Sears / K-Mart......BANKRUPT!
Coinstartled
Posts: 10,135 ✭✭✭✭✭
I am no Amazon fan, but the demise of these one time retail goliaths was pre ordained well before Bezos began selling books out of his garage. Two individual as well as combined failures.
*full disclosure...they were my contest stock choice. 
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Did they close stores in All states?
Have been signs for a long time. What was remarkable for me, for example, was when Bruce Willis bought out the skycrapper in Chicago US of A only 9 years ago.
https://en.wikipedia.org/wiki/Willis_Tower
http://fortune.com/2018/10/10/sears-bankruptcy-eddie-lampert/
Insert witicism here. [ xxx ]
This doesn’t surprise me. It’s been in the cards for a while. What I’m wondering though, is what’ll happen to the malls that most sears are in? That’s a huge chunk of rent no longer being paid.
I don't think that Bruce Willis is in anyway associated with the Willis Tower that is owned by: Willis Group Holdings, Ltd, based in the U.K.
The one mall/sears by me, which the sears is closing soon if it hasn't already (was named in June to close), has been a wasteland of a mall for a good 10+ years. Been at least half empty for that long and talks keep popping up of redevelopment into mixed use. Wish they would just go ahead and do it.
@OPA no of course he isn't. Sometimes my humor is subtle and overlooked. That's why I included the links to Abraham Lincoln's wikipedia.org article.
Of course, sometimes what I post just isn't funny. That also happens.
Insert witicism here. [ xxx ]
Nearby Super-K often has a single register open. A few months ago is was none as the cashier was tending the jewelry counter. I will miss the place though as it was a quick stop to pick up TP and cat litter.
What does that do to the stock price in the Investment Contest? Short-sellers want to know!
I knew it would happen.
Yup, heard about it on the news !!!
I often wondered how those stores could survive this long. With high per sq foot rent with prop taxes built in, utilities, and product to buy, all that before you pay wages and personnel taxes on employees.
I suspect there has to be some kind of subsidized rent, astronomicaly low product costs, tax holidays or special deals that mom and pops aren’t getting.
Kind of sad to see them go and now even more empty box stores littering the landscapes of towns across the country. They should have been be required to post reclamation bonds like mining, so when these close and the buildings don’t get repurposed after a few years they can get torn down and recycled out their expense and not local citizens.
Any recent look at the quality of the merchandise should have told ANYONE that their days were numbered.
Their clothing looks/looked like a Mumbai bazaar. Better stuff at flea markets.
It's sad to see them go. They are an American icon... supplied generations with all sorts of goods; Sears catalogs were a staple during the late 1800's on...
My inlaws in NY, the house they lived in for years and just moved out of a couple years ago...the next door neighbors house was a sears catalog house.
Screw the malls they did their part to kill sears too. Near me a Sears closed about 3 years ago and had a big sale. I asked the workers there and they said the decision was made at the time because the mall doubled the rent when the stores lease ran out.
The mall was half empty and thought they would make up for it by driving out one of the 2 remaining anchor stores
. It takes an MBA to think of that.
There had been turnover to be sure over the years but the trajectory was down pretty much from 2000 or so and it had opened in the early 90's.
This is a lack in the current business culture that is really giving us problems, lack of long term planning.
Whether its sears or the mall ownership or joe six pack, there is no more 10 year plan or 20 year plan no continuity just grab all you can with both hands and run
The Sears in Asheville mall closed a few months ago. It's completely empty and yet all of the lights are left on constantly. Stupid waste of electricity if you ask me!
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The Sears in the mall here is closing.... last anchor store in that mall... I expect it will shutter totally since they only have a few businesses left...There was talk of bringing in some things.. but never materialized...I will miss the mall because I get my haircut there...Cheers, RickO
no, they are going to keep the most profitable ones for the time being. the story continues
blame Amazon
Sears customer for years. Quit shopping there when their customer service went down the drain.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
The remaining stores will be in good hands.
Too bad. Back in the day I bought almost everything there. Tires, appliances, I still have all my USA craftsman tools and tool chest.
