Posted on 10/12/2018 9:51:15 PM PDT by robowombat
Source: Reuters
Sears is planning to close up to 150 of its department and discount stores and keep at least 300 open as part of a plan to restructure under U.S. bankruptcy protection, people familiar with the matter said Friday.
The plans, which remained in flux Friday afternoon, would leave the fate of Sears' remaining roughly 250 stores uncertain, the sources said. The future of the stores could hinge on Sears' negotiations with landlords over their leases.
(Excerpt) Read more at msn.com ...
Amazon has no people either. But you prefer to buy Amazon over peopleless Sears.
Sears stopped selling guns through the catalog when the Gun Control Act of 1968 required sellers to be federally licensed and guns could no longer be mailed to your home.
In-store sales continued until mid 1980s, although only in some states.
At my grandparents’ house Sears and Monkey Wards arrived usually the same day. I would go first to sporting goods; J.C. Higgins firearms at Sears, Hawthorne guns in Monkey Wards. Couldn’t afford any of them.
Later on I would go to the lingerie section first. Those gals must be great grandmothers now.
;^)
Sears still sells great tool packs of all various sizes. It is tempting me. Very flexible $100 to $500. I might make a list of all socket tools I would need.
I have never broken a Craftsman tool. People misue them like adding a long lever and breaking it.
Which is why lifetime warrenty is stupid, because responsible people pay for the misuse of stupid people with tools.
If you care for your tools, they last your lifetime.
I knew Sears was doomed a few years ago. Wanted to order a fridge online for store pickup - told me the nearest one was 8 states away.
The folks who invented catalog shopping couldn’t develop a website with enough sense to figure out I wasn’t going to drive 30 hours for a refrigerator.
Three easily recognizable quality brands that were once associated with Sears.
Probably others, which ones did I forget? Oh yeah, the Sears tower, long since sold off...
Well, one would suppose that mister hedge fund dude is doing quite well for himself and some cronies. Isn't free enterprise great?
I bought a Kenmore oven not long ago. The only interesting thing about it when it was installed was that it had a Canadian energy use label instead of an American one. I figure it was left over in a warehouse when they shut down Sears Canada. It works great. As does my Kenmore dishwasher (that replaced an LG that only lasted a couple of years) and my over 30 year old Kenmore refrigerator.
Right. The CEO, Eddie Lampert bought KMart first, then the holding company bought Sears:
https://en.wikipedia.org/wiki/Kmart#2002%E2%80%932009:_Collapse_and_merger_with_Sears
While Kmart was going through its bankruptcy, a significant amount of Kmart’s outstanding debt was purchased by ESL Investments, a hedge fund controlled by Edward Lampert. Lampert worked to accelerate the bankruptcy process.
On January 13, 2003, Kmart closed 326 stores due to a lack of profitability and poor sales.[54]
On May 6, 2003, Kmart emerged from bankruptcy protection as a subsidiary of the new Kmart Holding Corporation. On June 10, 2003, Kmart began trading on the NASDAQ stock market with the ticker symbol of KMRT with Lampert serving as the chairman and with ESL Investments controlling 53% of the new company for an investment of less than $1 billion.
Ralphie, is that you?
Bump
Wonder what is going to happen to my Sears Pension? ($850 per month)
For all intents and purposes, the Allstate scooter was a re-badged Vespa...the motorcycle was a re-badged Puch.
I have a matching set of jc Higgins English racers in almost new condition. They’ve been hung up in a garage for over 40 years.
***150 of its department and discount stores ***
Discount? I don’t remember SEARS ever being a discount store, always high dollar unless it was something that was damaged.
***And yes, the lingerie section rocked growing up in the early 80s.***
I remember the 1950s and early 1960s catalogs when models in black leotards wore the bras and undies OVER the leotards.
***Sears in those days made quality products and tools,***
That began to change in the late 1970s. I bought a pair of high dollar binoculars from them, then found it had been made on the cheap, very cheap! I saw in the store some battery jumper cables with plastic clamps, shattered. Also a crackerbox welding machine with a shattered plastic adjusting handle.
resume for current managers?
“I took down and looted the World’s Largest Store!”
The Hudson’s Bay Company was resurrected embracing the digital age and they are 200+ years older than Sears.
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