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dpson
05-16-2017, 09:20 PM
Now suppliers are balking at taking/filling orders from Sears. Sad ending for a once great company.

http://www.msn.com/en-us/money/companies/sears-has-a-bigger-problem-than-plunging-sales/ar-BBBcYSf?li=BBmkt5R&ocid=spartandhp

Chris Pile
05-16-2017, 09:58 PM
Just like Studebaker dealers bailing out and taking on other makes... The end is near.

64V19816
05-26-2017, 11:46 AM
Sears needs a NEW Advertising Agency!!!! Sears STILL has Everything! In a way it's like it's still a "normal" store, friendly to us older people who remember stores of the sixties. Last weekend I went to buy good steel toe work boots. Kohls ( nothing). Target ( maybe a dozen pairs none my size 12). Sears, four full aisles, hundreds of them. Found a pair of Cattipillar boots for $89 (on sale). ....you know, just like we blame people in the sixties Not buying Studebakers as a reason for no more Studebaker. We can't do anything about that now BUT we can buy that next appliance, clothing, shoes etc etc from Sears. Craftsman Tools, workshop items....Go To Sears!

Gunslinger
05-26-2017, 01:00 PM
I have a Sears gift card with a balance of less than $3.00. I guess I better rush over to use it...on something.

rbruner
05-26-2017, 01:47 PM
Burlington Coat Factory is already slated to move into the Sears space at the mall.

dpson
05-26-2017, 01:59 PM
Okay, to help the good folks at Sears out I bought a new Sears Craftsman riding lawn mower "on-line" last week (May 20th to be exact). The sale price was great, plus there additional discounts (10%) for Craftsman club, 5% off if I used my Sears card, free delivery, etc. I was happy with the deal. The mower was scheduled to be delivered between 7 am and 9 am on June 1st. So far so good.

Yesterday I missed a call from Sears and they left a voicemail that it was important that I call them back before 7 pm Central time so they could speak to me about a delay in the delivery of my "appliance" (yes, "appliance", not mower). So about an hour later I called the number they provided and it was fairly quickly answered, by someone who didn't speak English very well, however before we even got to the reason I called, he informed me that their "system" was reloading and asked if I could call back in about an hour. Ok fine, I called back an hour later and spoke with a very pleasant woman, who's English was much better, and she said that due to delay in getting the product from the manufacturer the delivery of my mower had been rescheduled for June 22nd. Okay, I guess I can live with that, but now I'm starting to get a sinking feeling that this "good deal" may not turn as well as I first thought. This does not boost my confidence that Sears is going to make it.

Jeff_H
05-26-2017, 03:45 PM
I mentioned here that the Sears in the "big" mall in Fargo closed a couple of months ago. Turns out that the reason was not from Sears' downsize, but that the mall owners didn't want to renew the lease. This week I noticed they are apparently demo-ing the former Sears Auto Center garage addition on the end of the mall complex as well as the pavement in the parking area adjacent is torn up. Not sure what is planned there. I did think it "odd" the Fargo Sears closed as compared to the next closest ones as those are smaller retail markets in comparison and seemed strange to close the potentially better sales area store.

Chris Pile
05-26-2017, 04:10 PM
We used to have 2 Sears store here in Wichita. The one on the west side closed a couple years ago. The older one on the east side is trashy looking, the roof leaks, and the place is always filthy and poorly staffed. If I need any Craftsman tools, Ace is closer and a much better experience.

JRoberts
05-26-2017, 07:35 PM
The Sears here is still going, but I have for quite some time noticed that the getting someone to help you has dropped to almost nothing. I asked the last time I was in there about sales on Craftsman tools, but was told that if I wanted sale prices on Craftsman tools I should go to K-Mart. I did go there but the sale prices were minimal and most everything was made in overseas and not very promising as far as quality goes.

studegary
05-26-2017, 09:12 PM
I have a Sears gift card with a balance of less than $3.00. I guess I better rush over to use it...on something.

I had more than $25 in Sears Reward Points. This week, I went and bought a lightweight jacket, mostly to use the points. It was priced at $30., on sale for $25 and I had a 20% off coupon from the paper that brought it down to $20. Now, I have the jacket and only just over $5 in points that I won't worry about.

Two things that I noticed while shopping there.
1) Instead of a checkout counter in each area/department, there is now just one near the center of each floor.
2) I may have been the only customer in the store at that time (and I didn't spend any cash).

Chris Pile
05-26-2017, 09:56 PM
Speaking of K-Marts..... Used to be 5 here in town. We're down to one.

studegary
05-27-2017, 11:00 AM
Speaking of K-Marts..... Used to be 5 here in town. We're down to one.

We went from two to one in this county.

bumpkinvilledano
05-27-2017, 12:16 PM
I have not, and will not, shop at a Sears since 1980. They sent me an application for a Sears charge card, which I filled out and returned. About a month later I got a letter back saying the account had been denied. Not because of my credit, I had a mortgage (11%, remember them days?), or my income, but due to my OCCUPATION (industrial maintenance). Their letter stated that "people in that occupation had a high rate of non payment". No consideration of my credit worthiness, just lumped in with deadbeats based on my occupation.
As I was still accumulating tools for my job, I started buying Snap-On, Mac, SK,Dayton, etc. I would estimate since 1980, I have spent in excess of $100,000 on tools and equipment for work and personal use. In the last 14 years, as a partner in a millwright company, the company has spent over $300,000 on tools and equipment. Not all that has been bought could be obtained at Sears, but I'll bet 75% could have been. In an emergency (broken/lost tool) I will try Home Depot, Tractor Supply, Menards, etc, depending on where in the country we are.

Sears loss, not mine.

wittsend
05-27-2017, 12:41 PM
I have not, and will not, shop at a Sears since 1980. ... Sears loss, not mine.

Good for you. I can't remember the last time I bought something at Sears..., probably at least 15 years ago - likely more. Not for the same reasons you didn't. I just felt they were offering a 4 quality product at a 7 price (on a 1-10 scale). I always felt the same way about Radio Shack and we saw what happened there. And, you can throw K-Mart in for the same reason. It seems their dooms day clock is at about 11:58 also.

And yes, I remember those mortgage days. 1984 my first house had a 13-1/4% interest rate and that was with putting down the required 20% of the price!

aenthal
05-31-2017, 04:50 PM
Sears has been irrelevant since they discontinued the catalog and went full retail.
I wore the pages out looking at the Christmas Toy catalogs they sent out, when I was a child.
My parents rarely took me to toy stores, so that was where I saw everything I could imagine owning.
My mother brought practical things like kitchen step stools and a small sewing cabinet from the Sears catalog, but we never went to their store.
As an artist, I used the catalog as a a reference. If I wanted to know what an electric fan looked like, because I had to draw one, I would find some in their pages.
But their decision to pair up with the equally failing KMart (shades of Studebaker Packard) and that mail order loss (not that they would have survived the rise of Amazon and the internet, if they had stayed in mail order) set up their doom.
What amazes me is that they have held on so long as corpses. The one and only Sears I know about, is 1/5 the size it used to be. Six other stores have moved into what used to be their whole building.
I know of two KMarts still in existence. Neither is anywhere near me, or a place I want to shop.
And though I wish no ill will on anyone who works/worked there, or still shops there, they need to finish this long drawn out end of their existence.
They have been dead for years. Time they accepted it.

showbizkid
05-31-2017, 05:34 PM
Speaking of K-Marts..... Used to be 5 here in town. We're down to one.

