SEARS going under..

[Buster]

Sears to close stores, lay off about 5,500 employees



(Reuters) - Struggling retailer Sears Holdings Corp will lay off at least 5,457 employees and close over 100 stores, many before Christmas, according to a Seeking Alpha report citing liquidation notices and employees.

 

[Valkyrie]

need to take my broken Craftsman tools back for replacement sooner than I thought.

Thanks

 

[nnuut]

DAMN!

 

[Buster]

Sears Has Passed The Point Of No Return

Sears is closing hundreds of stores around the country. Sears will probably not recover from its decades-long decline. "As a retailer they're at the point of no return," said David Tawil, cofounder of Maglan Capital and an expert in distressed retail companies. "The real question now is when does it all end?"
Sears recently confirmed reports that it was planning to close more stores and lay off workers. The company, which has currently has 800 namesake stores and 1,100 Kmart stores, has lost $6 billion since 2012. Suppliers are growing concerned that they won't receive payments for merchandise.

http://finance.yahoo.com/news/sears-passed-point-no-return-160310485.html

 

[burrocrat]

oh man, that sucks. those xmas catalogs taught me everything i know about life and love.

 

[konakathy]

oh man, that sucks. those xmas catalogs taught me everything i know about life and love.

life and love? I understand how you learned to love yourself with the pictures, but learned about life?

 

[MrBowl]

Still the best place to park at the mall ;-)

It is a shame, honestly, because you can usually get good deals there on lots of stuff. It's still one of the first places I look for appliances, tools, and tires

 

[burrocrat]

life and love? I understand how you learned to love yourself with the pictures, but learned about life?

kenmore = good appliances. also, being able to properly fit a bra is a valuable life skill. it's going to be my second career. i consider myself an expert at it, i can usually do it by sight now. which i'm sure the ladies are thankful for.

 

[Scout333]

Again? Last time around the financial division saved them. Would hate to see them go under.

 

[JTH]

Frankly, I'm surprised they've lasted this long, they are nowhere near being the retail giants they once were back in the 80s before Wallmart sucked the life out of them. There was a time when they were like the mafia, with those credit card rates of +20%. Back in the 90s I blacklisted them over a gift card and their refusal to give me the remaining 37 cents off a card, I actually had to ask for the manager to get that 37 cents back. From that day forward, I have not made a single purchase from them, never p!ss off the customer!

Sears MasterCard[SUP]®[/SUP] card — New Account
As of 7/02/14, the APR for purchases and balance transfers is 25.24%, and the APR for cash advances is 27.15%. These APRs will vary with the market based on the Prime Rate. The Minimum Interest Charge is $2. The cash advance fee is 5% of each transaction; minimum $5. The balance transfer fee is 5% of each transaction, minimum $10. The transaction fee for foreign purchases is 3% of the U.S. dollar amount of each purchase made outside the U.S. See card agreement for details.

Sears Card[SUP]®[/SUP] — New Account
As of 12/07/2012, the APR for purchases is 25.24% and the APR for cash advances is 27.15%. These APRs will vary with the market based on the Prime Rate. The Minimum Interest Charge is $2. The cash advance fee is 5% of each transaction; minimum $5. See card agreement for details.

 

[MrBowl]

Given enough time, someone else will rise up and knock walmart into oblivion. It's the cycle of (business) life

 

[konakathy]

Given enough time, someone else will rise up and knock walmart into oblivion. It's the cycle of (business) life

Not as long as there are retirees who need jobs to make ends meet. And sad to say there are quite a few who need those greeter jobs.

Most people need Walmart for the inexpensive cheap goods. I can't imagine another business offering cheaper goods at Walmarts scale. But like you say, life is a cycle.

 

[nasa1974]

Sears used to be the one stop shop for almost everything.

 

[nnuut]

Sears isn't closing but cutting waste I wouldn't count them out yet.

 

[99percent]

kenmore = good appliances. also, being able to properly fit a bra is a valuable life skill. it's going to be my second career. i consider myself an expert at it, i can usually do it by sight now. which i'm sure the ladies are thankful for.

And Craftsman tools... lifetime guarantee!

 

[WorkFE]

Been a while since Sears has done anything creative. Being tied to malls is not healthy either.
Lost identity amongst Walmart, Target, Meijer ETC.

 

[Viva_La_Migra]

Sears isn't closing but cutting waste I wouldn't count them out yet.

I agree. They've been through bankruptcy before and came back enough to buy Kmart. I doubt they're going anywhere.

 

[Buster]

(Reuters) - Sears Holdings Corp said Friday it may sell up to 300 stores to a real estate investment trust

 

[RealMoneyIssues]

I agree. They've been through bankruptcy before and came back enough to buy Kmart. I doubt they're going anywhere.

Hmmm, I thought Kmart bought Sears...

 

[dox1842]

Sears isn't closing but cutting waste I wouldn't count them out yet.

By cutting waste they mean cutting labor costs. Its been a while since I worked at sears (2004-2006) But I worked there before and after they were bought by KMART. After the KMART buyout the base pay got cut and so did commissions. I worked in the automotive department installing tires and doing oil changes. When I first started in '04 there were atleast 6 employees doing ONLY tires and then there would be an additional 4-6 employees to do brakes/alignments/suspension parts. When I left in '06 we would have one person open and two people close the shop for tires. One person would be available to do brakes and alignments and the manager had to work up front helping customers because all the sales people left. We operated with a skeleton crew and the customers knew it. I would routinely have customers get angry with me that their oil change or flat repair took over 4 hours because we didnt have enough people on hand to help out. drove by the old sears auto center that I used to work at not too long ago and noticed that their operating hours have been scaled back - they are even closed on sundays now. I wonder if they dont have enough employees to cover all the shifts so they had to scale back their hours or maybe all the customers got fed up with the wait times and started going else where. I hope they crash! A company that cant afford to have enough employees and pay them fairly has no business being open.