Originally Posted by
NKSpilot
See Big Lots too. Sale lease back a bunch of stores, Ch 11 bankruptcy, put up the $200M HQ as collateral for debt financing, supposed to swap debt for equity with creditors and get more financing, CEO cheerleading the whole time...now liquidating.
Cherry on top - Low income consumers reduced spending listed as a factor
Good luck to us.
I don't see this as a fair comparison. A leased building can be repurposed for pretty much anything, so the playing field is massive. What used to be a Big Lots where I live is already in the process of being turned into a gym, and this was pretty much done overnight.
If we went ch7 the lessor would have so many busted NEOs just sitting around for the next couple years. What airline would want to mess with that?
Also half of our HQ is the training center, which I doubt many industries outside of the airlines would have much use for that kind of building layout.