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(USA Today)   Sears and Kmart to close 60 stores. In other news Sears and Kmart still had 60 stores that were still open. At this point I think they are closing some Target stores to fill in the numbers   ( usatoday.com) divider line
    More: Fail, Kmart, Sears Holdings Corporation, Kenmore Appliances, Craftsman, Kmart stores, Sears, Kmart shoppers, Department store  
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1120 clicks; posted to Business » on 04 Nov 2017 at 5:06 PM (13 days ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2017-11-04 02:15:42 PM  
And somehow the Sears in Flagstaff survives. I'm almost certain they're selling drugs out of that store.
 
2017-11-04 02:18:31 PM  
Those stores have been closed for months. It's just that they're only now getting around to locking the doors.
 
2017-11-04 02:28:50 PM  
Will they finally get rid of the Kmart on Lake and Nicollet in Minneapolis?

*checks link*

GodDAMMIT!
 
2017-11-04 02:30:29 PM  
We just had a Sears close by me and it actually pulled a profit. This is just a shady real estate deal. Nothing more. Nothing less.
 
2017-11-04 02:43:52 PM  
I know it's a cliché, but I didn't think they had 45 K Mart stores still open. I was in L.A. (Lower Alabama) this week and passed three closed K Mary's.
 
2017-11-04 05:27:43 PM  

ltnor: We just had a Sears close by me and it actually pulled a profit. This is just a shady real estate deal. Nothing more. Nothing less.


I'm surprised that they didn't file Chapter 11 back in July right after that one deadline passed.

/maybe because it'd still look super suspicious even if "legal"?
 
2017-11-04 05:52:38 PM  
tse1.mm.bing.net   frowns on Sears' shenanigans
 
2017-11-04 06:10:59 PM  
Four years ago, there were four K-Marts and two Sears in the Quad Cities. Somehow, one of each remains.
 
2017-11-04 06:11:39 PM  
They still have stores
img.fark.netimg.fark.net
 
2017-11-04 06:24:53 PM  
I go to Sears to buy appliances, that's all
 
2017-11-04 06:33:57 PM  
Sears just exhausted their last credit facility at the end of October:

All of the loans under the Second Amended and Restated Loan Agreement are guaranteed by the Company and secured by a first lien on 76 real properties. The $200 million loan is also secured by a second lien on 16 real properties owned by the Borrowers."
https://www.sec.gov/Archives/edgar/da​t​a/1310067/000119312517324880/d479892d8​k.htm

They have no more money to borrow. All their properties are mortgaged or sold. This is it for them.
 
2017-11-04 06:39:53 PM  
Sears now is basically all about its real estate. That's why the current CEO took the job, so he could strip the company and seize control of the real estate which is its only valuable asset.  This is a death watch.  Employees will hang on for lack of anything else.
 
2017-11-04 06:42:45 PM  
... you said still twice...
 
2017-11-04 06:50:39 PM  
Their doomsday clock hit 11:59pm when they sold off Craftsman. It may take another year or so for them to close everything down. This isn't news.

The thing that is impressive to me is how Worst Buy is still kicking. They must be running some kind of Ernie Madoff Ponzi scheme or Arthur Anderson book cooking show.
 
2017-11-04 06:58:18 PM  
The Sears I grew up with, at Brookfield Square Mall, is clean, stocked, up to date, and shockingly competitive.  It's too bad the only missing was foot traffic.
 
2017-11-04 07:23:54 PM  

SR20DEN: The thing that is impressive to me is how Worst Buy is still kicking. They must be running some kind of Ernie Madoff Ponzi scheme or Arthur Anderson book cooking show.


There is plenty literature out there about their turnaround strategy and execution, should you desire to educate yourself. I read a piece a while back. I've forgotten the details but the jist was they trimmed down and upscaled their offerings, and focused on service and a positive customer experience. Partnering with Apple also helped, especially in locales where there aren't any Apple stores.
 
2017-11-04 07:23:58 PM  
Funny.  The Indiana does not exist.  There in an Ammonia in Idaho.  Maybe it is a typo.
 
2017-11-04 07:30:27 PM  

runwiz: Sears now is basically all about its real estate. That's why the current CEO took the job, so he could strip the company and seize control of the real estate which is its only valuable asset.  This is a death watch.  Employees will hang on for lack of anything else.


