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View Full Version : Sears to close 100 to 120 Kmart, Sears stores



Apocalypse
12-27-2011, 05:40 PM
http://2.bp.blogspot.com/_8Z5Q7nkW8LU/TTfX2GpIVeI/AAAAAAAANII/r1Pn3Qv1ohg/s320/sears_holdings.jpg (http://rds.yahoo.com/_ylt=A0PDoS0GO_pORjUAPG.jzbkF;_ylu=X3oDMTBpcGszamw 0BHNlYwNmcC1pbWcEc2xrA2ltZw--/SIG=139636nnb/EXP=1325050758/**http%3a//multicultclassics.blogspot.com/2011/01/8366-white-sale-at-sears-and-kmart.html)

Sears to close 100 to 120 Kmart, Sears stores.



NEW YORK -- Sears Holdings Corp. plans to close between 100 and 120 Sears and Kmart stores after poor sales during the holidays, the most crucial time of year for retailers.




The closings are the latest and most visible in a long series of moves to try to fix a retailer that has struggled with falling sales and shabby stores.



In an internal memo today to employees, CEO and President Lou D'Ambrosio said that the retailer had not "generated the results we were seeking during the holiday."



Sears Holdings Corp. said it has yet to determine which stores will close but said it will post on http://www.searsmedia.com (http://www.searsmedia.com/) when a final list is compiled. Sears would not discuss how many, if any, jobs would be cut.



http://search.yahoo.com/r/_ylt=A0oGdVSqOPpO4kEABXlXNyoA;_ylu=X3oDMTEyZ3E4aWF jBHNlYwNzcgRwb3MDNQRjb2xvA3NrMQR2dGlkA0RGUjVfNzU-/SIG=134m1ps5l/EXP=1325050154/**http%3a//www.silive.com/news/index.ssf/2011/12/sears_to_close_100_to_120_kmar.html

Apache
12-27-2011, 05:44 PM
Well, jobs "created or saved", right Jimm...erm Obama...:mad::rolleyes:

Apocalypse
12-27-2011, 05:47 PM
Well, jobs "created or saved", right Jimm...erm Obama...:mad::rolleyes:
These are not union, so they don't count.

Hawkgirl
12-27-2011, 06:08 PM
I predict they will go out of business within the next 5-10 years. People prefer one stop shopping joints nowadays, like Target and Walmart. I don't do Walmart, but Target is my second home. I don't see the need to go Sears for anything other than big ticket items like appliances. Even then, I'd probaby go to Brandsmart.
K-Mart in my area closed down years ago so I don't shop their either.

namvet
12-27-2011, 08:03 PM
Tim Allen not gonna like this at all. Sears sells Binford tools :D

I do shop at Sears and have for years. but today internet sales dominate the retail market.

Novaheart
12-27-2011, 09:25 PM
The article I read said the decision was driven my disappointing consumer electronics sales. Not much surprise there when you consider that electronics is hidden upstairs behind vacuum cleaners in a single story mall. The mall entrance has women's clothes, the parking lot entrance has tools and lawn mowers. The store makes no sense.

namvet
12-27-2011, 10:07 PM
The article I read said the decision was driven my disappointing consumer electronics sales. Not much surprise there when you consider that electronics is hidden upstairs behind vacuum cleaners in a single story mall. The mall entrance has women's clothes, the parking lot entrance has tools and lawn mowers. The store makes no sense.

the one near me has half a floor for electronics. the othe half tools and mowers. both are usually always busy.

Novaheart
12-27-2011, 11:03 PM
the one near me has half a floor for electronics. the othe half tools and mowers. both are usually always busy.

Free standing store or mall store?

When I was a kid, a trip to Sears on Alabama Avenue in DC was comprehensive. That's where our clothes, Dad's tools, everything for Mom, and most of our Christmas stuff came from. Tires came from Sears. Batteries came from Sears.

But you know what I think is really killing Sears? No hot nuts. Remember the distinctive smell of Sears? A blind man would know he was in Sears, because of the cashew nuts and candy in the middle of the store.