Here in North San Diego County, we had 4 K-Marts alone (excluding the populous South end of the county, where there were more). Our last one just closed, and is in the process of being converted to a Target.

Gunslinger
05-31-2017, 07:05 PM
The K-Mart near me hasn't closed...it hasn't been on any closing lists that I've seen published. But it's been on a downhill slide for quite some time and is disorganized and unclean. I don't see why anyone goes there...I haven't in a long time. At one time it was a vibrant and very busy place to shop. It makes Walmart look like Macy's.

wittsend
06-01-2017, 01:34 PM
Here in North San Diego County, we had 4 K-Marts alone (excluding the populous South end of the county, where there were more). Our last one just closed, and is in the process of being converted to a Target.

The K-Mart in near by Simi Valley was completely torn down when it closed. They then built a near identical building for Target. It made no sense what so ever. A large box with fluorescent lights is..., well..., a large box with fluorescent lights. :confused:

Gunslinger
06-01-2017, 02:17 PM
The building is supplied by the landlord not the tenant. There must have been some financial and/or tax advantage to do so before Target would sign a lease.

ddub
06-01-2017, 03:51 PM
Here is a good summary of Sears problems.

https://daily.jstor.org/could-sears-have-avoided-becoming-obsolete/?utm_term=Read%20more&utm_campaign=jstordaily_06012017&utm_content=email&utm_source=Act-On+Software&utm_medium=email

hudsonrules
06-01-2017, 04:03 PM
Many problems arise for corporations at the top. Sometimes it is stuborn and poor managment at the board of directors meetins. They worry about there own financial benefits over the betterment of the company. I have been in some Sears stores that were dirty with little to no help other than a cashier, same with K mart. Others were nice, clean and helpful. Sucess has a lot to do with management. Some places cut back on a quality product and charge more for it. I miss the Sears catalogues, they used to sell everything so it seems. To bad, another great one time company bites the dust.

Gunslinger
06-01-2017, 05:08 PM
It kinda sounds like the problems Studebaker management faced and how the Board of Directors acted. The more things change the more they stay the same.

Skip Lackie
06-05-2017, 07:55 AM
Good historical perspective of how things got so bad.

https://www.washingtonpost.com/business/capitalbusiness/the-big-missteps-that-brought-an-american-retail-icon-to-the-edge-of-collapse/2017/06/01/19f4bee4-35a3-11e7-b4ee-434b6d506b37_story.html?utm_term=.36400d37dd9d

Avantidon
06-05-2017, 07:06 PM
Skip. a great piece. In the late 60's and early 70's I worked in the Landmark store in the Men's furnishings department. My last two years there we did over $1,000,000 each year and were the 2nd leading Men's Furnishing division in the country. So sad.

dpson
06-05-2017, 07:40 PM
Another element not mentioned are the Sears employees and their retirement fund. As I recall in the mid 70's Sears had already dispensed with pensions (at least for new employees) and had a retirement program which matched employees contributions in the retirement fund on a sliding scale based on longevity. The longer you worked there the more Sears contributed, however all of the contributions were invested in Sears stock. At that time the employees retirement fund was the largest single holder of Sears stock. With all the management changes and decline in stock prices I can't imagine it has gone well for Sears retirees.

bumpkinvilledano
06-09-2017, 06:22 PM
Even more bad news for Sears

http://www.cbsnews.com/news/sears-store-closings-downward-spiral/

Jeff T.
06-09-2017, 07:44 PM
We received word this week that a Kmart a family member has worked at for nearly 40 years will be closing in July. Our family member is to young to retire and likely too old to find a decent replacement position.

hudsonrules
06-10-2017, 10:43 PM
these big corporations seem not to care about a long time employee's service. Just put them out to pasture while the big wigs take home a very healthy retirement. It is just going to get worse, lots of competition out there.

Greenstude
06-13-2017, 08:31 PM
Sears Canada announced today that it lost C$144 million in the first quarter of 2017 and may have to be sold or seriously restructured.

58PackardWagon
06-15-2017, 10:51 PM
A slow death. Tool have certainly gone down hill quality wise. Just bought a $125 torque wrench and it broke on its second use. Lucky I am young and agile, any older and my jaw would have broke when I took a dive into the fender

Stu Chapman
06-21-2017, 12:20 PM
Sears Canada announced today that it lost C$144 million in the first quarter of 2017 and may have to be sold or seriously restructured.

This morning Sears Canada filed for creditor protection which is the first step into receivership. They commented that they were not likely capable of paying their bills. It is expected that the company will be sold off in various parts. Interesting is that today a "pop-up" storefront location opened in downtown Toronto. It is owned by Sears.

Stu Chapman

dictator27
06-21-2017, 07:03 PM
It has been obvious for some time that the Sears near us is dying a slow, painful death. A major rebuilding of the mall it is in seemed to indicate that the mall had little confidence in Sears survival. Prior to the rebuild there were about a dozen stores in the section where Sears is. After the rebuild there are only two stores, Sears and a British Columbia Government liquor store. The rest of them became a parking lot. It is the only part of the mall where it is easy to find parking.

Greenstude
06-22-2017, 03:37 PM
This morning Sears Canada filed for creditor protection which is the first step into receivership. They commented that they were not likely capable of paying their bills. It is expected that the company will be sold off in various parts. Interesting is that today a "pop-up" storefront location opened in downtown Toronto. It is owned by Sears.

Stu Chapman

Today trading in Sears Canada shares was discontinued before the stock markets opened. They have lost 80 per cent of their value this year.

Later in the day, the closing of 59 stores was announced, including 20 of their major stores. Layoffs will affect 2,900 employees. This is about one-third of their properties.

Our local Sears store is one that will remain open. It is an anchor store in the region's largest mall. The only things that I have bought there in the last 5 years are a battery and a strap for my watch. My business goes to other stores, locally owned ones where possible, and not to on-line vendors.

