Sears - more bad news

[showbizkid]

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]

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]

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.

[Gunslinger]

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]

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]

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]

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]

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]

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]

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]

Even more bad news for Sears

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

[Jeff T.]

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]

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]

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]

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