Oh, and when they started charging for the Sears catalogue.

The free standing Sears store was a destination. And the real estate they owned was the "hidden asset" which saved Sears from disappearing 15 years ago.

But those old Sears stores ran on a much higher profit margin I should think. A Sears suit or appliance salesman appeared to make pretty good money when they were paid on commission. Now everyone is hourly, and it shows.

Rockntractor
12-27-2011, 11:15 PM
Free standing store or mall store?

When I was a kid, a trip to Sears on Alabama Avenue in DC was comprehensive. That's where our clothes, Dad's tools, everything for Mom, and most of our Christmas stuff came from. Tires came from Sears. Batteries came from Sears.

But you know what I think is really killing Sears? No hot nuts. Remember the distinctive smell of Sears? A blind man would know he was in Sears, because of the cashew nuts and candy in the middle of the store.

Oh, and when they started charging for the Sears catalogue.

The free standing Sears store was a destination. And the real estate they owned was the "hidden asset" which saved Sears from disappearing 15 years ago.

But those old Sears stores ran on a much higher profit margin I should think. A Sears suit or appliance salesman appeared to make pretty good money when they were paid on commission. Now everyone is hourly, and it shows.
Here is what gets me, they said it was because sales were down 5%, seriously why should 5% be enough for stores to close.
Do these people have every penny they use for inventory, utilities, payroll and buildings a on loan from a bank or something.
Crap if I rolled over because things were down 5% I would have been dead a long time ago.

Arroyo_Doble
12-27-2011, 11:18 PM
Here is what gets me, they said it was because sales were down 5%, seriously why should 5% be enough for stores to close.
Do these people have every penny they use for inventory, utilities, payroll and buildings a on loan from a bank or something.
Crap if I rolled over because things were down 5% I would have been dead a long time ago.

You would think as large as they are they would be living off their suppliers' money by now (terms start at point of sale).

namvet
12-28-2011, 10:47 AM
Free standing store or mall store?

When I was a kid, a trip to Sears on Alabama Avenue in DC was comprehensive. That's where our clothes, Dad's tools, everything for Mom, and most of our Christmas stuff came from. Tires came from Sears. Batteries came from Sears.

But you know what I think is really killing Sears? No hot nuts. Remember the distinctive smell of Sears? A blind man would know he was in Sears, because of the cashew nuts and candy in the middle of the store.

Oh, and when they started charging for the Sears catalogue.

The free standing Sears store was a destination. And the real estate they owned was the "hidden asset" which saved Sears from disappearing 15 years ago.

But those old Sears stores ran on a much higher profit margin I should think. A Sears suit or appliance salesman appeared to make pretty good money when they were paid on commission. Now everyone is hourly, and it shows.

the one I shop at is in a mall. small size. and this mall is a ghost town except for sears. everyone else moved or closed up. but Sears is still there. the other big chains moved to higher traffic area's and new business districts. there's also a full sized mall north of me. the only one still open there is Macy's.

we stay away from these new business area's. mob size crowds and driving and parking is a night mare

I remember the catalogs. as a kid I like looking thru the women's underwear section. wow. so that's what they look like with no clothe's on :D

hot nuts??? ahem.........no

RobJohnson
12-28-2011, 01:53 PM
the one near me has half a floor for electronics. the othe half tools and mowers. both are usually always busy.

Same with my town.
Always busy and a local owner.

jendf
12-28-2011, 03:24 PM
I went into a Kmart a couple months ago on a Monday night and it was a ghost town. Needed something last minute and it was on the way to where I was going. Just the employees, me, and maybe a handful of other customers in that HUGE store. I wouldn't be surprised if that one gets closed.

Tecate
12-28-2011, 04:06 PM
They're saying even Best Buy is in serious trouble. With the closure of Circuit City you'd think they would be thriving. I don't go there often, but the Best Buy in Southwest Austin usually seems quite busy.

Arroyo_Doble
12-28-2011, 04:17 PM
They're saying even Best Buy is in serious trouble. With the closure of Circuit City you'd think they would be thriving. I don't go there often, but the Best Buy in Southwest Austin usually seems quite busy.