556063
06-22-2017, 08:19 PM
Canadian Operation Files Bankruptcy;

http://www.zerohedge.com/news/2017-06-22/sears-canada-announces-bankruptcy

DEEPNHOCK
09-14-2017, 10:18 AM
And the downward spiral increases....

http://globalnews.ca/news/3578836/sears-canada-files-motion-to-suspend-retiree-benefits/

(snippet copy. See link for complete article)

Sears Canada (http://globalnews.ca/tag/sears-canada/) has filed a motion with the Ontario Superior Court of Justice to seek, among other things, permission to suspend certain monthly payments to its pension plan and post-retirement health and life insurance benefits, the company announced today.
READ MORE: Here are the 59 Sears Canada stores set to close and where you can expect liquidations (http://globalnews.ca/news/3548161/sears-canada-store-closures-liquidation-sales/)
Citing cash constraints, Sears said it will seek court approval to suspend $3.7 million worth of monthly payments toward the defined benefit component of the Sears Registered Retirement Plan. The company is also hoping to temporarily stop pouring money into its post-retirement health and dental benefit plan, which costs approximately $800,000 a month on average before tax, and its post-retirement life insurance premiums, for which payments amount to $245,000 monthly plus tax.
WATCH: What rights do Sears employees have?
https://i2.wp.com/media.globalnews.ca/videostatic/589/522/TMS_SEARS_LAYOFFS_JUN_23_848x480_974501443815.jpg?w=670&quality=70&strip=all
Sears said the $450 million it secured from creditors to help rebrand itself require that it comply with a budget that does not provide for the above-listed payments. The retailer is waiting for a court hearing on July 13.
READ MORE: 2,900 Sears Canada employees won’t receive severance after layoff (http://globalnews.ca/news/3561779/2900-sears-canada-employees-wont-receive-severance-after-layoff/)
The company, which filed for creditor protection on June 22, has previously said it intended to stop some payments to its retirement plan and benefits plan for retirees.
Sears also recently announced it would not be able to provide severance packages for the 2,900 employees laid off amid corporate restructuring.
The company is continuing operation while it seeks to reinvent itself to emerge as a leaner, more focused operation.
In today’s announcement, it also said it’s seeking court approval to start soliciting investors who might be interested in buying or investing in the Sears Canada Group’s business, assets and/or leases.
It is also hoping the court will extend until Oct. 4 the injunction that halts actions by its creditors to collect debts.

wittsend
09-14-2017, 12:53 PM
" Sears said the $450 million it secured from creditors to help rebrand itself ... "

The only positive thing I've seen recently regarding Sears was a 'back to school commercial' that was somewhat creative. Two kids are talking in a school hallway and they step through an open locker into a room filled with nicely arranged clothing. Likely far too little, far too late but a good departure from what typically was a "Brady Bunch shops at Sears" commercial.
https://www.youtube.com/watch?v=s5GZRnJTO5E

Greenstude
10-10-2017, 09:50 PM
Sears Canada announced today that it has applied for Court permission to close all its remaining stores and outlets, about 130 locations in all.

BobPalma
10-11-2017, 06:52 AM
:o Finally, after a "Going Out of Business" sale that lasted for months because they kept bringing in new merchandise, :whome: the K-Mart store here in Brownsburg finally closed for good last week. Signage is down and the place is vacant. Most of us wondered how it lasted this long. :cool: BP

JoeW
10-11-2017, 08:28 AM
I have not, and will not, shop at a Sears since 1980. They sent me an application for a Sears charge card, which I filled out and returned. About a month later I got a letter back saying the account had been denied. Not because of my credit, I had a mortgage (11%, remember them days?), or my income, but due to my OCCUPATION (industrial maintenance). Their letter stated that "people in that occupation had a high rate of non payment". No consideration of my credit worthiness, just lumped in with deadbeats based on my occupation.
As I was still accumulating tools for my job, I started buying Snap-On, Mac, SK,Dayton, etc. I would estimate since 1980, I have spent in excess of $100,000 on tools and equipment for work and personal use. In the last 14 years, as a partner in a millwright company, the company has spent over $300,000 on tools and equipment. Not all that has been bought could be obtained at Sears, but I'll bet 75% could have been. In an emergency (broken/lost tool) I will try Home Depot, Tractor Supply, Menards, etc, depending on where in the country we are.

Sears loss, not mine.
I had a bad experience with Sears in 1972. I ordered a clock from them and was charged $88 when I ordered it. Several months later I had not received the clock and asked for a refund. They refused and still owe me the money. I have not stepped inside a Sears since then and never will.

DEEPNHOCK
10-11-2017, 10:28 AM
I had an SBC card (Sears Best Customer) for quite a while.
My girlfriend worked at Sears....
Then, they cancelled my card and offered me a Sears Mastercard in its place.
Declined their higher % offer.
Haven't bought anything from Sears in decades. Exchanged a few sockets is all.
So Sears is on the downslide... Merging with K-Mart was pure....genius...
Two drunks holding each other up....
RIP Sears... You did this to yourself, and you did it on purpose.
RIP K-Mart.... Your days are numbered.
Wal-Mart... Are you paying attention? Macon GA is getting a new Amazon distribution center...
The clock is ticking....

jnormanh
10-11-2017, 11:34 AM
During the past year we've got some great bargains at Sears.

A Panasonic TV, $700 at Costco, on sale for $350 at Sears.

A double oven, stainless steel, $1200 at Sears, $1900 elsewhere. It's labelled "Kenmore", but is made by Frigidaire, the same as most other brands at Lowe's, Home Depot, etc.

Bargains all over Sears. Get them now, they won't be around much longer.

Greenstude
10-11-2017, 11:54 AM
To use automotive terminology, it appears to me that the senior decision-makers at Sears have believed for a long time that running a "salvage yard" is preferable to running a "restoration shop".

Gunslinger
10-11-2017, 12:48 PM
Wal-Mart... Are you paying attention? Macon GA is getting a new Amazon distribution center...
The clock is ticking....

No business has a right to survive...they have to continually earn it. There's always someone on the horizon who's hungry and wants your business and is willing to put in the effort to take it away. Once they get fat and happy it can get done to them eventually.

Stu Chapman
10-11-2017, 12:57 PM
Sears Canada announced today that it has applied for Court permission to close all its remaining stores and outlets, about 130 locations in all.

What is tragic is that 12,000 employees, some of whom have 35 years service, will likely not receive any severance and possibly reduced to no pension. I don't know about the reasons for Sears' decline in the U.S. but in Canada, management simply have not been capable of running such an operation.

Stu Chapman

DougHolverson
10-11-2017, 01:36 PM
:o Finally, after a "Going Out of Business" sale that lasted for months because they kept bringing in new merchandise, :whome: BP

You'd think they'd be a mom and pop stereo and electronics shop.....

DougHolverson
10-11-2017, 01:38 PM
Bargains all over Sears. Get them now, they won't be around much longer.

Sounds like a good time to fill in gaps in the old tool set.

8E45E
10-11-2017, 02:05 PM
What is tragic is that 12,000 employees, some of whom have 35 years service, will likely not receive any severance and possibly reduced to no pension. I don't know about the reasons for Sears' decline in the U.S. but in Canada, management simply have not been capable of running such an operation.

That would be a double-whammy if they were ex-Eaton's employees who worked at a Sears store that was previously an Eaton's. I don't believe their former Eaton's pensions were carried over to Sears when Sears Canada bought the assets of Eaton's in 1998.

Craig

jclary
10-11-2017, 02:12 PM
:o Finally, after a "Going Out of Business" sale that lasted for months because they kept bringing in new merchandise, :whome: the K-Mart store here in Brownsburg finally closed for good last week. Signage is down and the place is vacant. Most of us wondered how it lasted this long. :cool: BP

Often, as a retail chain begins to liquidate, they will transfer merchandise from the worse stores to ones that continue to have sufficient "foot traffic," in order to extend sales and recover some of the investment. As soon as the cost outrun the profitability at those stores, their merchandise gets shifted to another. Until the final "fire sale."

