Sears - more bad news

[DougHolverson]

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]

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]

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.

[DEEPNHOCK]

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...

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

[6hk71400]

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]

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]

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

[Stu Chapman]

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]

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]

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]

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.

[Jeff T.]

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]

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]

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]

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.