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Randler posted:States being able to introduce sales tax but not being able to stipulate which sales fall under it while Congress not being able to introduce a state-base sale tax while being able to stipulate which sales fall under that tax sounds like a pretty weird allocation of legislative powers to me. Is that from an actual court verdict? That's basically because the 10th Amendment to the US Constitution gives states powers over any matters not restricted by the US Constitution (such as having their own taxing power) while the Dormant Commerce Clause prohibits actions by the states that would lead to them regulating interstate commerce - US law is full of these sorts of conflicts because of the Federalist vs. Anti-Federalist provisions stuffed into the US Constitution as a compromise after the Articles of Confederation burnt to the ground several years earlier.
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Jul 8, 2017 20:10
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I do find it hilarious that Sears jumped up over 2-3 days because Lampert chucked good money after bad into the company and today it drop at least 50% of the gain down.
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Jul 21, 2017 20:59
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Ziv Zulander posted:What did he do? Sorry if it's already been discussed, but this thread turned to poo poo lately so I skipped a bunch. He gave another $200 million secured loan to Sears and he also agreed to let Amazon sell Kenmore, which knowing Sear's customer base is probably going to cannibalize existing sales instead of generating new ones.
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Jul 22, 2017 13:20
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Sales tax is actual one of my wheelhouses, so if there's any questions about it, ask away. 
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Sep 9, 2017 22:24
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got any sevens posted:Why are so many poor americans duped into supporting regressive taxes that make them pay more to support the mooching millionares? "Bootstraps."
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Sep 9, 2017 22:31
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The thing about sales tax is that certain categories have exemptions based on dollar amounts or other factors that can change day-by-day. For example, in New York there is a general exemption by New York State and New York City (as well as a few of the smaller counties, but most of the remaining counties including Westchester, Nassau and County don't give the exemption so there's local sales tax charged) for clothing or footwear that costs less than $110 per item/pair. So, if something is one day $200 and then you give a 50% discount to $100 the next day, that would mean having to remove the sales tax listed on that particular item day-to-day, which is honestly asinine. In summary, sales tax laws are a clusterfuck and there's a reason people like me get brought in to provide sales tax matrices and/or run sales and use tax audits. 
Horseshoe theory fucked around with this message at 11:21 on Sep 10, 2017 |
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Sep 10, 2017 11:15
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Solkanar512 posted:There was an interesting bit on Marketplace talking about how debt pushed onto the company (not sure exactly how this works) by hedge fund who invested in them prevented significant spending into the online arena. It's called a Leveraged Buyout and basically it means that Bain, KKR and Vornado leveraged the company up to its eyeballs and issued themselves a nice dividend instead of using the borrowings to improve the business in order to show their investors quick returns on investment.
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Sep 20, 2017 10:03
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Rated PG-34 posted:Whoa, a butt load of new posts, retail must’ve imploded. I'm watching to see if Sears or JCPenney's will be first to reach $0.
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Nov 4, 2017 21:30
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OhFunny posted:Lastly: Everything and I mean everything is 50% off at Sears and 40% off at Kmart until after Black Friday. As it tries to make some money. What's wrong with making literally everything into a loss leader? 
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Nov 4, 2017 23:23
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Magic Hate Ball posted:It's great because they're always visually flagging, too. Half the lights are out, a bunch of shelves are empty, there's discarded boxes piled up in the corners. I know there was a time when they were a legit store because it was a sensation when they opened a Big K in my town in the 90s but it's nearly impossible to imagine what it was like when Kmart was a place to be. The old school "Blue Light Specials" was hilarious to see happen.
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Nov 5, 2017 00:41
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Sundae posted:To this day, I still don't understand why the mall near me back in late high school had three GameStops. Wasn't it because GameStop bought up Electronics Boutique and several other regional/national video game store chains?
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Nov 9, 2017 03:46
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Hand Row posted:Sears will easily die first. Hell, they've pretty much burned through the additional line of credit that Lampert gave to them in ~5 minutes. Also, Sears has negative equity of ~$5 billion on paper, whereas JC Penneys has ~$1 billion of equity on paper. I think Sears will file bankruptcy on or shortly after New Year's (maybe wait until the end of the 1/28/18 year-end quarter) and JC Penneys may be able to stagger along until later in the year.