Corporations, governments, and just about any human activity, must, by their very nature, have a purpose to "serve." Name anything that lost sight of their "service base," and you will see a "forfeiture" of any reason to exist.

DEEPNHOCK
10-11-2017, 02:27 PM
Gander Mountain has been doing just this for months...
Sold out to Camping World... Shutting down stores... But...
Moving merchandise from the closed stores to 'selected' closing stores..
Kind of a scam in my book...


:o Finally, after a "Going Out of Business" sale that lasted for months because they kept bringing in new merchandise, :whome: the K-Mart store here in Brownsburg finally closed for good last week. Signage is down and the place is vacant. Most of us wondered how it lasted this long. :cool: BP

6hk71400
10-11-2017, 02:43 PM
CBS News this morning reported that Sears of Canada was liquidating all holdings starting late October and will be laying off 12,000 people.

Bob Miles
Tucson AZ

Opps did not see Stu Chapman's post until after I had posted this one. Still a crying shame.

jclary
10-11-2017, 02:46 PM
CBS News this morning reported that Sears of Canada was liquidating all holdings starting late October and will be laying off 12,000 people.

Bob Miles
Tucson AZ

Well...do you have a trustworthy news source to verify that?;)

BobPalma
10-11-2017, 03:52 PM
Gander Mountain has been doing just this for months...
Sold out to Camping World... Shutting down stores... But...
Moving merchandise from the closed stores to 'selected' closing stores..
Kind of a scam in my book...

:!: AMEN to that, Jeffster. I went into our K-Mart during their going-out-of-business sale and bought all five magazine holders they had, what I had reason to believe was their entire stock since they were "going out of business," and, "selling everything to the bare walls," at 20% off early in the sale, wanting to organize my office a bit.

'Went back a couple weeks later and lo and behold, they had a whole new shelf of them (same item, same place, new stock) for 30% off! :mad: :cool: BP

Stu Chapman
10-11-2017, 06:22 PM
Well...do you have a trustworthy news source to verify that?;)

This is accurate John. Subject to court approval, since they couldn't find a new investor, liquidation will begin October 19th and all Sears stores in Canada will likely be closed within about 3 months with 12,000 employees gone. It is highly unlikely the court will force them to try and find an angel since they've already exhausted all sources.

Stu Chapman

bumpkinvilledano
10-11-2017, 08:16 PM
Sounds like a good time to fill in gaps in the old tool set.

If it was still the good Made in the USA Craftsman stuff, I would agree. I believe most all the tools are now Chinese made.

I'll pay the price for Snap-On or Mac or other USA made stuff. I would rather keep my neighbor employed.

8E45E
10-11-2017, 08:20 PM
It is highly unlikely the court will force them to try and find an angel since they've already exhausted all sources.

Let's hope not! The 'angels' could be us taxpayers!!

Craig

jclary
10-11-2017, 09:13 PM
This is accurate John. Subject to court approval, since they couldn't find a new investor, liquidation will begin October 19th and all Sears stores in Canada will likely be closed within about 3 months with 12,000 employees gone. It is highly unlikely the court will force them to try and find an angel since they've already exhausted all sources.

Stu Chapman

Well Stu, I was half joking, since Bob Miles had only referred to Can't Believe Source as the source of the story. But I will believe you.:)

What is incredible is that while typing this reply...I just saw a SEARS commercial on TV!:ohmy: They are claiming huge discounts on all sorts of merchandise. Probably stuff getting loaded up and shipped down from Canada's closing stores...or merchandise originally intended for Canada being diverted.:rolleyes:

Jeff T.
10-12-2017, 09:51 PM
Went by our local Sears earlier this evening and there were hardly any cars in the lot.

Sears announced that they were closing the last Kmart in Omaha. The Kmarts in Lincoln closed years ago and I think that there no longer any Kmarts in Nebraska. The closest Kmart to me is now on the far eastern side of Council Bluffs, Iowa, a trip not worth making for something that I probably get somewhere in town.

Stu Chapman
10-13-2017, 04:22 PM
Now the deed is done. Today the court approved Sears' application to liquidate and close all remaining stores. The liquidation sale will begin next Thursday and should last from 10 to 14 weeks. Sad.

Stu Chapman

studegary
10-13-2017, 08:33 PM
Now the deed is done. Today the court approved Sears' application to liquidate and close all remaining stores. The liquidation sale will begin next Thursday and should last from 10 to 14 weeks. Sad.

Stu Chapman

Should that be qualified as "all remaining stores in Canada", or does it really mean all remaining stores?

2moredoors
10-14-2017, 08:50 AM
Should that be qualified as "all remaining stores in Canada", or does it really mean all remaining stores?

Yes it should be qualified as "all remaining stores in Canada". Sears Canada is what Stu was referring to.

jclary
10-14-2017, 11:19 AM
Should that be qualified as "all remaining stores in Canada", or does it really mean all remaining stores?


Yes it should be qualified as "all remaining stores in Canada". Sears Canada is what Stu was referring to.

I think, barring some kind of extraordinary business resurrection...it is not unreasonable to conclude that the contractions, convulsions, and gasping associated with expiring, will be the inevitable fate of SEARS. Recently, when my local newspaper called to inquire why I cancelled my subscription, I replied, you have discarded your credibility, and offer no information I can't obtain free. Give me some reason I should pay you.

Even after that, they began throwing a "Free" weekly coupon filled publication on my lawn. If they would have placed it in my "Paper Box"...I would not have minded. Instead, they continued to toss it into the grass. I charged them with "Littering," and it stopped. Now, they mail it to me. But, really, nothing of value. The "Coupons" are freely available on the internet.

Things change, and the landscape is full of empty buildings where thriving entities failed to adjust, and maintain relevancy.

Warren Webb
10-15-2017, 10:45 PM
I received a check from a class action suit against Sears for overtime that wasn't paid. My share was a bit over $220 dollars. Worked there a little over a year. Worst job of my life.

showbizkid
10-16-2017, 02:27 PM
I think, barring some kind of extraordinary business resurrection...it is not unreasonable to conclude that the contractions, convulsions, and gasping associated with expiring, will be the inevitable fate of SEARS.

I knew it was over when they sold the tower. Companies that take no pride in their own corporate symbols are doomed.

Greenstude
04-19-2018, 04:20 PM
Finally, some good news. TD Canada Trust announced today that it will be opening a finance operations centre in what had previously been our local Sears store. This is expected to create 440 skilled, well-paying jobs over the next 7 years.

The space will be shared with a TD business services centre announced 10 months ago for Moncton, which is expected to grow to 575 jobs over a 6 year period.

