The buzzards are swarming now for Sears.

[washman]

Sears Holdings says a key sales figure fell sharply in the second quarter, particularly dragged down by weakness at its namesake stores. It's at least the 10th straight quarter that the metric has declined.

The company said that sales at stores open at least a year dropped 10.6 percent for the quarter to date.

This figure is considered an important measurement of a retailer's operating performance because it excludes results from stores recently opened or closed.

At Sears stores, the metric declined 13.9 percent. It fell 6.9 percent for Kmart locations.

The Hoffman Estates-based company said Monday that soft consumer electronics sales hindered its performance. Excluding that business, sales at stores open at least a year fell 9.1 percent, with a 5.4 percent decline at Kmart stores and a 12.5 percent drop at Sears locations.

Sears Holdings also announced the extension of a $3.28 billion credit line. The company said the credit line, along with $2.7 billion in proceeds from the sale of more than 200 properties to a real estate investment trust it spun off, gives it more financial flexibility.

Sears plans to report its second-quarter financial results on Aug. 20.

"more financial flexibility"?

Sounds to me like that is a euphemism saying we're staving off liquidation for a few more months.

 

[iheartmaytag]

I am totally surprised they have held on this long.

They closed our West store in December, but have recently opened a Sear's Home center in the same mall.

It may be to just pull the plunger and let them go down the drain.

 

[lordkenmore]

This explains the flapping of wings one hears above part of the nearest mall...

 

[pulltostart]

They recently announced the closing of Mobile's only Sears store a few weeks ago.  Doesn't really surprise me, I guess.

 

lawrence

 

[appnut]

Makes me made.  They have the widest appliance selection and breadth of models.  Home Depot & Lowes all basically carry the same stock.  There are two Maytag dishwashers with front controls and the stores only carry the lower-end of the two.  And KitchenAid models I might want aren't carried by them either.  Sears is the only option and it sucks.  We have one of those little Home Stores.  Pisses me off big time. 

 

[Practigal]

So unnecessary

It seems like some b school grad got hold of sears management and wants them to sell the stores... the rest of us wonder why they just quit doing the great job that they were doing years ago...now they open and close stores or stores in other stores and that is costly...meanwhile a lot of merchandise is damaged in transit and there appears to be a lot of employee theft...if they could clean up their act today, would it be enough to turn the company around?

 

[tolivac]

The KMart in my town has closed---will the Sears store here be next?

 

[whirlcool]

Sometimes you just have to head to the closest independent appliance dealer to get the brands that you really want.

 

[appnut]

There is no independent appliance dealer here.  Sears, Lowes, Home Depot, and Best Buy are it. 

 

[tolivac]

In my area Home Depot is goe.Now if Sears closes in my area the only appliance choices would be both Lowes stores in my area,Best Buy,Greenville Appliances,And other appliance stores in Ayden and Kinston(SQ dealer).And of course the swap shops for used appliances-2 of them.These I use the most.

 

[alr2903]

Sears  stock symbol SHLD,  sold many of the company owned stores to a real estate investment trust called "Seritage".   The plan was to get the cash for "continued operations" and lease the stores back.  I do not invest in the market.  I do like to watch the money.  I hope the buzzards are not real hungry.  IF Sear's does not go out of business I think they will evolve into a online store.

 

[frigilux]

The replacement Sears credit card I received in the mail last month is linked with MasterCard. As with the new JCPenney card, it can be used anywhere MasterCard is accepted, not just Sears.

Sears was the big boy on the block when I was growing up, so although it's their own fault for making one misstep after another, it makes me a bit nostalgic seeing the giant fall.

As always, my big question is this: What becomes of Kenmore? I wonder if they'll simply let the brand die or sell the name.

I've always thought it was interesting that Kenmore, for decades the biggest-selling name in appliances, never really existed as a manufacturing entity.

 

[cuffs054]

Something came up in the Vac side that made me think about what Sears is doing. When I was shopping for new W/D I would always compare local prices with Sears. More than one time Sears had better (sometimes much better) prices. But if I tried to order it would say "not available in your area". I figured it was the cost of shipping and blew it off. But one of the Vac guys was talking about a new KM wacuum. I went to check it out, sure enough, "not available in your area". I've had stuff shipped from Sears for years, this ain't kosher.

 

[lordkenmore]

>The replacement Sears credit card I received in the mail last month is linked with MasterCard. As with the new JCPenney card, it can be used anywhere MasterCard is accepted, not just Sears.

I wonder if they aren't being influenced by others. It seems to me Target has had a "Target" card that is part of a regular credit card network for years.

>it makes me a bit nostalgic seeing the giant fall.

I know that feeling. Sears didn't really fit into my family shopping growing up, although we did have some Kenmore appliances. But Sears was a major shopping choice of one grandmother. She even talked about holding onto the last catalog they produced because it would be the last ever.

>What becomes of Kenmore? I wonder if they'll simply let the brand die or sell the name.

I have to assume that the name would survive Sears one way or another. The name--even today--would seem to have value. The question is: does Kenmore survive as a brand owned by an appliance company? A house brand for someone else (e.g. big box hardware store)? Or would it end up becoming a name that gets licensed to anyone with the money?

 

[lordkenmore]

>Sometimes you just have to head to the closest independent appliance dealer to get the brands that you really want.

Not just brands, but selection of product types. And probably also--one hopes--knowledge about the products.

One thing that drove me crazy about a local Home Depot was talking to a woman working there, and how limited her knowledge of her wares seemed to be. And her big interest seemed to be the noise level of the appliance. There was some WP DD washer that was hot here years back (Admiral?). I looked at it one day at Home Depot (curious to see it in the real world), and she descended, and told me how much better something else was because it was so much quieter. That was the only reason she had for coughing up the extra $300+.

I also ran into Ms It's Better if It's Quiet when I was doing initial checking on dishwashers for someone. And her selling point was--again--more $$$, more quiet. The person I was shopping for shrugged off that point, and commented that if the dishwasher was loud, well, just turn up the volume on the TV. LOL

 

[norgeway]

The last time

Don went to Sears at Hanes Mall in Winston Salem to buy detergent, he said the electronics dept was 1/3 the size it was, he said in the 80s when he worked there it was twice as big.

 

[launderess]

IIRC For Ages Sears Credit Cards

Were from G.E. Capital (one of the worse consumer financing groups on earth). GE is getting shot of their consumer finance business so perhaps that is why Sears moved onto MasterCard.

Had a Sears card for years an all they would offer is a measly $1000 credit limit despite my credit score and record of on time payments. Well actually paying balances off in full to avoid the usury interest rates they charged. Years went by and really never used nor thought of the thing then one day last year got a letter; Sears was closing my account due to "inactivity". Good riddance to bad Rubbish I say. Only time ever really used the thing was for appliances when a decent interest free over was going. But when Sears began playing games with that scheme just put things on any of my other credit cards with interest free offers, or on the Amex and paid in full when the bill came in.

Other than appliances there hasn't been anything one wanted from a Sears in ages. Use my Amex when shopping at the local K-Mart on Astor Place (again to avoid Sears credit cards high interest rates), so that's me for you.

Sears is simply dying death by a thousand cuts. Their business model is out dated and they are too heavily invested/reliant upon mall based stores as that trend is petering out. If Sears is to survive it needs to be more like their main competitors; Target, Lowes, Home Depot, along with other big box retailers with presence where persons actually shop.

 

[tolivac]

Are the buzzards circling Radio Shack and Penneys,too?

 

[launderess]

Radio Shack?

Filed for bankruptcy some time ago. Closed tons of stores including many in NYC area.