Any future planes for the KMart Troy headquarters?
Kmart winding down
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vacerator
Well-known member
Ther are rumors,
but no definite plans by the owner Forbes Co. based in Southfield Mi. as yet. They also own the nearby upscale Somerset mall. The site is 1.1 million sq. feet on 40 acres.
The current buildings are unique, with squares connected by narrow corridors.
but no definite plans by the owner Forbes Co. based in Southfield Mi. as yet. They also own the nearby upscale Somerset mall. The site is 1.1 million sq. feet on 40 acres.
The current buildings are unique, with squares connected by narrow corridors.
I think that "Withering on the vine" is a more apt term than "winding down," for Kmart. It is the retail analogy to citrus greening, the blight that is killing off the orange groves in Florida.
Publix is sure expanding. They moved up to Georgia quite some time ago. When I was a kid, we only encountered them in Florida, where wonder of wonders, grocery stores were open on Sundays and even giant places like Webb's City. I still remember walking through the "undersea mermaid attraction" with Daddy and my brother. A camera allowed a woman to see who was in line and she would single out people like "that good looking daddy with the two cute little boys," when we walked through.
Publix is sure expanding. They moved up to Georgia quite some time ago. When I was a kid, we only encountered them in Florida, where wonder of wonders, grocery stores were open on Sundays and even giant places like Webb's City. I still remember walking through the "undersea mermaid attraction" with Daddy and my brother. A camera allowed a woman to see who was in line and she would single out people like "that good looking daddy with the two cute little boys," when we walked through.
vacerator
Well-known member
Yes,
Publix is great. They will give Kroger good competition in Georgia.
Sunday shopping also began up here in 1965. Gone are the old blue laws.
As moms ventured out of the home to work, they needed more shopping hours available I guess.
By 1975, if not sooner, full time union supermarket hourly staff were earning double time on Sundays. Those jobs became middle class, but are no more. Bought nice homes, cars, cottages, sent mom or dad, and kids to college too.
Today, if they get time plus 1/2 on Sunday, they are lucky.
Publix is great. They will give Kroger good competition in Georgia.
Sunday shopping also began up here in 1965. Gone are the old blue laws.
As moms ventured out of the home to work, they needed more shopping hours available I guess.
By 1975, if not sooner, full time union supermarket hourly staff were earning double time on Sundays. Those jobs became middle class, but are no more. Bought nice homes, cars, cottages, sent mom or dad, and kids to college too.
Today, if they get time plus 1/2 on Sunday, they are lucky.
lordkenmore
Well-known member
I wonder if/when KMart goes out of business if there won't be lots of comments along the lines of: "KMart Came Apart." ("Came Apart" was one crack I heard about KMart quality with, IIRC, clothes in the early 80s.)
First--Get rid of the "Shop Your Way" program and Eddie Lampert.Or--just end the torture for customers and store employees by pulling the plug and closing the stores.The pictures of the abandoned scenes-and the still packaged gas grills on the pallet-and the pallet sitting on a FILTHY floor!Lets just end at already--!!!I haven't visited the Sears store here in Greenville in several years-the last time I did-just as the article says-no floor staff-or if they are there they just ignore you-dirty store conditions-guess they cut the janitor staff,depressing-outdated stores.Oh yes-when I did visit-asked them to demo a vacuum for me in their sew-vac dept--they couldn't find an outlet that worked-they had to run an extension cord to another dept!!!
Back in the late 90s or early 2000s, I went to the Sears store at White Oak shopping center in technically what was Silver Spring, MD, I think. I went to the Hardware Department in the late afternoon where there was a long line at the register and only one man, clearly over 60 years old, manning the thing. Finally. he looked up at the crowd and apologized, but said that he had to go to the bathroom and that he had not had a break all afternoon. He locked the register and hurried to the bathroom. No one complained. He returned shortly and thanked everyone for their patience. I think that was the last time I went to that store. It seemed more like a sweat shop.
vacerator
Well-known member
Sears began
stiffing their store employees around 1980. They cut profit sharing, benefits, and then commission.
I knew a lady who managed a credit dept. and made $150 per week net. in 1978.
Her husband left her for a mistress when she was a late middle ager, so she had to get a job. She struggled with bills and a broken heart until she died of a heart attack before age 60.
Her kids did care, and helped as much as they could.
They were also raising their own kids.
stiffing their store employees around 1980. They cut profit sharing, benefits, and then commission.
I knew a lady who managed a credit dept. and made $150 per week net. in 1978.