It probably doesn't help other merchants in our region's largest mall a lot (Sears had been an anchor store for 45 years), however it certainly will help our local economy to continue growing. Construction on the project started a couple of weeks ago.

bumpkinvilledano
09-29-2018, 07:10 AM
Looks like Sears is circling the drain hard

https://money.cnn.com/2018/09/28/news/companies/sears-penny-stock/index.html

rbruner
09-29-2018, 10:10 AM
Part of the local Sears store at the mall is a Halloween store for the month.

6hk71400
09-29-2018, 12:37 PM
One store left in Tucson. The store that had been at the same location since 1967 and was a major anchor for a new shopping mall in the late 60's closed two months ago and is being remade into a game room/restaurant in the same location. Bread and Circuses continues.

Bob Miles

ddub
09-29-2018, 01:48 PM
We just got our renewed Sears Mastercard yesterday. I wonder where they think we will use it since they closed both our Sears and Kmart. I guess they just want us to use it elsewhere as a credit card.

jnormanh
09-29-2018, 02:23 PM
The sad thing about Sears is that, but for one gigantic error, they could easily now be the world's largest retailer.

In 1993 Sears discontinued their popular catalog from which one could order thousands and thousands of items it did not pay to sell in the retail shelves.

One year later Jeff Bezos started Amazon from nothing. Sears already had name recognition and an ordering system.

Here we are, 25 years later. Amazon is worth $1,000,000,000,000. Sears is likely worth less than zero.

dpson
09-29-2018, 03:04 PM
As mentioned before I feel sorry for Sear's retired employees whose retirement fund was exclusively in Sear's stock (at least when I worked there back in the 1970's). In 2007 the stock was up to $130 per share, now it's less than a dollar. So if you had $100,000 in Sears stock in 2007 it would be worth $770 today, not much of a retirement.

jnormanh
09-29-2018, 04:26 PM
As mentioned before I feel sorry for Sear's retired employees whose retirement fund was exclusively in Sear's stock (at least when I worked there back in the 1970's). In 2007 the stock was up to $130 per share, now it's less than a dollar. So if you had $100,000 in Sears stock in 2007 it would be worth $770 today, not much of a retirement.

Retirement plans (aka "pay you later") suck. For 12 years I worked for a division of a large corporation which offered what looked like a generous retirement plan. The division was sold, and I got my accumulated retirement, paid in full - $1600. Yep, $133 for each year worked. Could have been worse. I could have worked for them for 40 years and collected my retirement of $5300. The way I calculate, that would have bought a roll of toilet paper per week for the rest of my life expectancy.

Oh well, better than yesterday's newspaper, I suppose....no, wait...a 365 day newspaper subscription costs more than $133.

6hk71400
09-29-2018, 04:34 PM
We just got our renewed Sears Mastercard yesterday. I wonder where they think we will use it since they closed both our Sears and Kmart. I guess they just want us to use it elsewhere as a credit card.

The credit card division of Sears was sold many years ago to Citibank. Yes they want you to use it as a regular Mastercard. CitiBank also has several gas cards, Home Depot, and many working agreements with American Express, Mastercard and Visa. Sears started Discover but sold that as well.

Worked for Citi Cards for 4 years after the financial meltdown of 2008. At one time, we did not know if we would be part of a bigger collapse. Worked there until I had a stroke in 2012. People would call in not to have a chat, but because of policies and other things they were unhappy. Place was a sweat shop that treated there employees like toilet paper: use once and throw away.

I feel bad for all the years employees worked at Sears and now have nothing for retirement.

Bob Miles

studegary
09-29-2018, 08:39 PM
Retirement plans (aka "pay you later") suck. For 12 years I worked for a division of a large corporation which offered what looked like a generous retirement plan. The division was sold, and I got my accumulated retirement, paid in full - $1600. Yep, $133 for each year worked. Could have been worse. I could have worked for them for 40 years and collected my retirement of $5300. The way I calculate, that would have bought a roll of toilet paper per week for the rest of my life expectancy.

Oh well, better than yesterday's newspaper, I suppose....no, wait...a 365 day newspaper subscription costs more than $133.

Wow! The local newspaper, that I have been reading daily for more than 70 years, is now up to about $600 if you pay for a year in advance. I think that I have reached the end of the line with them. Their content, especially local, has decreased as their price has increased.

studegary
09-29-2018, 08:42 PM
The last KMart in the Mid-Hudson Valley of NY (in Poughkeepsie) is closing before the end of the year (just announced today). Another KMart, closer to me and also in Poughkeepsie, closed a couple of years ago. We have a local Sears store in the Galleria Mall that is still hanging on somehow (probably related to their lease).

- - - Updated - - -

The last KMart in the Mid-Hudson Valley of NY (in Poughkeepsie) is closing before the end of the year (just announced today). Another KMart, closer to me and also in Poughkeepsie, closed a couple of years ago. We have a local Sears store in the Galleria Mall that is still hanging on somehow (probably related to their lease).

sweetolbob
09-29-2018, 09:30 PM
Wow! The local newspaper, that I have been reading daily for more than 70 years, is now up to about $600 if you pay for a year in advance. I think that I have reached the end of the line with them. Their content, especially local, has decreased as their price has increased.

The local paper here publishes 4 days a week and costs under $200/yr. I just received a notice that the Thanksgiving Edition of the paper will cost $4.00 as opposed to the normal $1.00 per weekly edition, $2.00 on Sunday. While it's not a lot of money it's the thought of further subsidizing the largest advertising income edition that bothers me.

I'm going to cancel it next week as the local internet provides more and quicker news service.

Much the shame as I was employed there in high school and first year of college at $0.83/hr.

Bob

studegary
09-29-2018, 09:41 PM
The local paper here publishes 4 days a week and costs under $200/yr. I just received a notice that the Thanksgiving Edition of the paper will cost $4.00 as opposed to the normal $1.00 per weekly edition, $2.00 on Sunday. While it's not a lot of money it's the thought of further subsidizing the largest advertising income edition that bothers me.

I'm going to cancel it next week as the local internet provides more and quicker news service.

Much the shame as I was employed there in high school and first year of college at $0.83/hr.

Bob

This (mine/local) paper is the Poughkeepsie Journal. It is the oldest in New York State and one of the oldest, continuous, newspapers in the country.

In the 1990s, I was employed by them as a critic (of the newspaper). I only reviewed the local content (no wire service stories, no ads, etc.). I think that they expected me to find three to five items per day. I identified 30 to 35 items per day. This was everything from spelling and grammar to factual errors. After a while, they stopped paying me and said that college interns would handle it :D

8E45E
09-29-2018, 09:45 PM
The local paper here publishes 4 days a week and costs under $200/yr. I just received a notice that the Thanksgiving Edition of the paper will cost $4.00 as opposed to the normal $1.00 per weekly edition, $2.00 on Sunday. While it's not a lot of money it's the thought of further subsidizing the largest advertising income edition that bothers me.

You would think it would be FREE with all the Black Friday ads and inserts the 'Thanksgiving Edition' will no doubt be filled with.

Craig

sweetolbob
09-29-2018, 10:07 PM
You would think it would be FREE with all the Black Friday ads and inserts the 'Thanksgiving Edition' will no doubt be filled with.

