Posted on 12/04/2014 12:42:34 PM PST by 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.
(Excerpt) Read more at cnbc.com ...
The ONLY thing about “Sears” that is worth a CRAP is “Craftsman Tools” other than that SEARS SUX!
It’s really too bad.
Sears is not a bad store.
At least, the ones in the Twin Cities never struck me as bad. I could find most of what I was looking for there.
From Drudge
HOLIDAY SHOPPING: BIG CHAIN STORES ON DEATH WATCH...
Retailers with serious problems have low prospects for survival... Developing...
SEARS to accelerate closings, shutter 235 stores…
Catering services for baby showers was a big flop.
Is there a list of closings?...............
Eventually Craftsman tools will be sold off for cash.
bring back the inexpensive, reliable store-brand guns you used to sell maybe it help.
Gotta figure out by next summer where to get humidifier pads and juice. Pretty much the only thing I buy at Sears.
Could ANYONE here tell me JUST WHAT THE HELL happened to Sears? They used to be a “Not Bad” outfit.
ACE sells Craftsman tools. When I saw that I knew the end was coming.
I’ve worked at the Sears HQ being that they are one of our clients and their biggest problem is like so many old guard retailers they have failed to modernize their stores effectively. Another old guard customer of ours Macy’s has successfully modernized and kept their stores up and are not having the problems that Sears is. Sears Holdings also owns Kmart which is another study in circa 1985 retailer time machines. The worst part is that Sears has a great loyalty program and a lot going for it but there is this insane refusal by management to invest in upgrading the stores which is the #1 problem IMHO. Its run by an ex Hedge Fund manager which explains a lot of its problems.
I have always preferred Craftsman tools over snap on/off. When a craftsman wrench goes missing you just go and get another one. When your snap on/off goes missing you call the cops after you uncurl yourself from the fetal position.
Then you have not had a peek at their real estate portfolio.
About 10 years ago Kmart bought Sears. Appeared to be on the theory that combining two struggling retail firms would somehow produce a winner.
Very odd reasoning.
Please Explain.
Add Kenmore and Sears Optical to your list.
Lands end is still doing well I think
I have a few standard clothing items I wear all the time that come from Lands End
I made a mistake Lampert still is a hedgefund manager.
http://www.usatoday.com/story/money/business/2014/12/04/sears-3q-loss-widens-as-retailer-reshapes-itself/19887815/
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