Sears Crashes After Second Largest Shareholder Resigns From Board![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fwww.freedomsphoenix.com%2FUploads%2FGraphics%2F533-1017064618-Unknown.jpg&t=665&c=GbFnONhuWO41bw)
For those who may have missed it, late last week, in a scenario right out of the last days of Toys "R" Us, some of Bon-Ton Stores's suppliers reportedly scaled back shipments and asked to be paid sooner in order to protect themselves from potential losses in case the department-store chain unexpectedly filed for bankruptcy, Bloomberg reported on Friday.
The suppliers have insisted on getting paid with letters of credit or cash on delivery, which can be a drain on the company's resources, said the people, who asked not to be named because the matter is private. The demands come just as the chain enters the key holiday-shopping season in the U.S. "We maintain constructive relationships with our vendors," Christine Hojnacki, a spokeswoman for the York, Pennsylvania-based company, said in a statement. "Our team has been working closely with all of our vendors, large and small, as we build inventory ahead of the holiday season."
Unlike Toys, however, Bon-Ton's inevitable default has already been largely priced in, and the news of the supplier strike had a modest impact on Bon-Ton's $350 million of 8% second-lien bonds due 2021 which dropped "ony" 2.5 cents to trade at 32.6 cents on the dollar Friday.
Read more at http://www.zerohedge.com/news/2017-10-16/sears-crashes-after-second-largest-shareholder-resigns-board.![Cool](https://bitcointalk.org/Smileys/default/cool.gif)