We all know the old saying, “Some heroes don’t wear capes.” Which is kind of a silly saying though, because lots of super heroes don’t wear capes. But whatever. We all know what it’s supposed to mean.

Anyway. Enter Candice Payne (not to be confused with Candace Payne, the Chewbacca mom). Candice, rightfully called a good Samaritan by every Chicago paper and news site, after hearing about the Polar Freeze that was sweeping the Midwest, rapidly organized with a few of her friends and offered to spring for motel rooms for about 70 homeless people.

The folks were staying in about a dozen or so tents that had been set up in a vacant lot near Willis Tower, several of them were actually heated with portable propane tanks but when one of the tanks exploded (no injuries) their heat source was gone. So, while the folks living there didn’t have to evacuate - there wasn’t going to be any heat during the minus thirty degree weather. And they clearly didn't have anywhere else to go. 

So Candice did something about it. Apparently, she called dozens of hotels but couldn’t find one willing to take 70 homeless folks until she hit jackpot with the Amber Inn. The rooms cost about $70 each and she ended up paying about $1400 out of pocket, that she put on a credit card.

Payne posted on her Instagram account and several of her friends helped by offering money, donating food, clothes and diapers. Then they ordered several Ubers to move the folks to the motel where Payne and her volunteers had provided enough food for three meals a day until the cold front ended.

Payne and her all volunteer group hopes to find a more long-term solution for the homeless and plan to continue working together. 

So, I don't know about you but - I kind of love Candice Payne. 

Published in News & Information
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Sears declares bankruptcy

On Monday morning sources around the country reported on the Sears bankruptcy. But that doesn’t mean the company is out of business. Well, not yet anyway. It’s a good ol’ fashioned restructuring type of bankruptcy. I don’t believe that many feel the restructuring will work but there it is.

 

There is blame o’plenty. Current CEO Eddie Lampert blames Sears retirees. Analysts around the globe blame the CEO for his bad decisions not committing to online sales. Common sense and reason suggests that Walmart and Amazon gobbled up Sears customers like an old school game of Pac Man. It might even have been because of that time in 2003 when Sears sold its highly lucrative credit card business to Citigroup. No, seriously, that credit card business was more than 50% of the company’s profits. And they sold it off. *shrugs*

 

Anyway. It was probably a giant mixture of events that led Sears to inevitable bankruptcy after 130 years in business. CNN interactive made a really nice timeline of the company leading up to Monday’s announcement.

 

This all seems eerily familiar to my childhood. I grew up in MPLS, MN and we had a huge Sears building on Lake Street, kind of midtown Minneapolis. And I spent many an hour walking those retail halls or getting my keys made there or wondering why we could only shop on floor 1-3 but the building clearly had several stories above those - what was happening there? I even have fond memories of scrolling through the Sears catalog and circling all the toys I wanted for Christmas. Our Sears building closed down in 1994 and was eventually declared a national landmark building. Then in 2006 it was reopened as the Midtown Global Market with apartments and condos above. I’ve also spent many an hour eating and drinking at the Midtown Global Market so it all came full circle for me.

 

For the Sears company however, it all came down to that $134 million dollar payment they had due on Monday. And they couldn’t afford to make it. Hence the bankruptcy and restructuring.

Everything Sears seems to be fading fast. Even the famous Chicago Sears Tower, at once the tallest building in the US, was eventually bought and renamed the Willis Tower. The only silver lining here for Sears - I’m pretty sure everyone in the world still calls it the Sears Tower.

 

Again, this isn’t the end for Sears (yet) but the company does plan to close more than a hundred underperforming stores.  

 

Published in Money

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