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 ...
“I haven’t been inside of it, but once in the last 45 years.”
Aha! It’s your fault!
Bump for later.
The Brady Bunch made it work.
Our local Sears closed a couple of years ago. It is now a board of education office. No big loss.
Life goes on.
Where I grew up, the Sears catalog was a big deal. You could get anything in there within a week or two. Few items in the catalog were otherwise available locally. It really served a niche. Their retail stores never really made sense to me. It was like they had to do it to continue to compete with changing times. Basically, Amazon has brought it full circle.
“The Brady Bunch made it work.”
That they did—many of us are so spoiled now.
.
Dad retired from Sears upper management after 30 years, way back then Sears was a Blue Chip stock.
So sad to see brick and mortar retail die.
It would appear that their alliance with K-Mart was not all that successful. Wal-Mart and Target have delivered the most recent blows, expanding even as Sears and K-mart were shrinking.
In its heyday, Sears was what Amazon has become, as much of its business was by mail-order, much like one of its competitors, Montgomery Wards. J.C. Penney was late coming to the game, but it, too, was a rather major mail-order house.
But mail order became a thing of the past, as the growth in first telephone ordering, then later, Internet merchandising, became the means of reaching ever widening pools of potential buyers, which by now have threatened the traditional brick-and-mortar stores, to the point of coming extinction, with the exception of small boutique-like niche marketing.
Technology is clearly a two-edged sword.
That's not a new concept, there are 3 mattress stores at every intersection.
Wow, the store at the Eastview Mall in Victor, NY is closing. The Eastview is a higher end mall. If Sears can’t make it there...
JCP and Sears also enjoyed the very best locations as the towns grew around them. When they close a store it alters the landscape.
If done right and not on every corner it can work, Cabela's, LL Bean, Orvis
The epitome of creative destruction.
Adapt or Die!
One can hope...
“:^)
If you lack the cash or the credit to stock for Christmas sales, you have no Christmas sales.
Best course is to use available resources in the best possible remaining stores.
They all depended on their catalog sales which was the precursor to internet sales.
The only retail stores that will survive the long run are those that sell things you can't order online like groceries, gasoline and service industries with some exceptions. Cabela's, LL Bean, Orris, etc. have brick and mortar stores but they are more like showrooms with skeleton stock levels and on average not profitable with all the overhead.
Downstairs.
Even the maid worked for free.
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