Sears to accelerate closings, shutter 235 stores

CNBC ^ | December 4,2014 | Krystina Gustafson

[Hojczyk]

Sears shares fell Thursday, after the struggling department store announced an adjusted net loss of $296 million—in line with the updated guidance it gave in November.

The retailer also said it's accelerating the number of stores it plans to close this year, boosting its list from the 130 underperforming stores it announced in its second-quarter earnings release, to a total of 235 stores.

Analysts called the move a step in the right direction for the company, which has been tapping into its real estate in creative ways to compensate for downward-spiraling sales. Still, they said the haircut won't be enough on its own to turn the tide at Sears, adding that it needs to close even more stores—and figure out how to become profitable.

According to Retail Metrics, Sears hasn't posted a quarterly profit since fourth quarter 2012.

[Yo-Yo]

bring back the inexpensive, reliable store-brand guns you used to sell maybe it help.

I have a Sears Ted Williams shotgun that was passed down from my Dad.

[Graybeard58]

Sears is. Sears Holdings also owns Kmart

More accurately, K-Mart owns Sears Holdings, since K-Mart bought out Sears not vice versa. I don't know how either stays open. Our local K-mart has a huge parking lot, always empty, even during Christmas season, very few cars in the lot.

[Oldeconomybuyer]

Sears will be acquired by Chinese investors.

[pieceofthepuzzle]

It would be ironic if we get to the point at which the big department stores that outcompeted local specialty stores will go away - because of online buying - and that local specialty stores (that can provide unique products, and provide products immediately locally), will make a comeback.

[machogirl]

I hear you. My resumes are going down the hole. No one is hiring my age range, my stay-at-home mom status for 25 years, and my degrees are worthless. A requirement now is Fluent Spanish and I’m not anymore.

[machogirl]

When I was a kid, the Sears by me had a little candy stand inside. I’d go upstairs and by a $2.99 LP and downstairs and buy 1/4 lb of vanilla stars and ride my bike home.

[dragnet2]

We have a winner.

What they should do is train their 9 dollar employees to stand out front and push people into their stores.

[GreyFriar]

Actually, K-Mart bought Sears a couple of decades ago. Thus these “bad decisions by Sears” are actually being made by K-Mart.

My 30 year old Kenmore refrigerator is still working, although the oven died last year.

[CatherineofAragon]

And that’s sad. When I was a kid, we had a Kenmore refrigerator which lasted throughout my childhood and teen years.

[GOPJ]

I have had my vacuum cleaner from Sears for at least 20 years. It’s the best appliance I’ve ever owned, as is the refrigerator that’s now in our basement. That’s even older.

Sears use to put out good products. Most of the supportive comments about Sears talk about "I've had this (fill in the blank) item for years and years and it's great... Has anyone said that about their newer junk?

[fatnotlazy]

Sure. Anything from 20 or more years ago is fine. But anything purchased, say, 10 years ago or less is hunk.

My first washer/dryer pair was the Kenmore brand. Lasted 28 years.

[fatnotlazy]

My dad loved the gummy candies — Juju bees or something. Mom would always buy them for Dad anytime she stopped at Sears.

[CatherineofAragon]

"More accurately, K-Mart owns Sears Holdings, since K-Mart bought out Sears not vice versa. I don't know how either stays open. Our local K-mart has a huge parking lot, always empty, even during Christmas season, very few cars in the lot."

Same here. Our Kmart is a refugee from the early '70s; more like a junk shop than anything else. I never go there.

Our Sears store at the mall closed a couple of years ago. Liberty University bought the building; their online university is based there.

[trisham]

You both made the same point, and it makes sense to me.

[terycarl]

bring back the inexpensive, reliable store-brand guns you used to sell maybe it help. I have a Sears Ted Williams shotgun that was passed down from my Dad.

I have a sears J.C.Higgins shotgun that I got for my 8th grade graduation in 1953....still fires just fine!!

[familyop]

The management went counter-culture a long time ago. Everyone’s going to Walmart.