Sears - more bad news

[Warren Webb]

Declaring bankruptcy today. It's long overdue in my opinion having worked at the auto center in Temecula 8 years ago. I was appalled with their mismanagement from the top down making that stint in my work life the absolute lowest and that includes driving cars for a used car lot from an auction.

[BobPalma]

As a dealer selling all the independents except Hudson in the mid-1950s, my father never thought he'd live to see the day General Motors would file for bankruptcy protection....but he did!

How many of us over, say, 50 thought we'd ever see the day K-Mart and Sears, Roebuck and Company would be in the same boat? BP

[8E45E]

As a dealer selling all the independents except Hudson in the mid-1950s, my father never thought he'd live to see the day General Motors would file for bankruptcy protection....but he did!

How many of us over, say, 50 thought we'd ever see the day K-Mart and Sears, Roebuck and Company would be in the same boat? BP

One can also add other long time iconic names such as Kodak, Polaroid and Zenith, to name a few that also filed for bankruptcy protection. I still remember the huge "The Quality Goes In Before the Name Goes On" sign over the Zenith factory in suburban Chicago that was visible from the Tri-state Tollway.

Craig

[sweetolbob]

One can also add other long time iconic names such as Kodak, Polaroid and Zenith, to name a few that also filed for bankruptcy protection. I still remember the huge "The Quality Goes In Before the Name Goes On" sign over the Zenith factory in suburban Chicago that was visible from the Tri-state Tollway.

Craig

About five years ago I bought Zenith Plasma TV that turned out to be a rebranded LG model which now owns the name. Bad news - Another brand gone, Good news - Spectacular picture and flawless service from the 60" unit.

Bob

[bumpkinvilledano]

One can also add other long time iconic names such as Kodak, Polaroid and Zenith, to name a few that also filed for bankruptcy protection. I still remember the huge "The Quality Goes In Before the Name Goes On" sign over the Zenith factory in suburban Chicago that was visible from the Tri-state Tollway.

Craig

Obscure trivia; In 1986 I got from my employer, GE, a Zenith laptop computer. I was in tech service and used it to show customers various GE technical papers. If I was near a GE facility, of any kind even Financial Services, I could go in and plug into their server to use GE's internal "email"( more like a "chat" style system) or get updated tech papers. I ended up buying it from GE in 1988 when I got a newer laptop, and used it on a drag car I was building that had programmable timing and fuel injection curves. Both of those systems had their own programmers, but with the help of a friend I was able to put both programs on the laptop and use it instead. There were many folks at the local drag strip that were amazed, at what is now considered normal.

[JRoberts]

I learned yesterday that our local Sears will have a close out sale beginning within two weeks....and the dominoes continue to fall....

[Bordeaux Daytona]

The last two near me are closing. The only left is in Valparaiso. Way too far away for me.
There's going to be a Hot Wheels K-day this Saturday. Most likely its last

[DougHolverson]

Wasn't an early '90s Studebaker regional in Omaha held at the Sears parking lot of the Crossroads Mall? All not far from Peony Park. Sears and Crossroads aren't what they use to be. Crossroads doesn't even have a food count anymore. Peony Park is long gone.

I was thinking about that '90s and a '79 regional that was held in Peony Park when I was driving by there in my Land Cruiser misadventure to Discount Tires and back.

[Buzzard]

So as of the news late yesterday, it appears Sears' final curtain has fallen. In my humble opinion, all citizens who reside in the rural areas of America owe a huge debt of gratitude to the Sears organization who brought big city life, conveniences and modernization to the American (and Canadian) small towns and village dwellers. Anyone here remember you could purchase an Allstate automobile from their catalog? I remember as a kid awaiting the Sears Christmas catalog so as to dream of the newest shoes or WHY they were enticing us with. Another large retailer going the way of JC Penny and the Dodo bird. Welcome to the modern world of Amazon.
Bill

[dpson]

What if Sears had the foresight to turn their "paper" catalog into an "on line" catalog, they could have been the Amazon of today. Also keep in mind that Fred Fish had a difficult time convincing the Studebaker brothers to enter the horseless carriage business and they were the only major wagon maker to successfully make the transition. Change is not easy.

[Gunslinger]

Sears filed for Chapter 11 which is for bankruptcy protection while the company reorganizes...that doesn't necessarily mean they will go under and liquidate. There's a chance that after a period of reorganization, shedding unprofitable stores and other assets they can come out leaner and maybe...maybe...rebuild towards solvency.

If Chapter 11 doesn't work then they'll no doubt file for liquidation. Sears stock is down to being considered a penny stock now...anyone willing to take a chance could buy a lot of shares for very little and maybe make a bundle down the road...maybe. Invest a few hundred dollars if you want to take a chance on the company if you accept the risk of losing it all. Risk taking is what make this country great...it's worked for others.

[DougHolverson]

Is Chapter 11 an extra awful screw the creditors bankruptcy? Unfortunately my understanding comes from Dad getting stuck with a rubber check during American Beef going Chapter 11 way back when I was just a kid.

[JRoberts]

So as of the news late yesterday, it appears Sears' final curtain has fallen. In my humble opinion, all citizens who reside in the rural areas of America owe a huge debt of gratitude to the Sears organization who brought big city life, conveniences and modernization to the American (and Canadian) small towns and village dwellers. Anyone here remember you could purchase an Allstate automobile from their catalog? I remember as a kid awaiting the Sears Christmas catalog so as to dream of the newest shoes or WHY they were enticing us with. Another large retailer going the way of JC Penny and the Dodo bird. Welcome to the modern world of Amazon.
Bill

At one time you could order a house through the Sears catalog!

My Dad was in the Army and when we were overseas the Sears catalog was where we shopped. My grandparents at Christmas time would send us the latest Sears "wish book" and we were to mark what we wanted for Christmas, tear out that page and send it back to them.

[556063]

Is Chapter 11 an extra awful screw the creditors bankruptcy? Unfortunately my understanding comes from Dad getting stuck with a rubber check during American Beef going Chapter 11 way back when I was just a kid.

Chapter 7 is Liquidation. Chapter 11 for Business, or Chapter 13 I believe in personal Bankruptcy, is restructuring/reorganization under court supervision.

This shouldn't be a surprise to anyone. What was once Sears biggest asset has become it's albatross. Prime real estate no longer viable for retail. The only K-Mart in this area when I was a kid in the 60's on Ireland Road in South Bend has been torn down and replaced with a Holiday Inn Express that will sell out every Notre Dame Home Game. Menard's is building on the balance of it. K-Mart just wasn't price competitive anymore. The Sears business model became old fashioned and five or six competitors conquered them. I'm too busy adapting to all the change myself to get overly concerned. I'm old enough to remember when the Ireland Road K-Mart just torn down closed the S.S. Kresge store in Downtown South Bend. I miss the K-Mart Submarine Sandwiches the most.

[studegary]

At one time you could order a house through the Sears catalog!

My Dad was in the Army and when we were overseas the Sears catalog was where we shopped. My grandparents at Christmas time would send us the latest Sears "wish book" and we were to mark what we wanted for Christmas, tear out that page and send it back to them.

The original owners of a 1953 Commander Starliner, that I bought from them, owned a Sears house from new. The house still stands (they don't).

All of the K-Marts in the area have or will close by the end of the year. Most of the Sears stores have or will close by the end of the year, with the exception being the one closest to me - in Poughkeepsie, NY.