Sears Advisers Have Racked Up $200 Million in Fees as Vendors Await Payment

[mahatmakanejeeves]

After paying over $200 million in fees to restructuring professionals, Sears doesn’t have much left to settle accounts with suppliers and employees https://www.wsj.com/articles/sears-advisers-have-racked-up-200-million-in-fees-as-vendors-await-payment-11579170603?shareToken=st6b94202a389740039875cbae963fcc35 … via @WSJ

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PRO BANKRUPTCY BANKRUPTCY
Sears Advisers Have Racked Up $200 Million in Fees as Vendors Await Payment
The law requires bankruptcy lawyers to be paid in full, leaving Sears with little to pay suppliers and employee severance

By Soma Biswas
Jan. 16, 2020 5:30 am ET

Suppliers that stocked the shelves during Sears Holdings Corp.’s bankruptcy are being forced to swallow losses and some employees won’t get severance they are owed, even as law firms are guaranteed full payment for their work on the retailer’s chapter 11 case.

A year after the storied retailer sold its best stores and assets to ESL Investments...

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[Sherman A1]

1. Sad

simply sad.

[Farmer-Rick]

2. Capitalism at its best.....or worst.