Sears - more bad news

[jclary]

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]

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]

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]

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]

Looks like Sears is circling the drain hard

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

[rbruner]

Part of the local Sears store at the mall is a Halloween store for the month.

[6hk71400]

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]

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]

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]

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]

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]

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]

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]

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]

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