by "BKosher84" (bkosher84)
Published 06/23/2017 at 12:59
by "BKosher84" (bkosher84)
Published 06/23/2017 at 12:59
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STARS: 2
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They quietly announced 20 more store closings today (two of them in my area. One of them leaving the entire east side of the city without a Sears now).
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And yesterday Sears Canada filed for bankruptcy.
I seriously can’t believe the complete incompetency of the current CEO thinks that throwing money from his own hedge fund will keep the company afloat..
I don’t see Sears making it out of 2017 at all. And that makes me sad....
"dropthatclutch" (dropthatclutch)
06/23/2017 at 13:04, STARS: 2
It’s kind of disappointing considering where they came from.
They made their money early from catalogues and ordering by mail. How do you not develop that into a significant online presence.
With a little more foresight we’d all have Sears Prime memberships for the 2 day shipping.
"Arrivederci" (arrividerci)
06/23/2017 at 13:04, STARS: 0
It is a little sad, but the market indicates who floats and who sinks. They weren’t competitive.
"E92M3" (E46M3)
06/23/2017 at 13:06, STARS: 0
My parents met at Sears corporate. It’s a damn shame how mismanaged that company has become. Selling off Craftsman was the kiss of death. If it was up to me, I would of downsized into harbor freight sized stores and sold just the Craftsman brand. They won’t survive selling appliances, mattresses, and clothing.
"Under_Score" (tomtheatum)
06/23/2017 at 13:07, STARS: 0
Sears is such a cool store; I was in one for the first time on Tuesday. The A/C was broken in there, though, but I got an awesome deal on this cargo topper for my RAV4, which I’m yet to mount.
"HammerheadFistpunch" (hammerheadfistpunch)
06/23/2017 at 13:11, STARS: 2
I guess I should hang on to that toolbox for a few more years to ride peak SEARS nostalgia.
"The Powershift in Steve's '12 Ford Focus killed it's TCM (under warranty!)" (steve-still-hasnt-wrecked-the-powershift-in-his-12-ford-focus)
06/23/2017 at 13:16, STARS: 0
I visited a Sears, JC Penny, and Macy’s a few months back. The Sears was dirty, had a very limited selection of brands, and was understocked on what they did have. Walking through the place you could feel the slow death of the company. It’s a pity, really, because for many years Sears was my favorite department store and was the place where I bought plenty of business casual and dress clothes. JC Penny it is.
"ranwhenparked" (ranwhenparked)
06/23/2017 at 16:17, STARS: 0
When they run out of assets to sell and banks stop lending them money. Which will probably be by the end of the year.
They’ve already sold Lands’ End, Craftsman, Orchard Supply, Sears Hometown, Sears Outlet, Restoration Hardware, and spun off all of their most valuable properties into an REIT, plus sold off big chunks of Sears Mexico and Sears Canada.
Also, the Kenmore brand has been placed under the ownership of a dedicated subsidiary, unbundled from the retail stores, to make it easier to sell. So, that one’s next.
But, hey, skimping on maintenance and cleaning, reducing inventory, laying off customer service staff, and pushing every customer to enroll in Shop Your Way is going to make everything better.
"ranwhenparked" (ranwhenparked)
06/23/2017 at 16:18, STARS: 2
I would have said the way forward for them was appliances and tools. Kenmore and Craftsman were the only things that were working for them for the longest time.
"nermal" (nermal)
06/23/2017 at 16:20, STARS: 0
Didn’t realize they sold off that much. In that case, they’re done.
"ranwhenparked" (ranwhenparked)
06/23/2017 at 16:23, STARS: 0
They’ve still got 20% of their Mexican affiliate they can offload onto Carlos Slim, but their 51% stake in the Canadian business is probably going to be wiped out by the bankruptcy. So, 1/5 of Sears Mexico and Kenmore might just be their last two viable assets, unless they can maybe sell off their customer lists to another retailer or direct marketing company.
"JQJ213- Now With An Extra Cylinder!" (jqj213)
06/23/2017 at 16:38, STARS: 0
Yeah they just announced mine will be leaving my local mall. This is just after Macys closed there about a month ago. The only major store left there right now is a JC Pennys. Its not looking good...
"E92M3" (E46M3)
06/23/2017 at 16:41, STARS: 0
Yeah, they were the only brand value they had. I guess some stores still have Die Hard batteries, but Walmarts “EverStart” brand ranks higher these days. Just can’t see them surviving paying Mall rent.
"ranwhenparked" (ranwhenparked)
06/23/2017 at 16:45, STARS: 0
They used to actually own most of their stores, condominium-style, but they spun off most of them into Seritage Growth Properties a few years ago, and so now rent them back from the trust. The ones they have left and still own are probably almost worthless, since shopping malls are also declining and there’s less and less retailers out there that would be interested in filling the space.
"gmporschenut also a fan of hondas" (gmporschenut)
07/18/2017 at 00:48, STARS: 0
unfortunately jcpenny may not be far behind.