That is surprising. The Best Buy I shop at is usually busy. Near Christmas, it is a madhouse.

Perhaps they need margin.

Rockntractor
12-28-2011, 08:25 PM
That is surprising. The Best Buy I shop at is usually busy. Near Christmas, it is a madhouse.

Perhaps they need margin.

They are probably down by 3% and life is just too hard for them to cope.

namvet
12-28-2011, 08:54 PM
there's 2 best buys in my area and both are ghost towns. I always buy there caue its close to home. no waiting. or ordering. circuit city closing took me by surprise. later a CO based business set up shop. but they didn't last long. no PC equip sold. that's probably why. there's also an Office Max even closer to me. I mainly buy suppies there.
Lowe's and Home depot are always full. here's something strange. down the street a ways they built a brand new Bank about 2 years ago. it never opened.

Novaheart
12-28-2011, 11:12 PM
Best Buy, CompUSA, and some other brick and mortar stores play a pricing game that infuriates any consumer who does his homework.

They price a lot of the merchandise at the "gotta have it now, money is burning a hole in my pocket" price. Well, if there are enough people with money to burn, I guess that works, but it doesn't work for me.

There is no reason why a USB cable should cost $25 at Best Buy or Staples when you can buy one online for five bucks. Seriously guys, wake up. And if a person needs it right now, what is to stop him from buying your cable and then returning it when the one priced right arrives?

These store need to wake up on a couple of levels. Your "sale price" doesn't mean shit if it's the regular price on the internet. Do you not think that the customer who bought that item from you at "full" price and then saw it on the internet or on sale for the right price is going to forgive you? Not in my world.

I recently bough an electric throw at Sears. I love it. I bought it because the on sale price was the regular price at Walmart online and because I don't want to spend every dollar at Walmart on principle. But why did I have to race over to Sears to buy it on the "last day of the sale" (it was on sale the next day and week actually, but the website said last day).

Publix is the same way. When I complain about the prices there, people tell me that I need to shop the sales. Really? Is that fun for you? Because I don't actually shop recreationally, and I don't buy a lot of impulse items. I want the goods at the best price, and I don't want to jump through hoops to get it.

If I thought these other stores were using their money to pay employees better and provide real health insurance, as opposed to Walmart's "mini plan" , then I could understand slightly higher prices. It has been calculated by qualified people that Walmart could provide comprehensive benefits to their employees with an increase of prices amounting to 1% overall.

Publix actually does pay better than Walmart, and has a real health insurance program according to a staff member there. But does that justify the price difference? It's as much as 50% higher on some items and routinely 20% higher. On little things, like canned pineapple Walmart's house brand is $1 and Publix is $1.39 and you can tell from the packaging that it's from the same company.

I figure that the premium you pay to shop at Publix without the obnoxious Walmart customers, staff, tv sets, and other noise is about $20 to $50 on a week's stuff.

Odysseus
12-29-2011, 10:38 AM
A lot of brick and mortar stores are no longer competitive with internet sales. We're seeing this in electronics, especially, where the consumers are much more likely to buy online than in a store, especially if they are buying something that requires customization, like a computer system (you can't always get the Windows version, peripherals or upgrades in the store without paying a premium, but online, it's just part of the assembly and the costs reflect it). The last time that I shopped at Sears was a few months ago, for a TV, but they didn't have a great selection and I ended up buying a refurbished one from Micro Center for about half of what Sears wanted for a new one in the same size. I suspect that my experience isn't unique, which is why they are in trouble.

Novaheart
12-29-2011, 11:01 AM
A lot of brick and mortar stores are no longer competitive with internet sales. We're seeing this in electronics, especially, where the consumers are much more likely to buy online than in a store, especially if they are buying something that requires customization, like a computer system (you can't always get the Windows version, peripherals or upgrades in the store without paying a premium, but online, it's just part of the assembly and the costs reflect it). The last time that I shopped at Sears was a few months ago, for a TV, but they didn't have a great selection and I ended up buying a refurbished one from Micro Center for about half of what Sears wanted for a new one in the same size. I suspect that my experience isn't unique, which is why they are in trouble.

