Posted on 12/04/2014 12:38:36 PM PST by SeekAndFind
Sears is shutting down hundreds of stores.
The chain announced today that it is accelerating store closings to 235 this year, 100 more than previously planned.
Sears' total net loss for the quarter was $296 million.
Sears' and K-Mart's collapse is "inevitable" and could happen by the year 2016, retail analyst and author Robin Lewis writes on his blog.
"These two retail brands are dead men walking," Lewis writes.
"As a retailer they're at the point of no return," David Tawil, cofounder of Maglan Capital and an expert in distressed retail companies, told Business Insider earlier this year. "The real question now is when does it all end?"
The company, which has currently has 800 namesake stores and 1,100 Kmart stores, has lost $6 billion since 2012. Suppliers are growing concerned that they won't receive payments for merchandise.
(Excerpt) Read more at businessinsider.com ...
They should spin off Craftsman
Sinking deeper and deeper into recovery.
Stepping into one of their stores was like a time warp back to 1982.
I haven’t shopped there in years.
“K-Mart sucks”.
The only thing you can get at Sears is your credit card hacked!
I’ve gone there. Saw empty shelves at Christmas time.
Not because they sold anything, but because they didnt put anything out to be sold.
Nor, apparently, have millions of others.
I still support them and love their stores. Not good news.
Even their tools suck now. They are seldom any better than Harbor Freight but cost a lot more.
Craftsman is being sold through Ace Hardware. So I think that is in the works akready. But mostly craftsman is now made in Taiwan, so it does not matter anymore.
“Even their tools suck now. They are seldom any better than Harbor Freight but cost a lot more.”
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That’s disappointing to hear. Harbor Freight is like the Dollar Tree of tools. I went there years ago once, looked around at the cheap crap, and left.
They just built a new store in my town.
Compare craftsman toolboxes to US General at Harbor Freight. I actually like the latter better.
When Sears ended their catalog business, I wrote them a letter of complaint. For those who remember the Sears catalog, just think what sort of postion they would have been in if they’d continued it up until the arrival of the internet and online ordering.
But they decided to emphasize their brick and mortar retail stores and ended their catalog sales. Would have been an easy transition from catalog to online business, and a catalog could have been continued for those who wanted it.
I've heard the same thing from other people, but I've never been to Harbor Freight myself.
And that is exactly why they are having problems that old brands like Macys aren’t. Lampart hasn’t been keen on upgrading the stores. Sears Holdings is also located just outside of Chicago which doesn’t help. I don’t know how any retailer justifies being based out of Chicago.
“Tonight’s episode of Great Blunders in History...”
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