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Sears job cuts will total 3,300
Chicago Tribune ^ | July 23, 2004 | Becky Yerak

Posted on 07/23/2004 3:04:39 PM PDT by Willie Green

2nd period weak and outlook bleak

Plagued by poor clothing sales, Sears, Roebuck and Co.'s second-quarter profits were about a third less than what Wall Street expected, and the nation's biggest department store chain warned of a bleaker outlook for the rest of the year.

It wasn't good news for Sears' employees, either.

Under pressure to prove it can perform as a pure retailer since last year's sale of its profitable credit business, Sears announced Thursday that about 3,300 jobs, or 1.6 percent of its U.S. workforce, are in the process of being eliminated this year. That includes layoffs of nearly 200 workers at its Hoffman Estates headquarters.

The difficulty in finding a silver lining in Sears' quarterly results prompted retail observers to question everything from the company's apparel strategy to the staying power of its management.

"At what stage of the game do you stop and say, `Is this a business we should keep investing in?'" said Credit Suisse First Boston analyst Michael Exstein.

(Excerpt) Read more at chicagotribune.com ...


TOPICS: Business/Economy; Culture/Society; US: Illinois
KEYWORDS: eeyore; globalism; joebtfsplk; layoffs; outsourcing; sears; thebusheconomy
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To: ETERNAL WARMING
What does your post have to do with the crummy management at Sears?

Without their tools, Sears has nothing to differentiate it from a Goodwill store.

21 posted on 07/23/2004 3:58:36 PM PDT by sinkspur (There's no problem on the inside of a kid that the outside of a dog can't cure.)
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To: EggsAckley

Coming Soon--Home Depot in Watsonville. It should be interesting.


22 posted on 07/23/2004 4:06:44 PM PDT by Tahoe4x4
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To: Willie Green

The ONLY reason why I enter a Sears store is for tools and every now and then for a sale on jeans. (usually with coupons)


23 posted on 07/23/2004 4:09:10 PM PDT by Tailback
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To: ETERNAL WARMING
Oh but wait. Better jobs will be coming any day now

Alas, manana never comes

24 posted on 07/23/2004 4:17:29 PM PDT by sarcasm (Tancredo 2004)
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To: Tahoe4x4

Yeah! I can't wait, truly. Our home supply stores are seriously lacking here. Are you from Santa Cruz?


25 posted on 07/23/2004 4:22:28 PM PDT by EggsAckley (You can't be pro small business and pro trial lawyer at the same time! ** George W. Bush **)
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To: EggsAckley
Our local Sears has gone downhill since they decided to have Central checkout stations.

We're hounded to death in the appliance and lawn dept, but ignored elsewhere.

I just browse in the Petite Dept, which is upstairs, in the back and the size of a postage stamp. I never buy anything tho.

Someone needs to tell these people that polyester went out along time ago.

sw

26 posted on 07/23/2004 4:31:32 PM PDT by spectre (Spectre's wife)
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To: spectre
Someone needs to tell these people that polyester went out along time ago.

LOL!

27 posted on 07/23/2004 4:34:25 PM PDT by EggsAckley (You can't be pro small business and pro trial lawyer at the same time! ** George W. Bush **)
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To: vpintheak
The only thing keeping them going is the tools.

Actually I agree with you on that. They do have quality tools. But they tried and (I think) failed in the stand-alone hardware business.

28 posted on 07/23/2004 4:36:17 PM PDT by InterceptPoint
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To: joesnuffy
They just bought Land's End

That was awful news.

Land's End always made great stuff.

I wonder how long before sears makes them glue the clothes together.

29 posted on 07/23/2004 4:47:44 PM PDT by Age of Reason
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To: EggsAckley
Originally from San Diego, but here in Watsonville while the wife finishes school.
30 posted on 07/23/2004 4:49:29 PM PDT by Tahoe4x4
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To: Tahoe4x4

Ah, Aptos here. Howdy neighbor!!


31 posted on 07/23/2004 4:52:01 PM PDT by EggsAckley (You can't be pro small business and pro trial lawyer at the same time! ** George W. Bush **)
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To: InterceptPoint
"How do these guys stay in business?"

Good question. Several years ago, they took on a new CEO (Alan Lacy). He's been systematically wrecking SR&Co, starting with their legal department, which he succeeded in utterly demoralizing. Almost right away, they lost their General Counsel, followed by quite a few of their in-house talent.

The automated complaint system Lacy put in place is a nightmare. I was dumb enough to buy a Kenmore sink disposal from them last summer. On a 5-year warranty, it crapped out in 11 months. Took two weeks and initiating legal action against them to get them to service it under warranty. Never again.

32 posted on 07/23/2004 6:56:08 PM PDT by Bonaparte
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