But see, there is my warm nuts argument. Had you gone to Sears and not bought the TV set, but bought a $2 bag of cashews, they still would have made some money off you.

Odysseus
12-29-2011, 11:25 AM
But see, there is my warm nuts argument. Had you gone to Sears and not bought the TV set, but bought a $2 bag of cashews, they still would have made some money off you.

The $2 that they'd have gotten for the cashews wouldn't have done them much good if their much more expensive inventory just sits there. If their core business model is failing, heating up their nuts may give them a warm fuzzy feeling, but it isn't going to keep them solvent.

Apocalypse
12-30-2011, 08:19 PM
They have released the initial list of 79 stores.

You can view the current store closure list HERE (http://searsholdings.com/about/122711_close.pdf)(PDF).

noonwitch
01-03-2012, 10:35 AM
I worked at K-Mart in the mid 80s. It was a fun place to work at the time.


They lost Martha Stewart's brand to Macys. There isn't much left worth buying at K-Mart, now.

RobJohnson
01-11-2012, 12:40 PM
I worked at K-Mart in the mid 80s. It was a fun place to work at the time.


They lost Martha Stewart's brand to Macys. There isn't much left worth buying at K-Mart, now.

I remember running to look for the blue light special with my grandmother.

linda22003
01-11-2012, 12:54 PM
They have released the initial list of 79 stores.

You can view the current store closure list HERE (http://searsholdings.com/about/122711_close.pdf)(PDF).

There's a K Mart about six miles from us which is not on the list - but a WalMart just moved in across the street, so it's just a matter of time.

noonwitch
01-12-2012, 10:03 AM
I remember running to look for the blue light special with my grandmother.

I used to love doing the blue light specials when I worked in the apparel department. It was a fun job for a college student-we did pretty good business at both the stores I worked at. The Grand Rapids store closed at some point in the late 90s and the Kalamazoo store closed at some point in the past few years.

K-Mart has been in trouble for a long, long time.

Artois
01-19-2012, 01:13 AM
I've only been into a K-Mart store twice in perhaps ten years. I felt dirty, both times. The aisles were crammed, disorganized, 70/80's floor designs, and mostly garbage merchandise.

Sears is quite a bit better, but it's not some place I really shop at. They have a pretty decent lawn/garden and tool section, but that's about all I've gone there for in ages, and that's pretty rare.

Odysseus
01-19-2012, 09:00 AM
I've only been into a K-Mart store twice in perhaps ten years. I felt, dirty, both times. The aisles are crammed, disorganized, 70/80's floor designs, and mostly garbage merchandise.

Sears it world better, but it's not some place I really shop at. They have a pretty decent lawn/garden and tool section, but that's about all I've gone there for in ages, and that's pretty rare.

The K-Mart in Killeen wasn't bad, and it was right outside the east gate at FT Hood, so it had a good location, but it never seemed to do much business, especially compared to the two WalMarts within five miles of the post.

SarasotaRepub
01-19-2012, 09:32 AM
I worked for K-Mart when I was in school. I don't think I lasted more than a month or two. The store was filthy and as a stock boy they wanted me to wear a shirt and tie.

They paid you in cash which was interesting. I know the local muggers all loved it.

noonwitch
01-19-2012, 10:58 AM
I worked for K-Mart when I was in school. I don't think I lasted more than a month or two. The store was filthy and as a stock boy they wanted me to wear a shirt and tie.

They paid you in cash which was interesting. I know the local muggers all loved it.


I used to love that! When I worked in Kalamazoo, my bank was in Grand Rapids and the branch in Kalamazoo was for some reason in a different region, and they wouldn't let me deposit checks there. So getting paid in cash was perfect, and my dad could still deposit my tuition money into my checking account in GR. This was before there were ATMs everywhere-they existed, but were only at banks.

