Over 70 dogs, mostly pit bull terriers, with some said to be showing signs of injuries, were seized along with physical evidence during several searches of Vick's 15-acre property by local, state and federal authorities.
In July 2007, Vick and three other men were indicted on federal offense and state felony charges relating to a six-year-long continuing criminal enterprise of an interstate dog fighting ring known as “Bad Newz Kennels,” based upon a local nickname for Newport News, Vick's hometown.
The case drew widespread publicity to the issues of animal abuse and dog fighting.
It also drew attention to unlawful gambling and drug activities which authorities claim often accompany dog fighting.
Some of that comes from the chain having fewer Sears and Kmart stores open; having fewer locations did not boost the remaining ones.
Instead, comparable-store sales suffered a 7.4% decline, accounting for 4 million of the revenue drop.
The company has staved off death by borrowing money, but how long can that last? 28 at .18 and rallied on the news of the new line of available borrowing to close the next day at , a 10% gain. The company posted a loss of 8 million in its fiscal third quarter this year, up from a 4 million loss in Q3 2015.
It was here that Reynolds and his second wife, Loni Anderson, played out much of their calamitous five-year disunion, which ended in 1993, accelerating Reynolds’s slide into bankruptcy, foreclosure proceedings, shame, and retreat. There are a couple of actors who are quite brilliant with the way they’ve handled their money.” He smiles.
With other creditors also attempting to collect millions of dollars in debts, in July 2008, he filed for Chapter 11 (reorganization) bankruptcy protection.
The Bad Newz dog fighting investigation began in April 2007 with a search of property in Surry County, Virginia, owned by Atlanta Falcons’ football quarterback Michael Vick, and the subsequent discovery of evidence of a dog fighting ring in Newport News, Virginia.
Those are bad numbers and there's no reason to expect the company to reverse those fortunes in Q4.
CEO Eddie Lampert, whose hedge fund loaned the company 0 million in August, has pushed the idea that the company can stabilize by closing unprofitable stores and focusing on its Shop Your Way digital platform.