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Nov 19, 2017 16:13
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Owlofcreamcheese posted:I think sears has a name that means something to someone and at least some chinese website that wanted a US presence would buy it out, JC Pennies seems like it could just die die and go away. I have serious doubts that any Chinese website would buy it out for the ~$12 billion in debt (as of 7/29/17) or even the secured debt held by Lampert and anyone else (which appears to be about half of that) - in addition, they tried selling their brands and could only offload Craftsman, so I'm not too sure the names that Sears holds really means too much nowadays.
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Nov 19, 2017 16:58
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fishmech posted:Why would Chinese Company X need to buy out the debt when all they're after is the branding? You're talking about buying the whole company, which is radically different really. Except that Lampert deliberately made himself the senior secured creditor so that he could strip the remaining assets in an inevitable bankruptcy, since it's equity and unsecured creditors that get wiped out. So any acquirer would have to pay Lampert off in order to get assets in a Chapter 7 liquidation. Edit: From a brief review, Circuit City had something like $3.4 billion in assets vs. $2.32 billion in debt at the time of their Chapter 11 filing, so that would mean there was about $1.1 in distributable assets after the debt was satisfied (also, some of those $3.4 billion in total assets probably were auctioned off to TigerDirect, etc. in order to satisfy the $2.32 billion and distribute the excess to shareholders whereas in the case of Sears the secured debt owned by Lampert may or may not be satisfied with the remaining assets at the time of a bankruptcy filing and he may or may not want to give up some of the brands and other assets without being made whole on his debt funding). Horseshoe theory fucked around with this message at 03:48 on Nov 20, 2017 |
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Nov 20, 2017 03:14
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DACK FAYDEN posted:not-USPol crosspost: The Retail Apocalypse continues to roll... 
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Nov 24, 2017 20:42
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So apparently Barnes & Noble shat the bed this holiday season, with a 6.4% decline in sales year-to-year, which tanked it by ~14%.
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Jan 6, 2018 04:08
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Still not sure how Trans World Entertainment (the parent company of f.y.e. and several other chains) is still in business, to be honest.
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Jan 7, 2018 03:43
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ryonguy posted:The comic book Crossed is gore porn trash, but the first issue does have a funny page of a nerd decked out in army surplus gear getting his poo poo wrecked by a bunch of infected. If the nerd buffed up ala Rob Liefeld's Captain America?
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Jan 10, 2018 03:18
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Neon Noodle posted:A corporation’s legal obligations are to its shareholders. If the company is privately held or closely held, they can do whatever the gently caress they want. If the company is publicly traded, eventually someone is going to start complaining that the returns aren’t good enough. A lot of publicly traded corporations are incorporated/organized in Delaware and so litigation against executives and the Board would therefore go through the Delaware Court of Chancery, which historically takes a very protective (to said executives and Board) view of the business judgment rule. In addition, in most publicly traded corporations, ownership isn't concentrated well enough often enough to seriously threaten voting out directors (and, ultimately, firing executives) or, alternatively, there are super voting shares owned by the founders/executives that prevent them from getting thrown out (amongst other things).
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Jan 13, 2018 14:49
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SpaceCadetBob posted:This is true, but plenty of pressure can still be applied by activist investors, and other troublemakers that can really drag a decent company down quickly. You dont need a lawsuit to get a bevy of dumb Wall Street articles written about how x company is doomed to failure because it treats its employees like humans. My thought on that is that it isn't really Peltz, Ackman, etc., it's the Board and C-suite that use said Peltz, Ackman, etc. being shitheads as a justification/deflector of blame of their own shitheadedness. It's very rare that Peltz, Ackman, etc. can win a completely hostile battle against these companies given the structuring, so the acquiescence by the Board and management seems, to me, being their hidden agreement with the shitheaded policies coming to the surface using the outsiders as the deflection for any resulting backlash.
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Jan 13, 2018 15:15
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So, Sears dropped about 9% today as they're trying to pitch exchanging debt due in the next year for longer term debt (some with stock convertibility options).
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Jan 25, 2018 03:08
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Stein Mart crashed 37% to $.72/share today after announcing that they hired advisors to 'explore strategic alternatives'.
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Jan 30, 2018 02:44
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No shock there, as they've been on the death watch list for a while due to overleveraging, etc. I would think Stein Mart will file shortly (since the fiscal year end for virtually all retailers is over) and Sears and possibly others later this year.
