Posted on 08/23/2018 11:58:09 AM PDT by Responsibility2nd
The company said this week it is shuttering 46 more stores in November. The locations are spread across the United States (See a full list below.)
"We continue to evaluate our network of stores, which is a critical component to our integrated retail transformation, and will make further adjustments as needed," the company said in a statement.
Liquidation sales at the 33 Sears stores and 13 Kmarts are expected to begin next week, according to Sears. The company also said that eligible workers will receive severance and be able to apply for openings at other nearby stores.
Sears said in January it was planning to shut more than 100 stores. It then announced another round of roughly 100 store closures in May. Sears was operating 894 stores as of May 5, which is the latest available total provided by the company.
With CEO Eddie Lampert at the helm, Sears has been trimming its real estate footprint as sales dwindle at its stores and shoppers increasingly opt to ring up purchases online or outside of shopping malls. Sears is currently evaluating a bid from Lampert's hedge fund, ESL Investments, to buy the Kenmore appliance brand from Sears for $400 million. The company had previously sold its Craftsman tool brand.
Sears is still testing new concepts, like stand-alone mattress stores and combined Sears and Kmart locations, but retail analysts say it will be hard for the company to bounce back from its dire situation.
(Excerpt) Read more at finance.yahoo.com ...
DBM (death by management).... of what was once the World’s Largest Store (which is why its radio station in Chicago was WLS)
The major auto makers in efforts to improve profitability got rid of dud brands. GM trashed Pontiac and Oldsmobile. Chrysler over the years has gotten rid of a few too. Both automakers kept their most profitable lines, and are still alive.
So what does Sears do, they sell off their most profitable names like Craftsman and Kenmore. Is this purposeful suicide? It makes no sense to me.
He’s effectively the largest shareholder (he’s the chairman and CEO of RBS Partners, L.P., the largest shareholder).
I have 3 Sears Wishbook from the 70’s. My father worked for Sears in the 60’s til the mid 80’s. Being an employee he would bring one home. I’m keeping them for memories.
A sure sign that the end is near.
J.C. Penny pandered to the homosexuals in an attempt to staunch the bleeding after they had already slit their own mercantile throats. It was a desperation move.
After building their reputation for decades specializing in the sale of higher midpriced brands of clothing well sewn from durable fabrics, they decided to try selling faddish asian junk.
People who buy clothes expecting them to wear like iron and have clothing they have worn for literally decades do not tend to be a forgiving bunch. J.C. Penny could not get the customers they offended with their cheap profit taking back.
I suspect they will be gone just like Sears in six years.
Well said.
In the retail environment, Sears is seen as a loser, and anyone who shops there is likely looking for a clearance or cut-rate price.
There was a time when Craftsman and Kenmore had high appeal, but that has gone, as well. Their problem is that they didn't identify their core competancy, thinking that the department store model would last forever. I think if they had concentrated on the Craftsman brand, and spun off the softer goods, they might still be a healthy but smaller company.
Only ONE bathroom.
.
Wow. I am really old. I distinctly remember that exact catalog with the fondest of memories.
From what I’ve read, the board and the CEO were in cahoots, and have run this once proud retailing giant into the ground. They’re already completely gone from Canada - no great loss considering the state the stores were in.
Sad to see, Sears was once my go-to place for many things, but the shopping experience went down steadily over the last couple of decades.
And on the first floor!
Sears could have been as epic as Amazon. Lack of vision kills companies.
I know,the first floor——odd,at least to me.
.
Worst return policy in the industry.
Bought a two pack of Craftsman edger blades. Got home and they were the wrong ones. A week later I tried to exchange them for the correct ones. Absolutely had to have a receipt. Glad they are biting he dust.
Walmart policy by contrast: Normally, items purchased in our stores or on Walmart.com may be returned or exchanged within ninety (90) days of purchase with or without a receipt.
Yeah, it really is. Another piece of my childhood joins the memory archives.
After building their reputation for decades specializing in the sale of higher midpriced brands of clothing well sewn from durable fabrics, they decided to try selling faddish asian junk.
I used to buy my suits at Penny's. Stafford was a good quality brand. I went the other day to Penny's to shop for a suit. My God. I thought I was in a Walmart - the quality was so cheap.
I honestly thought Sears was gone. I need to get out more. Wait. No I don’t.
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