Seritage already has all the real estate. I'm not sure what else Sears still owns outside of whatever inventory they still have.
 
2017-11-04 07:34:31 PM  

SR20DEN: Their doomsday clock hit 11:59pm when they sold off Craftsman. It may take another year or so for them to close everything down. This isn't news.

The thing that is impressive to me is how Worst Buy is still kicking. They must be running some kind of Ernie Madoff Ponzi scheme or Arthur Anderson book cooking show.


Best Buy basically turn into worm for electronics that rents its floor space out to vendors like Microsoft, Apple, Google, and Samsung. Hell, they even have Amazon paying for space to show off their Echos and Kindles. They also occasionally sell some products, but a lot of money they make comes from vendor deals since they are usually the place to see the latest tech toys.
 
2017-11-04 07:53:37 PM  
I knew they were going to go belly up when I got my first 'credit card' for a dept store, it was them to buy a fridge, and ony got to shop a few times at the Kmart a few hours away before they ended up closing, too. Now it's just the appliance store and what's online.

when stuff stops coming in from China, I wonder if people will learn then.

I used to go to the flea markets, and it will bring about the rise of thsoe soon enough, if nothing else.
 
2017-11-04 07:54:35 PM  
I just want the tv antennae and satellite dishes off the roof when Sears finally closes near here. Their general product is too expensive, even at the outlet store.

As for the K-Marts, God help whoever gets their pharmacy patients. My store ended up with a lot of them because they didn't want to deal with Walmart. Seriously, imagine the clientele that go to K-Mart for their prescriptions.
 
2017-11-04 08:08:19 PM  
There used to be a K-Mart in Santa Rosa, CA.  It burned to the ground in last month's huge fire.  I wonder if that's included in the total?

/probably the best thing that could have happened to that store
 
2017-11-04 08:08:50 PM  
They must be in the negative numbers by now for stores.  On the bright side, -60 is more than zero, right?

/my math, it's not so good
 
2017-11-04 08:43:47 PM  
NYC hangs on to its Kmarts. Yay!

Walmart has never gained a toehold in the city. But NYC Kmarts -- particularly the ones at Penn Station and Astor Place -- continue to be popular with New Yorkers for some reason...
 
2017-11-04 09:10:21 PM  
And the slow lumbering death of a giant continues

The body is dead, it just doesn't know it yet
 
2017-11-04 09:28:30 PM  
Thing is, Sears did unto the form of retailing that preceded it what Amazon is doing unto Sears.
 
2017-11-04 09:42:22 PM  

King Something: Those stores have been closed for months. It's just that they're only now getting around to locking the doors.


No joke. I just drove past that one in St Mary's. I was 100% certain it was closed already.
 
2017-11-04 09:46:13 PM  

kittyhas1000legs: I just want the tv antennae and satellite dishes off the roof when Sears finally closes near here. Their general product is too expensive, even at the outlet store.

As for the K-Marts, God help whoever gets their pharmacy patients. My store ended up with a lot of them because they didn't want to deal with Walmart. Seriously, imagine the clientele that go to K-Mart for their prescriptions.


CVS?
 
2017-11-04 09:53:20 PM  
When Sears Holdings goes tits up, wouldn't everyone just love for the judge doing the chapter 7 to say " you know what, fark all these 'contracts' you signed for these properties. First payment of everything goes to the employees because it's obvious you mismanaged this company into the ground intentionally."
 
2017-11-04 10:23:51 PM  
My only semi-local Kmart left is actually pretty nice, but it's in a well-off area that is quite a drive from the nearest Walmart or Target...I think it might be the highest grossing store in the state. I only go there when they send me points to use, so I'm probably quickening their demise. I got a $20 box of trash bags for free a few weeks ago. I think their stores that are in 'weird places' still do quite well like Guam, Puerto Rico, the couple stores in NYC and that area, etc. Maybe someone will come in and buy up the remaining moneymakers, but that seems less and less likely as time passes.

Sears OTOH, I have zero clue how they are still around. My nearest store was chopped up and now only the first floor is used with an odd selection of mattresses, tools, two tv's, and random housewares thrown all over the place. Like why bother at that point?
 
2017-11-04 10:34:31 PM  
Turn out the lights the party's over , all good thing must end. call it a night ,the party's over.
 