Her husband left her for a mistress when she was a late middle ager, so she had to get a job. She struggled with bills and a broken heart until she died of a heart attack before age 60.
Her kids did care, and helped as much as they could.
They were also raising their own kids.
vacerator
Well-known member
I also knew
a nice lady who worked in the customer service dept. at K Mart. She didn't make very good money, but it was helping with her husbands income. Those were high inflation years.
I had also recently entered the retail business, but in food.
She told me, as well as my grandmother, and an aunt, to keep my job. That hard times were coming. Well they did by 1981. I still had a job, unlike many my age who left this state even back then.
I worked very hard, and my contemporaries told me so, and that those who do keep their jobs. I worked my way up the ladder, and was never on unemployment until mid 2007.
I never earned as much again. It's not only Sears holdings, it happened to many people in many fields.
Is it corporate greed? I don't know. I think part of it our ages, part of it is circumstance of our fields of occupations.
Computer IT, medical jobs for those educated to do them are plentifull, if you are still young especially.
Retail is a has been, unless you have an online business. Opening your own high volume brick and mortar store at my age is suicide. Not only the stress, but the competition is fierce.
a nice lady who worked in the customer service dept. at K Mart. She didn't make very good money, but it was helping with her husbands income. Those were high inflation years.
I had also recently entered the retail business, but in food.
She told me, as well as my grandmother, and an aunt, to keep my job. That hard times were coming. Well they did by 1981. I still had a job, unlike many my age who left this state even back then.
I worked very hard, and my contemporaries told me so, and that those who do keep their jobs. I worked my way up the ladder, and was never on unemployment until mid 2007.
I never earned as much again. It's not only Sears holdings, it happened to many people in many fields.
Is it corporate greed? I don't know. I think part of it our ages, part of it is circumstance of our fields of occupations.
Computer IT, medical jobs for those educated to do them are plentifull, if you are still young especially.
Retail is a has been, unless you have an online business. Opening your own high volume brick and mortar store at my age is suicide. Not only the stress, but the competition is fierce.
joeypete
Well-known member
I went to K Mart again and didn't get t-boned this time. They still have my support! hahahaha
vacerator
Well-known member
The K Mart
near us closed years ago. The nearest is seven miles away. Lost of stop lights.
near us closed years ago. The nearest is seven miles away. Lost of stop lights.
vacerator
Well-known member
Online shopping,
expensive mall rents, and tough competition from Boscov's, Walmart, and other newer to the market retailers have all contributed to Sears and K Mart's decline.
A mall anchor store covers much of the malls upkeep costs regardless of it's bottom line.
expensive mall rents, and tough competition from Boscov's, Walmart, and other newer to the market retailers have all contributed to Sears and K Mart's decline.
A mall anchor store covers much of the malls upkeep costs regardless of it's bottom line.
Sean Williams: I would be jaw-on-the-floor shocked if Sears Holdings made it to 2020 based on its ongoing business woes and dismal balance sheet.
Despite a veritable laundry list of store closures -- the company announced more than six dozen in April alone – and a renewed focus on modernizing its most profitable stores, Sears and Kmart simply can't gain any traction.
During the second quarter, the company announced that Kmart's same-store sales declined 3.3%, while Sears' domestic store revenue dropped 7% from the prior-year period. Perhaps more telling is that this continues an 11-year trend of declining same-store sales for the Sears-Kmart combination. Since 2010 alone, the company has lost more than $8 billion.
With clear business-model issues also come financing concerns. Sears Holdings wound up tapping a $300 million secured junior lien against its inventory, receivables, and other working capital from ESL Investments, a hedge fund founded and run by Eddie Lampert, who is also CEO of Sears. ESL has also previously backed a $250 million debt tranche for Sears Holdings.
Since the beginning of the year, Sears Holdings' long-term debt obligations have ballooned from $2.2 billion to $3.4 billion, while its cash on hand has jumped by just $38 million to $276 million. In other words, Sears' weak balance sheet could thwart its only chance to renew the image of its most profitable stores.
Perhaps the only path to recovery for Sears Holdings is to consider selling its core brands, such as Craftsman, Kenmore, and Die Hard. Doing so would likely bring a major relief to Sears' balance sheet, which could allow the company the opportunity to completely modernize its stores. Unfortunately, it could also remove a big incentive for the few loyal Sears customers that remain to return to those stores, and really crush any opportunity for near-term growth.
