptcy attorneys over the past few months. I'm not certain if those bankruptcy lawyers have been officially retained yet, but I will try and get that answer in the coming weeks. This is obviously confidential information. However, I think it is just horrible and unethical the way that Eddie Lampert and Sears executives have continued to lie and sugarcoat the true state of affairs to employees, vendors, creditors and investors of the company.
When I recently left the company, there was a true sense of chaos and panic at Hoffman Estates. The company was almost completely out of cash and was scrambling to raise more in just about any way possible. There were very few - if any - bidders for all of these "great assets" that Eddie Lampert is continually bragging about. Absent a miracle, I just cannot see how Sears Holdings will be able to fund inventory needs for the 2016 holiday season.
This entire situation is very sad and turning into a huge charade. Existing Sears Holdings employees really do need to plan an exit strategy, because the end could come at any moment. I really do feel sorry for the employees and their families.