Use Sears/Kmart SYW points now, reports bankruptcy soon

Discussion in 'Budget Board' started by gottalovepluto, Oct 10, 2018.

  1. gottalovepluto

    gottalovepluto DIS Veteran

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    Multiple outlets reporting Sears likely to file for bankruptcy before a big debt payment Mon. DoC has a good reminder anyone with points should use them ASAP because no one knows how they will be handled in bankruptcy.

    https://www.doctorofcredit.com/sears-reportedly-filing-for-bankruptcy-use-your-points-asap/

    DoC has WSJ linked but they have a paywall so here’s CNBC reporting it from their sources as well https://www.cnbc.com/2018/10/10/sears-arranges-financing-for-a-potential-bankruptcy.html
     
  2. MillauFr

    MillauFr Buzz & Woody

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    Gift cards too. Sears stores will be all closed sooner rather than later.
     
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  4. Klayfish

    Klayfish DIS Veteran

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    They've been circling the drain for years, so no surprise.
     
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  5. verleniahall

    verleniahall DIS Veteran

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    They would have been better not to buy KMart - they went SO DOWNHILL after that!
     
  6. tvguy

    tvguy Question anything the facts don't support.

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    Searc, MillauFr and gottalovepluto like this.
  7. tvguy

    tvguy Question anything the facts don't support.

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    I may be out some money, I just renewed my service plans on my appliances. But I knew I was gambling when I renewed. Amazingly, despite all their financial issues, they are still the only store that actually has a warehouse here with appliances in stock.
    Home Depot, Lowes and Best Buy all want 10 days to get you a refrigerator. Not helpful when your fridge dies and you need a new one TODAY.
     
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  8. Yoshi

    Yoshi DIS Veteran

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    I knew this would be happening eventually but it's still upsetting. The ShopYourWay program was amazing and it was fun to go in to Kmart and walk out with $25 - $40 or free stuff every week with points, Surprise Points / Free Cash and coupons they would give like a free case of bottled water with any purchase. I guess the program had to have hurt them too, giving everyone playing Win It Bonus and Xtra games $1000+ in free items a year (if you play almost every game) must have killed their profit margin.

    On the other hand, if I wasn't using points to pay I can see why someone paying with money would never want to shop there. High prices, usually 15% - 20% more than Walmart and Target unless an item was on sale, shelf tags not updated for months after price increases, expired food on the shelves, 1 or 2 registers open with long lines and the ShopYourWay program is confusing for many people and even some of the employees. My local KMart has 1 price checker machine that is broken making it almost impossible to know your total before going to the register.
     
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  9. Anthony1971

    Anthony1971 DIS Veteran

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    It is a good idea to spend your points if you have them....
    The bankruptcy depends if it is liquidation or Reorganization... if it is a liquidation like toys R us yes you will likely loose everything but who knows as this was a promise attached to a sale (more below on the promise of??). If they reorganize they points system will remain in place. It seems most are leaning towards a reorganization not liquidation but it is still an option... The Kenmore name has a lot of value and is for sale if you want to make an offer.... Most likely once the sale of Kenmore happens the stores will be put into liquidation shortly after...If they liquidate so does the Kenmore name making worth a lot less in cash to pay debit. As far as the points either way they can change the value, expiration, when and how they are issued etc. at any time... I would imagine they will accelerate the timing and make them worth far less to satisfy the offer and avoid more lawsuits so your 400 dollars will now be worth 4 dollars and you have 2 hours to spend it... We bought an appliance from them during the promotion so we will get screwed but truthfully we did not care about the points as it was cheaper to buy the appliance their than anywhere else including lowe's and HD so we will loose nothing... Sears has been undercutting them for a while now... why... they want to sell the Kenmore name and sears always sold far more appliances than HD and Lowes ever could combined... But last night we got a free toaster oven hand mixer and hot wheels cars for my son so I win HA
     
  10. scard192

    scard192 DIS Veteran

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    you might be OK. Last year my 18 year old washer stopped pumping out the water and my SIL thought it might be the lid sensor and had me order one from Amazon. While I was waiting for the part to come I went to Lowes to check out a new one. Was chatting with a salesman and mentioned Kenmore and how great their appliances are (I am on my 2nd washer in around 40 years) and what a shame it will be when Sears goes out of business. Salesman said in his opinion some company will buy up the Kenmore name and the warranties and service plans as it's a great asset to acquire.

    Part came from Amazon, lid sensor replaced and the washer is still going strong at close to 20 years old.
     
    Last edited: Oct 11, 2018
  11. tvguy

    tvguy Question anything the facts don't support.

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    My hope is someone will buy the service end of the business if Sears folds.

    My mom swore by Kenmore. About every 20 years from 1950 to 2013 she would buy the cheapest Kenmore washer and dryer (always under $200 each) Shen they started acting up 20 years later, she would just replace them.

    I have a Kenmore 26 cubic foot side by side refrigerator, bought it in 2010. It was made by LG and they had it next to the IDENTICAL LG version. Identical other than the Kenmore was $200 cheaper.
     
  12. scard192

    scard192 DIS Veteran

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    rumor is that the Kenmore washers are made by Whirlpool.
     
  13. tvguy

    tvguy Question anything the facts don't support.

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    No rumor, they are.
     
  14. _19disnA

    _19disnA Mouseketeer

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    Sears did file for bankruptcy. That should really come as no surprise to anyone as they have obviously been on that path for the last few years. Losing money, closing stores, empty shelves, trying to delay vendor payments usually becomes a downward spiral despite official denials from their leadership. Certainly would have used up any gift cards you had and not purchased anything with a warranty since you never know how this might go.
     
    Last edited: Oct 15, 2018 at 12:11 PM
  15. starry_solo

    starry_solo DIS Veteran

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    Sad news indeed.
     
  16. MillauFr

    MillauFr Buzz & Woody

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    Maybe when Lambert is done destroying Sears he can be put in charge of marketing at Disneyland. With his wizardry the crowd levels would plummet.
     

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