Artois
01-19-2012, 11:04 AM
I'm shocked, that even in the eighties, a major corporation was handing out cash instead of checks. Wow :eek:

Odysseus
01-19-2012, 01:23 PM
I worked for K-Mart when I was in school. I don't think I lasted more than a month or two. The store was filthy and as a stock boy they wanted me to wear a shirt and tie.

They paid you in cash which was interesting. I know the local muggers all loved it.

And I'm sure that the IRS didn't. I wonder if you were even on their books.

Apocalypse
02-24-2012, 07:03 PM
Seems to be getting worse.

Sears to 'Unload' 1,200 Stores?
Sears might "unload" 1,200 stores in an effort to raise money, the Wall Street Journal (http://professional.wsj.com/article/SB10001424052970203918304577241002723672774.html?m od=djemCFO_h) reported Thursday. A majority stakeholder in Sears Holdings Corp., which operates Sears and Kmart, is hoping to receive $770 million in cash related to the stores.

http://news.yahoo.com/sears-unload-1-200-stores-175317277--abc-news.html

noonwitch
03-05-2012, 11:34 AM
And I'm sure that the IRS didn't. I wonder if you were even on their books.


You got an envelope every Friday with your cash pay, down to the exact penny. There was a witholding statement inside.

Zeus
03-05-2012, 12:18 PM
Here is what gets me, they said it was because sales were down 5%, seriously why should 5% be enough for stores to close.
Do these people have every penny they use for inventory, utilities, payroll and buildings a on loan from a bank or something.
Crap if I rolled over because things were down 5% I would have been dead a long time ago.

Are Sears and Kmart Goners? (http://www.forbes.com/sites/lauraheller/2011/08/31/are-sears-and-kmart-goners/)


8/31/2011 @ 2:42PM



For an investment of less than $1 billion, Lampert gained total control of a company that, wounded or not, was doing over $30 billion in yearly sales and throwing off a ton of cash. That he pulled off this maneuver only days after being kidnapped at gunpoint and held for ransom only added to Lampertís legend. This was a true corporate badass, and if he said Kmart would rise again, who could doubt him?But the view from within the retail industry was a bit different. Watching Lampert build a holding company is far different than seeing a retail chain get the leadership it needs. The new Sears Holdings stock soared for a while, fueled by Lampertís reputation and the real estate value of its stores. But thatís not enough to revitalize a retailer.

It was a great story, but it was not a retail story. It was a real estate story, perfect for 2005. And then the real estate market crashed.
All of a sudden, the whole strategy began to unravel. With no interest from big-box retailers, the merged entity ó now known as Sears Holdings ó had to struggle to find its footing as actual businesses. Itís been a disaster. In the six years since the merger, revenue has declined every single year and income has fallen a shocking 84 percent. This year, the company has dropped to tenth place among top retailers for the first time ever. In a recovering retail climate, Sears is the only store in its category to show negative same-store sales ó down 4 percent. Kmart has fallen from third in its category to a very distant fourth ó even Target ($66 billion) and Costco (http://finapps.forbes.com/finapps/jsp/finance/compinfo/CIAtAGlance.jsp?tkr=cost&tab=searchtabquotesdark) ($59 billion) have pulled away from Kmartís sorry $17 billion.


How much longer can Sears Holdings hold on? Kurson thinks the answer is sooner rather than later. He may be right.


I believe that thereís an excellent chance that within a year SHLD will trade for half of what it trades for today. And that will be a good thing for investors like me, who from time to time have shorted the stock. I also believe that within a year, Sears and Kmart will no longer exist as freestanding stores. And that will be a damn shame.


Amen

Zeus
03-05-2012, 12:29 PM
The K-Mart in Killeen wasn't bad, and it was right outside the east gate at FT Hood, so it had a good location, but it never seemed to do much business, especially compared to the two WalMarts within five miles of the post.

They converted that K-mart into a Super K to compete with the Super Walmarts in Killeen and Copperas Cove. I haven't been to that k-mart in yrs couldn't tell ya if it's even still there. You can go to either of the Walmarts in the middle of the night and still see quite a few shoppers.