2017-11-04 11:20:43 PM  
Even the one in my general area with no Wally World in town got the axe on this one.

Though maybe the recent Kroger Marketplace had an impact.
 
2017-11-04 11:42:21 PM  

Mad_Radhu: SR20DEN: Their doomsday clock hit 11:59pm when they sold off Craftsman. It may take another year or so for them to close everything down. This isn't news.

The thing that is impressive to me is how Worst Buy is still kicking. They must be running some kind of Ernie Madoff Ponzi scheme or Arthur Anderson book cooking show.

Best Buy basically turn into worm for electronics that rents its floor space out to vendors like Microsoft, Apple, Google, and Samsung. Hell, they even have Amazon paying for space to show off their Echos and Kindles. They also occasionally sell some products, but a lot of money they make comes from vendor deals since they are usually the place to see the latest tech toys.


Everyone laughed when they were called Amazon's showroom, but who's laughing now?
 
2017-11-04 11:44:08 PM  

Kirablue42: I knew they were going to go belly up when I got my first 'credit card' for a dept store, it was them to buy a fridge, and ony got to shop a few times at the Kmart a few hours away before they ended up closing, too. Now it's just the appliance store and what's online.

when stuff stops coming in from China, I wonder if people will learn then.

I used to go to the flea markets, and it will bring about the rise of thsoe soon enough, if nothing else.


I still have a Sears card which I haven't used in forever and occurs to me now that our identities are going to be sold.

/my love runs cold
//and Angel is the centerfold
 
2017-11-05 12:57:01 AM  

grimlock1972: Turn out the lights the party's over , all good thing must end. call it a night ,the party's over.


Thank you, Mr. Meredith.
 
2017-11-05 07:50:39 AM  
...I don't get it - our K Mart (1500 Charleston Hwy, West Columbia, SC) barely has any customers, inventory is negligible/Farked up, and desperately needs to be cleaned, but still somehow survives...

/There can be only one?
 
2017-11-05 08:35:22 AM  
There's still a Sears hardware up the street from me. They actually have a great selection of real hardware. It's nice to avoid fighting the hugeness of the box hardware screws when i need a spring and three 6mm screws for something.
 
2017-11-05 08:46:34 AM  

Chevello: There's still a Sears hardware up the street from me. They actually have a great selection of real hardware. It's nice to avoid fighting the hugeness of the box hardware screws when i need a spring and three 6mm screws for something.


I don't know if you're talking about Sears Hometown stores or not but those are locally owned and operated.  I guess there's a scenario where they could end up keeping the name when the big company goes under.  Happened to a small local tire store chain near me.  Corporate owned got bought out and switched names, franchisors got to keep the old name.
 
2017-11-05 08:58:06 AM  

12349876: Chevello: There's still a Sears hardware up the street from me. They actually have a great selection of real hardware. It's nice to avoid fighting the hugeness of the box hardware screws when i need a spring and three 6mm screws for something.

I don't know if you're talking about Sears Hometown stores or not but those are locally owned and operated.  I guess there's a scenario where they could end up keeping the name when the big company goes under.  Happened to a small local tire store chain near me.  Corporate owned got bought out and switched names, franchisors got to keep the old name.


it actually says Sears Hardware on the sign. It's like the tool, yard, paint and appliance sections of Sears in a small strip mall store. Maybe it's the same thing with different names for different geographic locations.
 
2017-11-05 08:58:47 AM  

Fano: Mad_Radhu: SR20DEN: Their doomsday clock hit 11:59pm when they sold off Craftsman. It may take another year or so for them to close everything down. This isn't news.

The thing that is impressive to me is how Worst Buy is still kicking. They must be running some kind of Ernie Madoff Ponzi scheme or Arthur Anderson book cooking show.

Best Buy basically turn into worm for electronics that rents its floor space out to vendors like Microsoft, Apple, Google, and Samsung. Hell, they even have Amazon paying for space to show off their Echos and Kindles. They also occasionally sell some products, but a lot of money they make comes from vendor deals since they are usually the place to see the latest tech toys.

Everyone laughed when they were called Amazon's showroom, but who's laughing now?


Still Amazon?
 
2017-11-05 09:41:18 AM  
I sure do miss the days when Craftsman tools were good tools.  And when the people working there were helpful.

