1/7/2024 0 Comments Sears speed squeed appliances![]() Verse said he and Doe mutually agreed to end their friendship in December so as not to risk program revocation. Verse said he gave the gift because he empathized with Doe that he had no entertainment while on house arrest, but later took it back because Verse had lost his job and needed money from a refund.īoth times, Verse, who is monitored by GPS, falsely wrote on his daily transportation log that he was looking at bicycle parts when he went to Doe’s. Last fall, Verse twice went to Doe’s house, to give him and then take back an Xbox video game console. Eventually, the two men started talking over the phone. In 2004, Verse was one of the first people in the state to be released from Atascadero hospital after completing a state program for sexually violent predators.ĭespite knowing rules that participants in group therapy cannot mingle, Verse testified that he became friends with Doe last May or June as they rode the same BART line after their weekly sessions. Verse was sent to prison and later Atascadero State Hospital for sexual assaults on teen boys and a young man from 1988 to 1992. “It seemed like a good idea at the time.” I don’t have a good reason,” Verse said in court before the judge’s ruling. ![]() “I just violated the terms of the program. The man, referred to in court as John Doe, disclosed the friendship to his therapist in recent weeks, which led to an investigation. In addition to its stores, Sears also has brand assets it could sell like DieHard batteries and Kenmore appliances.MARTINEZ - A local sex offender was kicked out of an outpatient program Friday, clearing the way for attorneys to argue next month whether he should be recommitted indefinitely to a state hospital for sexually violent predators.Ĭontra Costa Judge John Kennedy said that Cary Verse, 40, “put himself at significant risk of relapsing” when he violated terms of a conditional release program by befriending a 24-year-old man in his group therapy. Eddie Lampert, its CEO and largest shareholder, has essentially acted like a patron for the company, keeping it afloat through a series of loans from his hedge fund and by engineering liquidity through spinoffs like Seritage Growth Properties. However, Sears has an advantage over most of its peers. Such issues will lead to more stores closing or shrinking. Tool supplier One World Technologies, for example, threatened to pull out of a contract with Sears earlier this year.Īs suppliers clamp down on the retailer, the company's future will become even dimmer as it struggles to keep merchandise in stock. Other spats have come to light as Lampert has railed against suppliers over lawsuits and the media for exaggerating the company's demise. Whirlpool ( WHR 0.16%), the country's biggest producer of appliances, said it would stop selling its merchandise to Sears over a pricing conflict, ending a century-long relationship between the two companies. Sears is starting to get squeezed by suppliers. That makes any prospective turnaround and improvement in operations even more difficult. Sears' borrowings, which are now at about $4 billion, have weighed on the bottom line through interest payments totaling $471 million. ![]() Investors are certainly justified in worrying about Sears' cash balance - but just how much cash does it have left? While it's not out of the ordinary for retailers' working capital to go negative as they stock up for the holiday season, the speed with which Sears seems to be bleeding through cash struck some investors as remarkable and is adding to concerns about the company's potential bankruptcy.ĭespite operating at a loss since 2010, Sears has managed to stay afloat by selling off assets like the Craftsman tool brands and 235 stores to Seritage Growth Properties ( SRG -2.12%), but same-store sales continue to fall, losses are mounting, and the stock is at all-time lows. According to a filing, Sears appears to have gone through $200 million in a single month.Īfter borrowing $100 million from Sears CEO Eddie Lampert's ESL Investments Fund at an interest rate of 11%, the retailer took on $40 million on October 18, and an additional $60 million on October 25. Sears Holdings ( SHLDQ) is burning cash like almost never before.
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