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Thread: Sears - more bad news

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    Sears - more bad news

    Now suppliers are balking at taking/filling orders from Sears. Sad ending for a once great company.

    http://www.msn.com/en-us/money/compa...cid=spartandhp
    Dan Peterson
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    Silver Hawk Member Chris Pile's Avatar
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    Just like Studebaker dealers bailing out and taking on other makes... The end is near.
    The only difference between death and taxes is that death does not grow worse every time Congress convenes. - Will Rogers

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    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!

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    President Member Gunslinger's Avatar
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    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.
    Poet...Mystic...Soldier of Fortune. As always...self-absorbed, adversarial, cocky and in general a malcontent.

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    Burlington Coat Factory is already slated to move into the Sears space at the mall.

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    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.
    Dan Peterson
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    President Member Jeff_H's Avatar
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    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.

    Jeff in ND

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    Silver Hawk Member Chris Pile's Avatar
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    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.
    The only difference between death and taxes is that death does not grow worse every time Congress convenes. - Will Rogers

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    Silver Hawk Member JRoberts's Avatar
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    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.
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    Quote Originally Posted by Gunslinger View Post
    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).
    Gary L.
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    Silver Hawk Member Chris Pile's Avatar
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    Speaking of K-Marts..... Used to be 5 here in town. We're down to one.
    The only difference between death and taxes is that death does not grow worse every time Congress convenes. - Will Rogers

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    Quote Originally Posted by Chris Pile View Post
    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.
    Gary L.
    Wappinger, NY

    SDC member since 1968
    Studebaker enthusiast much longer

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    Speedster Member bumpkinvilledano's Avatar
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    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.
    Money may not buy happiness, but it's more comfortable to cry in a Mercedes than on a bicycle.

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    Quote Originally Posted by bumpkinvilledano View Post
    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!
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    Speedster Member aenthal's Avatar
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    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.

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    Chief Cat Herder showbizkid's Avatar
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    Quote Originally Posted by Chris Pile View Post
    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.
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    President Member Gunslinger's Avatar
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    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.
    Poet...Mystic...Soldier of Fortune. As always...self-absorbed, adversarial, cocky and in general a malcontent.

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    Quote Originally Posted by showbizkid View Post
    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.
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    President Member Gunslinger's Avatar
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    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.
    Poet...Mystic...Soldier of Fortune. As always...self-absorbed, adversarial, cocky and in general a malcontent.

  20. #20
    President Member ddub's Avatar
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    Here is a good summary of Sears problems.

    https://daily.jstor.org/could-sears-...m_medium=email
    Don Wilson, Centralia, WA

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    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.

  22. #22
    President Member Gunslinger's Avatar
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    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.
    Poet...Mystic...Soldier of Fortune. As always...self-absorbed, adversarial, cocky and in general a malcontent.

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    Good historical perspective of how things got so bad.

    https://www.washingtonpost.com/busin...=.36400d37dd9d

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    President Member Avantidon's Avatar
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    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.
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    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.
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    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.
    \"I\'m getting nowhere as fast as I can\"
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    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.

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    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.
    Bill Jarvis

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    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

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    Quote Originally Posted by Greenstude View Post
    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

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    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.

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    Quote Originally Posted by Stu Chapman View Post
    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.
    Last edited by Greenstude; 06-22-2017 at 04:01 PM.
    Bill Jarvis

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    Canadian Operation Files Bankruptcy;

    http://www.zerohedge.com/news/2017-0...ces-bankruptcy

  35. #35
    Golden Hawk Member DEEPNHOCK's Avatar
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    And the downward spiral increases....

    http://globalnews.ca/news/3578836/se...iree-benefits/

    (snippet copy. See link for complete article)

    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
    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?

    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
    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.
    HTIH (Hope The Info Helps)

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  36. #36
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    " 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.
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  37. #37
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    Sears Canada announced today that it has applied for Court permission to close all its remaining stores and outlets, about 130 locations in all.
    Bill Jarvis

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    Golden Hawk Member BobPalma's Avatar
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    Finally, after a "Going Out of Business" sale that lasted for months because they kept bringing in new merchandise, 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. BP
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    Quote Originally Posted by bumpkinvilledano View Post
    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.

  40. #40
    Golden Hawk Member DEEPNHOCK's Avatar
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    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....

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