http://www.reuters.com/article/2014...J720141023?feedType=RSS&feedName=businessNews
First of MANY closings if you ask me.
Say goodbye to Sears as we know it.
First of MANY closings if you ask me.
Say goodbye to Sears as we know it.
The buzzards will swarm soon
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Sears Is Dying A Slow Painful Death
Eddie Lampert is following the well worn path of all venture capitalists; seeking to get his money back and hopefully more by slowing selling off/draining value from Sears Holdings. The dead and twisting carcass will then be sold off or simply shut down via bankruptcy. Either way don't look for Mr. Lampert to come out of this thing any poorer or worse for wear.
Eddie Lampert is following the well worn path of all venture capitalists; seeking to get his money back and hopefully more by slowing selling off/draining value from Sears Holdings. The dead and twisting carcass will then be sold off or simply shut down via bankruptcy. Either way don't look for Mr. Lampert to come out of this thing any poorer or worse for wear.
twintubdexter
Well-known member
If I were to live another 10 or 15 years I'd be reading exactly the same thing about Walmart along with several other "solid-as-a-rock" retailers. Just file it under "Progress."
runematic
Well-known member
They're closing the Sears store here in this round of closings. They'll start the liquidation sale on Oct 31. We've had a Sears here since the 1930's when they were more a catalogue store on main st.
On one hand, I feel for those that will lose their jobs, that part is tough. I heard in the news that 51 people here will be out of work. On the other hand, they are a competitor of mine in the new appliance business, so maybe that'll be good for me. I just hope a Best Buy or HH Gregg doesn't come in to fill the space.
On one hand, I feel for those that will lose their jobs, that part is tough. I heard in the news that 51 people here will be out of work. On the other hand, they are a competitor of mine in the new appliance business, so maybe that'll be good for me. I just hope a Best Buy or HH Gregg doesn't come in to fill the space.
mrb627
Well-known member
Walmart can certainly follow suite...
If not, go first!
Malcolm
If not, go first!
Malcolm
whirlcool
Well-known member
Slow Liquidation
Sears has been in a slow liquidation for the past couple of years as pointed out above. Stock inventory has been at record breaking lows. Hell, they didn't even fully stock our local store for the Christmas rush. They just never bothered.
I think they are selling off assets to reduce the value of the company so when in bankruptcy court they will have an easy time of convincing the bankruptcy judge that the company no longer has any assets and this will prevent the judge from selling the sears name off to others who may want to reuse it.
We've actively boycotted Sears for at least the last 40 years. It's been so long we have forgotten why we never used them.
Sears has been in a slow liquidation for the past couple of years as pointed out above. Stock inventory has been at record breaking lows. Hell, they didn't even fully stock our local store for the Christmas rush. They just never bothered.
I think they are selling off assets to reduce the value of the company so when in bankruptcy court they will have an easy time of convincing the bankruptcy judge that the company no longer has any assets and this will prevent the judge from selling the sears name off to others who may want to reuse it.
We've actively boycotted Sears for at least the last 40 years. It's been so long we have forgotten why we never used them.
laundromat
Well-known member
Had Sears stayed with their original set up, I think they would have survived the competitive actions and left K Mart deteriorate on its own. I've had numerous disagreements with others because they think Sears bought KMart. All they remember is that KMart had already filed chapter 11. Not being able to pay for dairy products in their inventory. Once out of the red,they bought Sears. Bad move on Sears part and they're paying a high.price for KMs fuck up. I haven't been near a KM in decades. Ever since they ruined the reputation it took FRIGIDAIRE decades to earn. Once they made them more like a "budget or builders line", they began their spiral downfall. Prior to that, Frigidaire was an exclusive brand carried only by authorized dealerships who sold AND serviced their appliances. Unfortunately,they're gone as well.
laundromat
Well-known member
Had Sears stayed with their original set up, I think they would have survived the competitive actions and left K Mart deteriorate on its own. I've had numerous disagreements with others because they think Sears bought KMart. All they remember is that KMart had already filed chapter 11. Not being able to pay for dairy products in their inventory. Once out of the red,they bought Sears. Bad move on Sears part and they're paying a high.price for KMs fuck up. I haven't been near a KM in decades. Ever since they ruined the reputation it took FRIGIDAIRE decades to earn. Once they made them more like a "budget or builders line", they began their spiral downfall. Prior to that, Frigidaire was an exclusive brand carried only by authorized dealerships who sold AND serviced their appliances. Unfortunately,they're gone as well.