100% Positive BST transactions
I heard they filed Chapter 11, reorganization and ousted the CEO. About frigg'n time. He was the sold cause of the demise of this once great retailer.
bob
Add Sears and Kmart to the growing list of “remember when”. It was inevitable but still sad nonetheless.
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Lampert kept it operating as a zombie on the Titanic, he pulled money from it a long time, but it was still a fail for him.
Sears failed to maximize on-line buying. While available, it was not sold to the customers.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
If the stock stops trading, the full value of the short is realized. The long would lose everything.
Right now JohnnyCache is in the lead for the least, but I haven't calculated mid-month.
Anyone remember Woolworth's
yep, fountain cherry coke.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
America bankrupt too, carry on Semper Fi!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
You mean Foot Locker?
Knowledge is the enemy of fear
I always liked Kenmore appliances; they used to be their own brand. But supposedly no longer... they are made by companies like Whirlpool and Amana, and they just stick a Kenmore label on them. I suspect the Craftsman tool line is the same situation... too bad.
I have been hoarding broken craftsmen ratchets I am so screwed
Wait till the increase in debt due to the latest tax cuts for business / high income kicks in. You ain't seen nothing yet.
How about W.T. Grant and Kmart's forerunner-S.S. Kresge.
Yep, Kmart = Kresge-mart.
I grew up with a three-story Sears store downtown. It seemed huge and sold damn near everything. Almost like an Amazon showroom.
Anyone remember Montgomery Ward? They were Sears main competitor for many years.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Quit shopping there when their customer service went down the drain.
Yep, the poor service was in full display at Sears a number of years ago during Christmas shopping season which is about the time I stopped shopping there, except for a tool now and then.
Craftsman tools have been sold at Ace Hardware for several years now, by the way.
A few weeks ago, I was at the mall and noticed that the Sears store was closed.
I knew it would happen.
JCPenney will be the next big one
Yep!! I worked there when I was out of high school.
Have you forgotten that the Treasury buys the debt to "back" our "MONEY"?
My Kenmore clothes dryer still going after 30 years.
100% Positive BST transactions
I forgot these:J.J.Newberry,Bradleys,Caldor.
Long before the internet started the demise of this collaterally base debt football began. Many of the Non debt ridden traditional stores transitioned nicely from foot traffic to web. Problem with business like this is they capitalized overhead into stock that was way overvalued. Shoppers would go to the store to buy set of towels and they would have 1 of the wash clothes 3 hand towel and 1 bath towel in yellow and the price was full retail. Locations off the beat N path did not offer other valuations either. I am really surprised it took this long, but I guess the debt holders had enough.
Best place to buy !
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the Treasury issues the debt.
the Federal Reserve takes treasury issued debt from banks for collateral when issuing the printed money.
coins have to be bought with cash.
I shed no tears for the places that go broke and have quit selling guns and ammo.
Oh yeah, I'm sure that's exactly the reason they went bankrupt. Don't worry plenty of them guns and ammo still available down at your local Chinamart. Evolution baby! Carry on! Semper Double Fi!!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Why are you screwed. You can bring them to Lowes for exchange. Stanley Black and Decker has owned Craftsman for a few years now. They are still honoring the warrantee at least for now.
No Sears never made anything. Whirlpool had two separate lines for appliances. One for the Sears product and one for Whirlpool. I'm retired Sears appliance salesman. Sometimes the Sears products would have a stronger motor or a better ice maker or such but it was just a Whirlpool. Ammna came late in the game and did the same, basically.
bob
My washer & refrig. going on 35 years. Although I have to admit, that I had to call for service once during that span for the refrig.
Like many companies before them.
here in the northeast we used to have a lot of the mall anchor chain type stores.
Bradlees , Caldor , Rich's, Ames, Zayres, Ben Franklin , Kmart , Woolworth, JC Penney, Filenes, Filene's basement etc.
In the late 80's they were all dying one by one well before the internet. In fact there were no walmart or Target stores here yet driving them out either.