Craig

My thought exactly. Apparently they assume I don't know that I can got to the merchant's website and get the same information. I live about 20 miles from a number of big box stores like Best Buy. They are in a larger city (Saginaw) and I notice many of them have quit advertising in my local paper on Sunday. Probably a recognition that most potential customers check the internet more than the local paper. The stores I shop at have my email so they email every ad plus special offers.

Bob

bumpkinvilledano
09-30-2018, 08:21 AM
Retirement plans (aka "pay you later") suck. For 12 years I worked for a division of a large corporation which offered what looked like a generous retirement plan. The division was sold, and I got my accumulated retirement, paid in full - $1600. Yep, $133 for each year worked. Could have been worse. I could have worked for them for 40 years and collected my retirement of $5300. The way I calculate, that would have bought a roll of toilet paper per week for the rest of my life expectancy.

Oh well, better than yesterday's newspaper, I suppose....no, wait...a 365 day newspaper subscription costs more than $133.

Most any retirement plan is a crap shoot these days, no matter who controls it. 37 years ago I started participating in an ESOP at my employer, at the time a Dow Jones member, Fortune 50 company. In 1989, as the "victim" of a plant closing, it was converted to a 401K type plan, as a dividend reinvestment plan, administered at no cost to me for the administration. As years went by, due to stock splits ( 3 two for one and 1 three for one) and the reinvestment of dividends in more stock, it had grown to a tidy sum. I received a statement yearly showing my stock ownership.

Fast forward to this year. Stock price is down, dividends are low (pennies for the most part), and the stock is going to be removed from Dow Jones. I'm currently talking to a tax attorney to figure out the best way to avoid losing all that money to taxes or crashing stock price, and keep what I can of it due to not being able to retire yet to start collecting it. Luckily I have other sources of income for retirement, plus a partnership in a small business that SHOULD keep me from having to live in a van down by the river. As for social security, I expect the eligible to collect age to keep increasing the closer I get to it.

blackhawk61
09-30-2018, 12:35 PM
well Sears in Winston Salem,NC sponsored a cruise in.
https://www.youtube.com/watch?v=aZMMZR1pB_c

studegary
09-30-2018, 08:56 PM
well Sears in Winston Salem,NC sponsored a cruise in.
https://www.youtube.com/watch?v=aZMMZR1pB_c

Thanks! A nice variety of vehicles once you remove the usual late models. A lot of gray hair. The stock 1966 Charger should have had its headlights hidden.

JRoberts
09-30-2018, 11:11 PM
The Sears in one of the largest malls in Raleigh has announced that it is closing. I believe this is the only Sears in the city.

jclary
10-01-2018, 09:28 AM
well Sears in Winston Salem,NC sponsored a cruise in.
https://www.youtube.com/watch?v=aZMMZR1pB_c

Not to be too irreverent or ungrateful:whome:...but in today's 24/7 hour shopping world...

where else could you find such a large unoccupied parking lot to hold a cruise-in than SEARS?:rolleyes:

dpson
10-01-2018, 10:04 AM
Here's an example of where things have gone, I just ruined the belt on the mower deck on my year old Craftsman riding mower (it came loose and went over one of the guide pins instead of around the pully), went on the Sears website to order a new one, the price was $41.95. Did a Google search on the belt part number and found one on eBay, OEM - made in USA, for $14.99 and free shipping. Guess who got the order?

wittsend
10-01-2018, 10:22 AM
Not to be too irreverent or ungrateful:whome:...but in today's 24/7 hour shopping world...

where else could you find such a large unoccupied parking lot to hold a cruise-in than SEARS?:rolleyes:

The huge Ford meet at Knott's Berry Farm parking/trailer parking needs were meet by the near by Sears for many years.

blackhawk61
10-01-2018, 11:19 AM
Not to be too irreverent or ungrateful:whome:...but in today's 24/7 hour shopping world...

where else could you find such a large unoccupied parking lot to hold a cruise-in than SEARS?:rolleyes:
They were VERY MUCH OPEN and even gave discounts to participants.

jclary
10-01-2018, 02:32 PM
They were VERY MUCH OPEN and even gave discounts to participants.

Well...that kinda makes the point.;)

And...could be a springboard for a whole new opportunity!:) For those really wishing to resurrect the York swap meet! (even if the Keystone chapter don't want to participate) Some energetic enthusiastic SDC member could approach the manager of the York Sears. Here's a pic I found on the internet of the York Sears store! Looks like there's plenty of room... we could give them an opportunity to increase customer traffic, and sell a few new tools...even if they had to discount them to make a sale!:D
WIN! WIN!:!::cheers::!:

https://s3-media4.fl.yelpcdn.com/bphoto/04-h7Hnvrw2W4HXMk4jDKQ/o.jpg

8E45E
10-01-2018, 02:50 PM
For those really wishing to resurrect the York swap meet! (even if the Keystone chapter don't want to participate) Some energetic enthusiastic SDC member could approach the manager of the York Sears. Here's a pic I found on the internet of the York Sears store! Looks like there's plenty of room.

Provided Sears is still around next year.

Craig

jclary
10-01-2018, 02:59 PM
Provided Sears is still around next year.

Craig

Right Craig and I'm not sure the York Sears is open now...I just found that pic at random on the internet. :confused:

DieselJim
10-15-2018, 07:14 AM
https://www.wndu.com/content/news/Sears-files-for-Chapter-11-amid-plunging-sales-massive-debt-497557121.html

Warren Webb
10-15-2018, 08:25 AM
Declaring bankruptcy today. It's long overdue in my opinion having worked at the auto center in Temecula 8 years ago. I was appalled with their mismanagement from the top down making that stint in my work life the absolute lowest and that includes driving cars for a used car lot from an auction.

BobPalma
10-15-2018, 08:59 AM
:ohmy: As a dealer selling all the independents except Hudson in the mid-1950s, my father never thought he'd live to see the day General Motors would file for bankruptcy protection....but he did! :eek:

How many of us over, say, 50 thought we'd ever see the day K-Mart and Sears, Roebuck and Company would be in the same boat? :cool: BP

8E45E
10-15-2018, 09:29 AM
:ohmy: As a dealer selling all the independents except Hudson in the mid-1950s, my father never thought he'd live to see the day General Motors would file for bankruptcy protection....but he did! :eek:

How many of us over, say, 50 thought we'd ever see the day K-Mart and Sears, Roebuck and Company would be in the same boat? :cool: BP

One can also add other long time iconic names such as Kodak, Polaroid and Zenith, to name a few that also filed for bankruptcy protection. I still remember the huge "The Quality Goes In Before the Name Goes On" sign over the Zenith factory in suburban Chicago that was visible from the Tri-state Tollway.

Craig

sweetolbob
10-15-2018, 11:24 AM
One can also add other long time iconic names such as Kodak, Polaroid and Zenith, to name a few that also filed for bankruptcy protection. I still remember the huge "The Quality Goes In Before the Name Goes On" sign over the Zenith factory in suburban Chicago that was visible from the Tri-state Tollway.