Sears Holdings and Eddie Lampert have a number of tough decisions ahead of them, but my suspicion is the company may not live to see the turn of the decade.
Despite a veritable laundry list of store closures -- the company announced more than six dozen in April alone – and a renewed focus on modernizing its most profitable stores, Sears and Kmart simply can't gain any traction.
During the second quarter, the company announced that Kmart's same-store sales declined 3.3%, while Sears' domestic store revenue dropped 7% from the prior-year period. Perhaps more telling is that this continues an 11-year trend of declining same-store sales for the Sears-Kmart combination. Since 2010 alone, the company has lost more than $8 billion.
With clear business-model issues also come financing concerns. Sears Holdings wound up tapping a $300 million secured junior lien against its inventory, receivables, and other working capital from ESL Investments, a hedge fund founded and run by Eddie Lampert, who is also CEO of Sears. ESL has also previously backed a $250 million debt tranche for Sears Holdings.
Since the beginning of the year, Sears Holdings' long-term debt obligations have ballooned from $2.2 billion to $3.4 billion, while its cash on hand has jumped by just $38 million to $276 million. In other words, Sears' weak balance sheet could thwart its only chance to renew the image of its most profitable stores.
Perhaps the only path to recovery for Sears Holdings is to consider selling its core brands, such as Craftsman, Kenmore, and Die Hard. Doing so would likely bring a major relief to Sears' balance sheet, which could allow the company the opportunity to completely modernize its stores. Unfortunately, it could also remove a big incentive for the few loyal Sears customers that remain to return to those stores, and really crush any opportunity for near-term growth.
Sears Holdings and Eddie Lampert have a number of tough decisions ahead of them, but my suspicion is the company may not live to see the turn of the decade.
vacerator
Well-known member
Yes, and
I doubt Lampert is very worried. He'll retire with a nice golden parachute.
These guys never concern them selves with the store employees, or even the district managers who may have a difficult time finding new jobs, if they even can.
I doubt Lampert is very worried. He'll retire with a nice golden parachute.
These guys never concern them selves with the store employees, or even the district managers who may have a difficult time finding new jobs, if they even can.
Fast Eddie keeps finding ways to get them money. Even if it's his own. If the stores aren't doing well why does he keep trying to sustain them? Does he think he'll stumble across some magic formula that makes them return to profitability?
Seems like they're trying different things. They've added massive mattress departments again to some of our local stores which they used to have years ago. They put the electronics dept. back to doubling up the TVs this was always better to side by side compare the TVs instead of when they were haphazardly all over the place. They brought back bicycles. They added a small section of table games like air hockey and pool and kept it as opposed to how it was seasonal for a long time.
I have noticed suppliers haven't really lost confidence and they're still shipping them product. This is usually a death knell when the suppliers stop shipping. I wonder if in some ways they're afraid they'd lose that much square footage and it would hurt their sales as well.
Every time I go there it's like they're always getting merchandise in. Someone has to be buying something.
Seems like they're trying different things. They've added massive mattress departments again to some of our local stores which they used to have years ago. They put the electronics dept. back to doubling up the TVs this was always better to side by side compare the TVs instead of when they were haphazardly all over the place. They brought back bicycles. They added a small section of table games like air hockey and pool and kept it as opposed to how it was seasonal for a long time.
I have noticed suppliers haven't really lost confidence and they're still shipping them product. This is usually a death knell when the suppliers stop shipping. I wonder if in some ways they're afraid they'd lose that much square footage and it would hurt their sales as well.
Every time I go there it's like they're always getting merchandise in. Someone has to be buying something.
joeypete
Well-known member
My store was stocked really well too and there were actually quite a few people shopping in there. That's good to see. As much as I love Target...on the weekends its a zoo...EVERYONE goes there. I won't step foot in WalMart unless I have no choice. It's still nice to have another option, like K Mart. I just wish mine was closer to me.
vacerator
Well-known member
Koh's was
also very busy. If Eddie is using his own money, I have no criticisam then.
also very busy. If Eddie is using his own money, I have no criticisam then.
iheartmaytag
Well-known member
Just in the news
Sear's holding is closing 64 stores, mostly K-Marts, Liquidation will begin 9-22, should have stores closed down by January. Citing K-Mart does not have enough cash, or access to cash to continue operating. .
www.aol.com
Sear's holding is closing 64 stores, mostly K-Marts, Liquidation will begin 9-22, should have stores closed down by January. Citing K-Mart does not have enough cash, or access to cash to continue operating. .
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