About 10 years ago, on my last trip to Sears, I needed a 1/2 inch to 3/8 inch adapter for a socket wrench.  Confirmed the store had them in stock.  The rocket surgeon at Sears told me they didn't sell them.  When I asked where they had socket wrenches he said "I don't know."  I said "Oh, I guess you're from another department.  Can you steer me towards someone from the tools department?"  His reply, honest to god, "I'm the manager of this department."  Then he happily turned around and walked away.

/Found the adapter after a couple minutes
 
2017-11-05 10:09:29 AM  
I miss Circuit City
 
2017-11-05 11:15:09 AM  
Chevello:

it actually says Sears Hardware on the sign. It's like the tool, yard, paint and appliance sections of Sears in a small strip mall store. Maybe it's the same thing with different names for different geographic locations.

They are franchises. For a while, they were owned by Sears themselves, but they spun them off to individual owners a few years ago. There is one near me that seems to do decent, despite being a couple miles a way from a Lowe's and Home Depot. I actually needed an odd specialty tool a couple months back and they had it cheaper than the others. They could easily throw an Ace or TrueValue banner up if Sears pulls the plug on these and I don't think it would matter.
 
2017-11-05 11:17:06 AM  
My Sears is still open and safe. However my local Ace Hardware carries Craftsman now so I'm prepared for if they do close.
 
2017-11-05 11:22:57 AM  
My first glance at the headline registered as "Sears and Kmart close to 60 stores"
 
2017-11-05 12:29:28 PM  
60 stores where the long-term cheap leases are up
 
2017-11-05 12:39:25 PM  

Foxxinnia: runwiz: Sears now is basically all about its real estate. That's why the current CEO took the job, so he could strip the company and seize control of the real estate which is its only valuable asset.  This is a death watch.  Employees will hang on for lack of anything else.

Seritage already has all the real estate. I'm not sure what else Sears still owns outside of whatever inventory they still have.


If I remember correctly, Seritage only has the rights to about 2/3rds is the stores. The basically cherry picked the ones with valuable underlying land or at least significant demand for potential reuse of the box/building shell for something else. The boat anchors in depressed areas are generally still under the K-mart, Sears ownership.

/ I'm sure they misread a few, so it might be different in your neighborhood, but that is the general trend.
 
2017-11-05 01:35:39 PM  

NotThatGuyAgain: I sure do miss the days when Craftsman tools were good tools.  And when the people working there were helpful.

About 10 years ago, on my last trip to Sears, I needed a 1/2 inch to 3/8 inch adapter for a socket wrench.  Confirmed the store had them in stock.  The rocket surgeon at Sears told me they didn't sell them.  When I asked where they had socket wrenches he said "I don't know."  I said "Oh, I guess you're from another department.  Can you steer me towards someone from the tools department?"  His reply, honest to god, "I'm the manager of this department."  Then he happily turned around and walked away.

/Found the adapter after a couple minutes


I try to support actual stores but there's too much of this across the board everywhere, and it infuriates me that companies don't want to take my money. My only defense for them is that they have a bunch of stupid people asking for things they've never sold that they just reflexively say "no we don't sell those."

My first instinct when I walk into a place when they ask if they can help me is to say no thank you and look where I know something is supposed to be. That saves 15 minutes of debating with the employee over whether they actually possess an item and where it might be. Only if I can't do I go ask for help and they usually lead me back to where I was.
 
2017-11-05 01:52:46 PM  

ret pally radio: grimlock1972: Turn out the lights the party's over , all good thing must end. call it a night ,the party's over.

Thank you, Mr. Meredith.

Nelson.

FTFY
 
2017-11-05 02:10:22 PM  

Fano: That saves 15 minutes of debating with the employee over whether they actually possess an item and where it might be. Only if I can't do I go ask for help and they usually lead me back to where I was.


With the availability of cheap tablets, I'm surprised that more stores don't equip their salespeople with them along with sales and inventory software.  The store where I purchase my jeans is setup that way.  It shows [general] location, current stock, and price.  It even acts as a point-of-sales terminal.  If a product is out of stock, they can point me to nearby stores where it is in-stock or they can accept payment in-store and ship the product from their distribution center to my house, often for free.

The days where it is excusable for a sales rep to not know where something is and if it is in-stock are coming to an end.
 
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