Craig

About five years ago I bought Zenith Plasma TV that turned out to be a rebranded LG model which now owns the name. Bad news - Another brand gone, Good news - Spectacular picture and flawless service from the 60" unit.

Bob

bumpkinvilledano
10-15-2018, 01:01 PM
One can also add other long time iconic names such as Kodak, Polaroid and Zenith, to name a few that also filed for bankruptcy protection. I still remember the huge "The Quality Goes In Before the Name Goes On" sign over the Zenith factory in suburban Chicago that was visible from the Tri-state Tollway.

Craig

Obscure trivia; In 1986 I got from my employer, GE, a Zenith laptop computer. I was in tech service and used it to show customers various GE technical papers. If I was near a GE facility, of any kind even Financial Services, I could go in and plug into their server to use GE's internal "email"( more like a "chat" style system) or get updated tech papers. I ended up buying it from GE in 1988 when I got a newer laptop, and used it on a drag car I was building that had programmable timing and fuel injection curves. Both of those systems had their own programmers, but with the help of a friend I was able to put both programs on the laptop and use it instead. There were many folks at the local drag strip that were amazed, at what is now considered normal.

JRoberts
10-16-2018, 05:56 AM
I learned yesterday that our local Sears will have a close out sale beginning within two weeks....and the dominoes continue to fall....

Bordeaux Daytona
10-16-2018, 08:47 AM
The last two near me are closing. The only left is in Valparaiso. Way too far away for me.
There's going to be a Hot Wheels K-day this Saturday. Most likely its last:(

DougHolverson
10-16-2018, 10:11 AM
Wasn't an early '90s Studebaker regional in Omaha held at the Sears parking lot of the Crossroads Mall? All not far from Peony Park. Sears and Crossroads aren't what they use to be. Crossroads doesn't even have a food count anymore. Peony Park is long gone.

I was thinking about that '90s and a '79 regional that was held in Peony Park when I was driving by there in my Land Cruiser misadventure to Discount Tires and back.

Buzzard
10-16-2018, 11:49 AM
So as of the news late yesterday, it appears Sears' final curtain has fallen. In my humble opinion, all citizens who reside in the rural areas of America owe a huge debt of gratitude to the Sears organization who brought big city life, conveniences and modernization to the American (and Canadian) small towns and village dwellers. Anyone here remember you could purchase an Allstate automobile from their catalog? I remember as a kid awaiting the Sears Christmas catalog so as to dream of the newest shoes or WHY they were enticing us with. Another large retailer going the way of JC Penny and the Dodo bird. Welcome to the modern world of Amazon.
Bill

dpson
10-16-2018, 03:39 PM
What if Sears had the foresight to turn their "paper" catalog into an "on line" catalog, they could have been the Amazon of today. Also keep in mind that Fred Fish had a difficult time convincing the Studebaker brothers to enter the horseless carriage business and they were the only major wagon maker to successfully make the transition. Change is not easy.

Gunslinger
10-16-2018, 04:52 PM
Sears filed for Chapter 11 which is for bankruptcy protection while the company reorganizes...that doesn't necessarily mean they will go under and liquidate. There's a chance that after a period of reorganization, shedding unprofitable stores and other assets they can come out leaner and maybe...maybe...rebuild towards solvency.

If Chapter 11 doesn't work then they'll no doubt file for liquidation. Sears stock is down to being considered a penny stock now...anyone willing to take a chance could buy a lot of shares for very little and maybe make a bundle down the road...maybe. Invest a few hundred dollars if you want to take a chance on the company if you accept the risk of losing it all. Risk taking is what make this country great...it's worked for others.

DougHolverson
10-16-2018, 05:20 PM
Is Chapter 11 an extra awful screw the creditors bankruptcy? Unfortunately my understanding comes from Dad getting stuck with a rubber check during American Beef going Chapter 11 way back when I was just a kid.

JRoberts
10-16-2018, 08:15 PM
So as of the news late yesterday, it appears Sears' final curtain has fallen. In my humble opinion, all citizens who reside in the rural areas of America owe a huge debt of gratitude to the Sears organization who brought big city life, conveniences and modernization to the American (and Canadian) small towns and village dwellers. Anyone here remember you could purchase an Allstate automobile from their catalog? I remember as a kid awaiting the Sears Christmas catalog so as to dream of the newest shoes or WHY they were enticing us with. Another large retailer going the way of JC Penny and the Dodo bird. Welcome to the modern world of Amazon.
Bill

At one time you could order a house through the Sears catalog!

My Dad was in the Army and when we were overseas the Sears catalog was where we shopped. My grandparents at Christmas time would send us the latest Sears "wish book" and we were to mark what we wanted for Christmas, tear out that page and send it back to them.

556063
10-16-2018, 10:03 PM
Is Chapter 11 an extra awful screw the creditors bankruptcy? Unfortunately my understanding comes from Dad getting stuck with a rubber check during American Beef going Chapter 11 way back when I was just a kid.

Chapter 7 is Liquidation. Chapter 11 for Business, or Chapter 13 I believe in personal Bankruptcy, is restructuring/reorganization under court supervision.

This shouldn't be a surprise to anyone. What was once Sears biggest asset has become it's albatross. Prime real estate no longer viable for retail. The only K-Mart in this area when I was a kid in the 60's on Ireland Road in South Bend has been torn down and replaced with a Holiday Inn Express that will sell out every Notre Dame Home Game. Menard's is building on the balance of it. K-Mart just wasn't price competitive anymore. The Sears business model became old fashioned and five or six competitors conquered them. I'm too busy adapting to all the change myself to get overly concerned. I'm old enough to remember when the Ireland Road K-Mart just torn down closed the S.S. Kresge store in Downtown South Bend. I miss the K-Mart Submarine Sandwiches the most.

studegary
10-16-2018, 10:13 PM
At one time you could order a house through the Sears catalog!

My Dad was in the Army and when we were overseas the Sears catalog was where we shopped. My grandparents at Christmas time would send us the latest Sears "wish book" and we were to mark what we wanted for Christmas, tear out that page and send it back to them.

The original owners of a 1953 Commander Starliner, that I bought from them, owned a Sears house from new. The house still stands (they don't).

All of the K-Marts in the area have or will close by the end of the year. Most of the Sears stores have or will close by the end of the year, with the exception being the one closest to me - in Poughkeepsie, NY.

8E45E
10-17-2018, 07:47 AM
In my humble opinion, all citizens who reside in the rural areas of America owe a huge debt of gratitude to the Sears organization who brought big city life, conveniences and modernization to the American (and Canadian) small towns and village dwellers. Anyone here remember you could purchase an Allstate automobile from their catalog?

Here in Canada, Timothy Eaton's also contributed greatly to mail-order convenience to rural areas besides Simpson-Sears.

I posted a rare Allstate car here: http://forum.studebakerdriversclub.com/showthread.php?46900-Orphan-of-the-Day-12-12-1952-Allstate

Craig

sweetolbob
10-17-2018, 08:57 AM
At one time you could order a house through the Sears catalog!

Those package homes provided a fair amount of employment in Bay City, Mi during the early and mid last century. Aladdin, Liberty and Sterling Homes were all located here and a large number of those package homes came from them.

