DJofSD
10-08-2014, 08:11 PM
http://www.bloomberg.com/news/2014-10-08/sears-vendor-said-to-halt-shipments-as-insurers-back-away.html?hootPostID=2c2d9b3c3936a2d04813b87c785ce 7c0
Sears Vendor Said to Halt Shipments as Insurers Back Away
Three of the biggest insurance firms for Sears Holdings Corp.’s suppliers are seeking to reduce coverage, prompting at least one medium-sized vendor to halt shipments to the department-store chain, people with knowledge of the matter said.
Under the terms of most policies, insurers are allowed to cancel if a retailer’s operations deteriorate enough that its viability is in doubt, according to one of the people. Insurers canceled policies in the months before Borders Group Inc. and Circuit City Stores Inc. filed for protection from creditors, the person said.
I'm sure the economy is not helping either.
Sears Vendor Said to Halt Shipments as Insurers Back Away
Three of the biggest insurance firms for Sears Holdings Corp.’s suppliers are seeking to reduce coverage, prompting at least one medium-sized vendor to halt shipments to the department-store chain, people with knowledge of the matter said.
Under the terms of most policies, insurers are allowed to cancel if a retailer’s operations deteriorate enough that its viability is in doubt, according to one of the people. Insurers canceled policies in the months before Borders Group Inc. and Circuit City Stores Inc. filed for protection from creditors, the person said.
I'm sure the economy is not helping either.