I wonder if the plan involves selling the real estate and making money that way.
dirtybuck
Well-known member
Where can I find a link as to which stores will be closing? Out of the three K Mart's we have in Springfield, one closed back in June and was renovated into a Home Goods. That opened up in the middle of last month.
Here's a source
http://seekingalpha.com/article/2587065-sears-layoffs-top-6000-closing-over-110-outlets
What puzzles me is neither the Sears or Kmart in my town are on the list. Reason being is there are usually more employees than customers, especially in Sears.
On another note, it appears Ready Steady Eddie "loaned" Sears Holdings 400 million to ""allows us additional financial flexibility, particularly as we enter the holiday season."............in other words, hey we're tapped out in commercial credit markets, Eddie, can you spot us a solid here?
Consensus is the shut down of operations will be completed by 2017.
http://seekingalpha.com/article/2587065-sears-layoffs-top-6000-closing-over-110-outlets
What puzzles me is neither the Sears or Kmart in my town are on the list. Reason being is there are usually more employees than customers, especially in Sears.
On another note, it appears Ready Steady Eddie "loaned" Sears Holdings 400 million to ""allows us additional financial flexibility, particularly as we enter the holiday season."............in other words, hey we're tapped out in commercial credit markets, Eddie, can you spot us a solid here?
Consensus is the shut down of operations will be completed by 2017.
Even last year, suppliers were asking for payment before shipping.
"Where can I find a link as to which stores will be closing? Out of the three K Mart's we have in Springfield, one closed back in June and was renovated into a Home Goods. That opened up in the middle of last month."
Funnily enough, they opened a Home Goods on Michigan Avenue in Chicago and within a year (or close enough) it's closed and morphed into a TJ Maxx (TK Maxx to those of you in the UK) - the Marshalls is on the other escalator. Originally it was a funky furniture store and a Linens N' Things.
Sears failed badly in Chicago - their new downtown store limped along for a few years and is already being gutted out. They'd had a lot of ill-will for closing their old State Street store years before, which I think hurt them. Since CityTarget opened the stretch of State Street in the loop has started bustling again, but I'm digressing.
Funnily enough, they opened a Home Goods on Michigan Avenue in Chicago and within a year (or close enough) it's closed and morphed into a TJ Maxx (TK Maxx to those of you in the UK) - the Marshalls is on the other escalator. Originally it was a funky furniture store and a Linens N' Things.
Sears failed badly in Chicago - their new downtown store limped along for a few years and is already being gutted out. They'd had a lot of ill-will for closing their old State Street store years before, which I think hurt them. Since CityTarget opened the stretch of State Street in the loop has started bustling again, but I'm digressing.
"Reducing operations to the best performing stores is key to Sears' revival strategy."
Seriously, Chris Brathwaite? You think anyone believes there's a "revival strategy" in play for Sears?
I'm with Launderess on this one: There's big money to be made in dismantling.
Seriously, Chris Brathwaite? You think anyone believes there's a "revival strategy" in play for Sears?
I'm with Launderess on this one: There's big money to be made in dismantling.
If gets that they destroy the smaller town Dealer stores, it will screw that community. There are many of them here in Maine that just sell tools, appliances etc. and people depend on them because they are closer. They already announced the closing of the Presque Isle store thats company owned. Thats 65 people, too bad, so sad.
The local Kmart here is shutting down, scheduled to be closed in December. Meanwhile they're supposedly having clearance sales, but since most of the stuff in there is crap already I don't know why acquiring even more crap for the same amount of money is a good idea.
whirlcool
Well-known member
They Should Have Stayed in the Real Estate Market.