My Grandmother also rented a room to one of the Liberty Homes Architect's for a number of years. A lot of good Michigan Pine went into them.

Bob

BobPalma
01-07-2019, 02:42 PM
From the January 7, 2019 Indianapolis Business Journal blog:

https://www.ibj.com/articles/71946-sears-prepares-for-liquidation-after-lamberts-bankruptcy-bid-rejected?utm_source=ibj-daily&utm_medium=newsletter&utm_campaign=2019-01-07

bumpkinvilledano
01-16-2019, 03:56 PM
Still hanging in there, like a hair in a biscuit;

https://www.wpri.com/news/us-and-world/sears-staves-off-liquidation-stores-to-remain-open-1/1705819055

wittsend
01-16-2019, 04:25 PM
It is obvious Sear isn't surviving on its "history." It has the "Your father's Oldsmobile" stigma with the modern shopper. I'd be curious to know what people think might allow it to survive as a retailer? Not what would draw you personally, but a viable (sustainable) segment of the general population.

My thought is to be a "Made in the USA" only retailer. Just like some people pay more for "green" and "organic" some might be willing to pay more for "made in the USA." If they try and go against Wal-Mart etc. head to head (Chinese product) they just become one more player in that market and they already failed that with K-Mart. So, something needs to set them apart. The "made in the USA" theme would likely retain their old customers and possible draw a few patriotic new ones. What are your ideas.?

DEEPNHOCK
01-16-2019, 06:23 PM
https://www.bostonherald.com/2019/01/16/sears-staves-off-liquidation-stores-to-remain-open/

(snippet copy - See link for entire article)

Sears will live on — at least for now.


Its chairman and biggest shareholder, Eddie Lampert, won tentative approval for a $5 billion plan to keep the ailing, 132-year-old department-store chain in business, fending off demands from creditors that it throw in the towel, according to a person familiar with the negotiations. The person was not authorized to discuss the matter and spoke on condition of anonymity Wednesday.


Lampert, the hedge fund owner who steered Sears into Chapter 11 bankruptcy protection in October, is aiming to keep open roughly 400 stores and preserve tens of thousands of jobs.


But how long Sears can survive under the 56-year-old billionaire, who has tried and failed to turn it around many times before, remains an open question.


The company that was once the Amazon of its day, selling everything from girdles to snow tires, still faces cutthroat competition from the likes of Amazon, Target and Walmart. Its stores are looking drab and old. And Lampert has yet to spell out how he plans to change the company’s fortunes.


“While there’s no doubt that a shrunken Sears will be more viable than the larger entity, which struggled to turn a profit, we remain extremely pessimistic about the chain’s future,” said Neil Saunders, managing director of GlobalData Retail.


“In our view, Sears exits this process with almost as many problems as it had when it entered bankruptcy protection. In essence, its hand has not changed, and the cards it holds are not winning ones.”


Sears’ corporate parent, which also owns Kmart, had 687 stores and 68,000 employees at the time of its bankruptcy filing. At its peak in 2012, its stores numbered 4,000.


The company was hammered during the recession and outmatched in its aftermath by shifting consumer trends and strong rivals. It hasn’t had a profitable year since 2010 and has suffered 11 straight years of declining sales.


At a bankruptcy auction held this week in New York, Lampert won the OK from a subcommittee of the Sears board for a rescue plan financed through an affiliate of his hedge fund ESL.


Many of Sears’ unsecured creditors, who rank at the bottom of the list to be paid and include merchandise suppliers and landlords, had pressed for liquidation, contending the business was worth more dead than alive. They also questioned the propriety of certain deals Lampert has done while at Sears.


Lampert’s rescue plan still needs approval from a bankruptcy judge in White Plains, New York. A hearing is set for Feb. 1. Creditors will have the opportunity to object before then. The specific terms of the bid haven’t been made public.


Lampert personally owns 31 percent of the Sears’ outstanding stock, and his hedge fund has an 18.5 percent stake, according to FactSet.


Lampert, who stepped down as CEO in October after being in that role since 2013, pledged years ago to return Sears to greatness, but that never happened. He has been criticized for not investing in the stores.


Under Lampert, Sears has survived in part by spinning off stores and selling well-known brands like Craftsman tools, and he has also lent some of his own money, though critics say his real aim was benefiting his hedge fund.


If his bid to save Sears gets final approval, he will need to reinvent the business. That means revitalizing the stores and focusing on the major appliances and tools that were once Sears’ proudest products, industry analysts say.


Sears will also need to convince shoppers like Sanjay Singh they should come back.


Singh was recently shopping with his wife at the Newport Centre Mall in Jersey City, New Jersey, and stopped by a Sears to look for a swimsuit for his 11-year-old daughter. He said he usually shops at places like Macy’s and J.C. Penney because they have a better assortment of merchandise and the quality is also better.


“Sears is usually my last option,” he said.


____

bumpkinvilledano
01-25-2019, 07:48 AM
https://www.wsj.com/articles/creditors-say-edward-lampert-reaped-billions-but-left-sears-insolvent-11548364160

This is like watching a slow motion train wreck. That's 9,000 cars long.

wittsend
01-25-2019, 12:53 PM
https://www.wsj.com/articles/creditors-say-edward-lampert-reaped-billions-but-left-sears-insolvent-11548364160

This is like watching a slow motion train wreck. That's 9,000 cars long.

Couldn't read the whole article without subscribing but what little I got it seems like a "...slow motion train wreck. That's 9,000 cars long" - filled with cattle manure. Some of these people seem as culpable as say..., a plastic surgeon who insists your 99 year old dying grandmother needs a face lift.

Jeff T.
01-27-2019, 02:15 PM
FWIW, I have visited the closing sale at our local Sears to pick up a few open stock sockets in metric sizes. I have also bought a few of the smallest sockets from the Sears website because our local Sears store never carried the smallest sockets like a 3/8 drive 6mm 12pt or a 3/8 drive 1/4 6pt deep socket.

I have also visited a number of the local Ace hardware stores to fill gaps since the open stock display is getting barren at Sears. The Craftsman sockets may not be hot sellers because a number of sockets I have seen at a few of the Ace stores were covered in dust. I also got the impression in conversations with staff that they could not get open stock 6pt sockets in any size.

And even though Lowes and Ace will continue to sell Craftsman, manufactured by Stanley-Black and Decker, will Lowes ever sell open stock?

Jeff T.

Skip Lackie
01-29-2019, 12:59 PM
Some similarities to Studebaker:

https://www.washingtonpost.com/business/2019/01/28/ceos-latest-bid-save-sears-would-leave-pensioners-high-dry-government-says/?utm_term=.f275978ebdd2

bumpkinvilledano
02-07-2019, 11:34 PM
Guess Sears/Kmart will be around a bit longer

https://www.cnbc.com/2019/02/07/eddie-lamperts-deal-to-buy-sears-approved-retailer-given-second-life.html?utm_source=fark&utm_medium=website&utm_content=link&ICID=ref_fark