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i think all of retail is having problems. sears made the mistake when they started selling off brands and services and allowing those products to still be associated with sears.. so craftsman, kenmore are no longer sears... the 'sears' auto service department is not sears either. then trying to compete in the on-line market created further problems for them.. i too grew up with a sears catalogue , remembering circling my wish list at christmas time. it is really a shame us old timers have watched woolworth, penny many others go away, guess nostalgia no longer means a faithful shopper. that said, the hilo store will be one of the last to go, it still makes a profit, shoplifters aside...
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Similar to Kenney, I remember when the Sears catalog was the go-to place for nearly everything. Haven't been to a Sears store in years. I realize that hindsight is 20/20 but it looks like they are a good example of what happens when complacency and poor strategic decision-making allows an established, respected business to be outpaced by competition. It's a supreme irony that Sears was the "mail order" king for close on a century, but decided to shut down it's catalog sales shortly before Amazon broke into the scene and is now headed toward controlling the entire retail market through "mail order" sales...
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Yea, the real shame is Sears coulda shoulda been the Amazon before Amazon - mail order was their strength for a long time. Even today, you can't order a house from Amazon.
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Sears may close 150 more stores. They will keep 300 open, the fate of 250 other stores has not yet been determined. Probably good to keep in mind if you're buying a big ticket item from Sears, or roadside insurance on tires, etc.
No list of stores yet. Here are a few more details:
https://www.reuters.com/article/us-sears...SKCN1MM2CS
"I'm at that stage in life where I stay out of discussions. Even if you say 1+1=5, you're right - have fun." - Keanu Reeves
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All of the existing Sears and Kmart stores will eventually be closing. This is a process that started many years ago when they were bought out by a hedge fund that only saw the company as a collection of assets to be exploited rather than a retail institution worth preserving.
They will probably close 40ish stores in the immediate future, followed by 150-250 after the holiday season. The remainder will close soon after, absent some sort of miracle like Amazon or somebody investing in the few remaining assets.
The "Sears" name is one of the properties that will eventually be for sale. Ironically, I can see all the existing Sears stores closing, somebody buying the names and trademarks, and reopening a new business, perhaps called "Sears, Roebuck, and Co" that specializes in allowing people to order items from a large retailer shipped directly to their home.... exactly like how Sears got into retail 126 years ago.
It's amazing how mismanagement and debt bombs can bring things full circle.
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The Onion reported a while back that the CEO of Sears was hoping that the new line of flannel pyjamas would turn the company around.
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https://finance.yahoo.com/video/banks-pu...31948.html
Sears may declare bankruptcy this weekend.
Banks may force liquidation.
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The liquidation will happen eventually. The creditors want a chapter 7 now, the company wants a chapter 11. I think the hedge fund wants an 11 to bleed a little more revenue out over the holidays, and then close leaving people with no ability to return gifts or cash out remaining gift card balances, etc. We'll find out this weekend... they would have a tough time trying to stay open for the holidays with no inventory and no cash reserves to buy it. None of the vendors are going to front them merchandise.
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I can hardly wait to see what replaces our Sears, and how long it takes. Maybe we can start a pool (or two) on these?
I'll start: Dave & Buster's, opening summer 2020.