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Feb 6, 2018 00:01
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Phlairdon posted:Oh, no doubt. I shouldn't say that I'm surprised, because that sort of short sightedness was something that I've witnessed for years from that company. Did the leads get a higher pay? Yes (but not much). But they were also the ones that were the most efficient and making the most sales. In the end, this act will only cost them more and dig them deeper into a hole. It's a natural part of the death spiral of a company (it happened at Circuit City, Borders, etc. in recent years).
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Feb 14, 2018 00:28
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fishmech posted:Those were 7 and 9 years ago now. Just saying. What can I say, I'm a lich. 
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Feb 14, 2018 02:12
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OhFunny posted:https://twitter.com/businessinsider/status/964621782253699072 Pretty certain Winn-Dixie filed for Chapter 11 bankruptcy protection a decade ago, and A&P's parent went bust in late 2015, so it's not really that uncommon to see supermarket chains go under.
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Feb 17, 2018 18:34
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I look forward to Stein Mart's delisting after Friday for failing to get their stock price above $1 over a 30 day grace period.
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Mar 7, 2018 02:35
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Plinkey posted:They tried, remember the nook? I still see a Nook area in the B&N at Union Square when I go in there on occasion.
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Mar 11, 2018 19:59
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moller posted:A nook nook? Pretty much (it's an alcove in the back of the first floor, near the DVD area). To be fair, they have four floors of space they have to fill up.
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Mar 11, 2018 20:09
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Vegetable posted:Huh, I hadn't known that part of B&N history. From their wiki article: Yes - it's called a spin-off and it happens decently frequently in the corporate world (since it's typically a tax-free transaction when it occurs, assuming no cash is involved).
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Mar 12, 2018 11:14
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Nonsense posted:Actually they should pay the effected employees salaries for a year. Weird way to write "pay the effected employees all the funds and leave creditors and shareholders with bupkus".
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Mar 17, 2018 19:55
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Crow Jane posted:So it looks like KB Toys is being resurrected to fill the void left by TRU: It'll be as successful as Crumbs' 5 minute 'resurrection'. BTW, does anyone have access to the current Moody's 'at risk for default' list for retailers?
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Mar 20, 2018 01:37
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So... what's everyone's thoughts on the next chain that's going under? *Takes out 'Retail Death Pool' board*
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Mar 21, 2018 01:42
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Seems kinda weird that Sears spiked up ~45% in the last week or so because Eddie "LOLbertarian douchebag" Lampert gave a freaking interview.
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Mar 30, 2018 04:48
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Nissin Cup Nudist posted:the stock market has no basis in reality Alternatively Lampert and friends bought up shares to drive up the price and create their own dead cat bounce.
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Mar 30, 2018 21:05
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JustJeff88 posted:I'm tempted to stop by the soon-to-be-former TRU near me and buy a Lego set, just for old time's sake. Don't - liquidators jack up the prices then discount them from the jacked up rates to entice people to pay more than they would have if there wasn't a liquidation fire sale.
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Mar 31, 2018 22:28
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TrekBek posted:"The York, Pa.-based company's brands include Bon-Ton, Bergner's, Boston Store, Carson's, Elder-Beerman, Herberger's and Younkers." Pretty certain they acquired most, if not all, of those brands by buying out smaller chains.
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Apr 19, 2018 03:59
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Gotta love the ~8% price pop for 'Fast' Eddie Lampert writing a letter to himself saying that he'd be willing to pay $500 million for the remaining assets of worth of Sears... 
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Apr 24, 2018 04:24
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MiddleOne posted:There's also the fact that Mcdonalds has pretty strict location requirements for its franchises while Subways entire model was letting you set-up literally anywhere. There was an article that talked about how the franchisees all hate the founder's sister who is the current CEO because she has been pushing the "Cut sandwich prices further and do the soda machines/other random poo poo and see if it sticks!" angle instead of limiting franchises (since obviously the franchisor wants more franchises to collect more franchise fees).
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Apr 27, 2018 23:19
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I like how the stock spiked up around 70% for the last month or two on "Fast" Eddie stripped the last assets out of the company shortly, then crashed when the truth of the inevitable bankruptcy became clear.
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May 31, 2018 23:18
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