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Thread: Sears - more bad news

  1. #41
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    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.

  2. #42
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    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".
    Bill Jarvis

  3. #43
    President Member Gunslinger's Avatar
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    Quote Originally Posted by DEEPNHOCK View Post
    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.
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  4. #44
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    Quote Originally Posted by Greenstude View Post
    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

  5. #45
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    Quote Originally Posted by BobPalma View Post
    Finally, after a "Going Out of Business" sale that lasted for months because they kept bringing in new merchandise, BP
    You'd think they'd be a mom and pop stereo and electronics shop.....
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  6. #46
    President Member DougHolverson's Avatar
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    Quote Originally Posted by jnormanh View Post
    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.
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  7. #47
    Golden Hawk Member 8E45E's Avatar
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    Quote Originally Posted by Stu Chapman View Post
    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

  8. #48
    Golden Hawk Member jclary's Avatar
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    Quote Originally Posted by BobPalma View Post
    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
    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.
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  9. #49
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    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...


    Quote Originally Posted by BobPalma View Post
    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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  10. #50
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    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.
    Last edited by 6hk71400; 10-11-2017 at 01:45 PM. Reason: additional information

  11. #51
    Golden Hawk Member jclary's Avatar
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    Quote Originally Posted by 6hk71400 View Post
    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?
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  12. #52
    Golden Hawk Member BobPalma's Avatar
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    Quote Originally Posted by DEEPNHOCK View Post
    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! BP
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  13. #53
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    Quote Originally Posted by jclary View Post
    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

  14. #54
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    Quote Originally Posted by DougHolverson View Post
    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.
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  15. #55
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    Quote Originally Posted by Stu Chapman View Post
    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

  16. #56
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    Quote Originally Posted by Stu Chapman View Post
    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! 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.
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  17. #57
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    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.
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  18. #58
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    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

  19. #59
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    Quote Originally Posted by Stu Chapman View Post
    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?
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  20. #60
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    Quote Originally Posted by studegary View Post
    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.

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  21. #61
    Golden Hawk Member jclary's Avatar
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    Quote Originally Posted by studegary View Post
    Should that be qualified as "all remaining stores in Canada", or does it really mean all remaining stores?
    Quote Originally Posted by 2moredoors View Post
    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.
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  22. #62
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    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.
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  23. #63
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    Quote Originally Posted by jclary View Post
    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.
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    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.

  25. #65
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    Looks like Sears is circling the drain hard

    https://money.cnn.com/2018/09/28/new...ock/index.html
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    Part of the local Sears store at the mall is a Halloween store for the month.

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    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

  28. #68
    President Member ddub's Avatar
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    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.
    Don Wilson, Centralia, WA

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  29. #69
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    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.

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    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.
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  31. #71
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    Quote Originally Posted by dpson View Post
    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.

  32. #72
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    Quote Originally Posted by ddub View Post
    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

  33. #73
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    Quote Originally Posted by jnormanh View Post
    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.
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  34. #74
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    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).
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    Quote Originally Posted by studegary View Post
    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
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  36. #76
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    Quote Originally Posted by sweetolbob View Post
    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
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    Golden Hawk Member 8E45E's Avatar
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    Quote Originally Posted by sweetolbob View Post
    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

  38. #78
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    Quote Originally Posted by 8E45E View Post
    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
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  39. #79
    Speedster Member bumpkinvilledano's Avatar
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    Quote Originally Posted by jnormanh View Post
    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.
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  40. #80
    President Member blackhawk61's Avatar
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    well Sears in Winston Salem,NC sponsored a cruise in.
    https://www.youtube.com/watch?v=aZMMZR1pB_c
    <img src=http://i245.photobucket.com/albums/gg72/blackhawk61/rrhawk.jpg border=0 alt= />
    1961 Hawk ...4-Speed;4bc;Twin Traction


    Ken Byrd
    Lewisville,NC

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