Sear's own Homart Realty at one time was the second largest Mall developer in the country. It contributed a large amount of income to Sears Holdings, Inc.
But back in 1995 Sears sold it off. Why would you want to sell off a division that is making big money. Could it be that they were already trying to shut Sears down that long ago?
Sear's own Homart Realty at one time was the second largest Mall developer in the country. It contributed a large amount of income to Sears Holdings, Inc.
But back in 1995 Sears sold it off. Why would you want to sell off a division that is making big money. Could it be that they were already trying to shut Sears down that long ago?
My earliest memory of Sears was when I was under 10 years old and the family went to Sears one night to buy a school skirt for my older sister, She wanted one of those poodle skirts that were so popular at the time. I'm not sure of the discussions that went on, but I can only guess that while my dad was ok with it, my mom objected to the cost and insisted on a cheaper, plainer, plaid skirt. What I do remember is my older sister getting very grumpy and the whole mood of the outing turning sour. I think my sister was in mourning for the rest of the school year over the loss of that poodle skirt.
The above has little to do with the decline of Sears, but it occurs to me that multiple forms of competition made Sears decline. First it was department stores. But most didn't sell hardware or lawn mowers or large appliances, so Sears still had its niche intact. Sears remained the one place you could go and get virtually anything you needed outside of perhaps food.
Then along came the shopping malls with a variety of businesses concentrated in one big location. Sort of like a decentralized Sears. Instead of making it a night out at Sears, families started making it a night out at the mall.
Then the rise of the box stores: Home Depot, Lowe's, Circuit City, Best Buy, etc., started cutting into more and more of Sear's niche. After that, the rise of the bulk "warehouse" stores like Price Club, Costo, Sam's Club, which often offered quality merchandise, clothing, appliances, at prices that were hard to beat anywhere else. Why go to Sears to get a new fridge or washer when you could get something perfectly adequate for hundreds less at Costco?
Finally, the rise of the internet. Sears started out being a mail-order company, but it never seemed to catch on to the fact that the internet was the new mail-order medium. If you've ever suffered through one of Sear's web sites, you'll know what I mean. The company just didn't seem to get the internet thing and maybe it never will. Too bad, because embracing the internet would allow Sears to go full circle, in a good way.
There are no doubt many other reasons behind Sear's gradual decline into oblivion, but those are a few of the thoughts that spring to mind. Like America's car companies, Sears has failed to change with the times, embrace new technologies and make them its own.
I just hope the Craftsman name and product lines live on after Sears goes away.
The above has little to do with the decline of Sears, but it occurs to me that multiple forms of competition made Sears decline. First it was department stores. But most didn't sell hardware or lawn mowers or large appliances, so Sears still had its niche intact. Sears remained the one place you could go and get virtually anything you needed outside of perhaps food.
Then along came the shopping malls with a variety of businesses concentrated in one big location. Sort of like a decentralized Sears. Instead of making it a night out at Sears, families started making it a night out at the mall.
Then the rise of the box stores: Home Depot, Lowe's, Circuit City, Best Buy, etc., started cutting into more and more of Sear's niche. After that, the rise of the bulk "warehouse" stores like Price Club, Costo, Sam's Club, which often offered quality merchandise, clothing, appliances, at prices that were hard to beat anywhere else. Why go to Sears to get a new fridge or washer when you could get something perfectly adequate for hundreds less at Costco?
Finally, the rise of the internet. Sears started out being a mail-order company, but it never seemed to catch on to the fact that the internet was the new mail-order medium. If you've ever suffered through one of Sear's web sites, you'll know what I mean. The company just didn't seem to get the internet thing and maybe it never will. Too bad, because embracing the internet would allow Sears to go full circle, in a good way.
There are no doubt many other reasons behind Sear's gradual decline into oblivion, but those are a few of the thoughts that spring to mind. Like America's car companies, Sears has failed to change with the times, embrace new technologies and make them its own.
I just hope the Craftsman name and product lines live on after Sears goes away.
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