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Sears / K-Mart......BANKRUPT!

CoinstartledCoinstartled 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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Comments

  • topstuftopstuf Posts: 14,803 ✭✭✭✭✭

    Did they close stores in All states? >:)

  • mt_mslamt_msla Posts: 815 ✭✭✭✭

    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 ]

  • bestmrbestmr Posts: 1,761 ✭✭✭

    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.

    Positive dealing with oilstates2003, rkfish, Scrapman1077, Weather11am, Guitarwes, Twosides2acoin, Hendrixkat, Sevensteps, CarlWohlforth, DLBack, zug, wildjag, tetradrachm, tydye, NotSure, AgBlox, Seemyauction, Stopmotion, Zubie, Fivecents, Musky1011, Bstat1020, Gsa1fan several times, and Mkman123 LOTS of times
  • OPAOPA Posts: 17,104 ✭✭✭✭✭

    @mt_msla said:
    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/

    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.

    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • DrBusterDrBuster Posts: 5,301 ✭✭✭✭✭

    @bestmr said:
    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.

    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.

  • mt_mslamt_msla Posts: 815 ✭✭✭✭
    edited October 15, 2018 6:28AM

    @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 ]

  • CoinstartledCoinstartled Posts: 10,135 ✭✭✭✭✭
    edited October 15, 2018 6:33AM

    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.

  • jmski52jmski52 Posts: 22,297 ✭✭✭✭✭

    What does that do to the stock price in the Investment Contest? Short-sellers want to know!

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • Timbuk3Timbuk3 Posts: 11,658 ✭✭✭✭✭

    Yup, heard about it on the news !!! :'(

    Timbuk3
  • WildIdeaWildIdea Posts: 1,872 ✭✭✭✭✭

    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.

  • topstuftopstuf Posts: 14,803 ✭✭✭✭✭

    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.

  • tincuptincup Posts: 4,744 ✭✭✭✭✭

    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...

    ----- kj
  • DrBusterDrBuster Posts: 5,301 ✭✭✭✭✭

    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.

  • bronco2078bronco2078 Posts: 9,964 ✭✭✭✭✭

    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 :D . 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

  • ashelandasheland Posts: 22,612 ✭✭✭✭✭

    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!

  • rickoricko Posts: 98,724 ✭✭✭✭✭

    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

  • johnny9434johnny9434 Posts: 27,409 ✭✭✭✭✭

    @topstuf said:
    Did they close stores in All states? >:)

    no, they are going to keep the most profitable ones for the time being. the story continues

  • derrybderryb Posts: 36,108 ✭✭✭✭✭
    edited October 15, 2018 11:31AM

    blame Amazon

    Sears customer for years. Quit shopping there when their customer service went down the drain.

    The decline from democracy to tyranny is both a natural and inevitable one.

  • CoinstartledCoinstartled Posts: 10,135 ✭✭✭✭✭

    @johnny9434 said:

    @topstuf said:
    Did they close stores in All states? >:)

    no, they are going to keep the most profitable ones for the time being. the story continue

    The remaining stores will be in good hands.

  • metalmeistermetalmeister Posts: 4,584 ✭✭✭✭✭

    Too bad. Back in the day I bought almost everything there. Tires, appliances, I still have all my USA craftsman tools and tool chest.

    email: ccacollectibles@yahoo.com

    100% Positive BST transactions
  • AUandAGAUandAG Posts: 24,515 ✭✭✭✭✭

    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

    Registry: CC lowballs (boblindstrom), bobinvegas1989@yahoo.com
  • Downtown1974Downtown1974 Posts: 6,690 ✭✭✭✭✭

    Add Sears and Kmart to the growing list of “remember when”. It was inevitable but still sad nonetheless.

  • bluelobsterbluelobster Posts: 1,220 ✭✭✭

    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.

  • derrybderryb Posts: 36,108 ✭✭✭✭✭
    edited October 15, 2018 3:04PM

    Sears failed to maximize on-line buying. While available, it was not sold to the customers.

    The decline from democracy to tyranny is both a natural and inevitable one.

  • MsMorrisineMsMorrisine Posts: 32,123 ✭✭✭✭✭

    @jmski52 said:
    What does that do to the stock price in the Investment Contest? Short-sellers want to know!

    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.

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • MsMorrisineMsMorrisine Posts: 32,123 ✭✭✭✭✭

    Anyone remember Woolworth's

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • derrybderryb Posts: 36,108 ✭✭✭✭✭

    @MsMorrisine said:
    Anyone remember Woolworth's

    yep, fountain cherry coke.

    The decline from democracy to tyranny is both a natural and inevitable one.

  • blitzdudeblitzdude Posts: 5,361 ✭✭✭✭✭

    America bankrupt too, carry on Semper Fi!

    The whole worlds off its rocker, buy Gold™.

  • cohodkcohodk Posts: 18,548 ✭✭✭✭✭
    edited October 15, 2018 4:43PM

    @MsMorrisine said:
    Anyone remember Woolworth's

    You mean Foot Locker? ;)

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • tincuptincup Posts: 4,744 ✭✭✭✭✭

    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.

    ----- kj
  • bronco2078bronco2078 Posts: 9,964 ✭✭✭✭✭

    @tincup said:
    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 :D

  • ADGADG Posts: 423 ✭✭✭

    @blitzdude said:
    America bankrupt too, carry on Semper Fi!

    Wait till the increase in debt due to the latest tax cuts for business / high income kicks in. You ain't seen nothing yet.

    "The vaccines work,” Trump said, adding that the people who “get very sick and go to the hospital” are unvaccinated.
    “Look, the results of the vaccine are very good, and if you do get it, it’s a very minor form,” Trump continued. “People aren’t dying when they take the vaccine.”
    Do your part, America 💉😷

  • BLUEJAYWAYBLUEJAYWAY Posts: 7,938 ✭✭✭✭✭

    @MsMorrisine said:
    Anyone remember Woolworth's

    How about W.T. Grant and Kmart's forerunner-S.S. Kresge.

    Successful transactions:Tookybandit. "Everyone is equal, some are more equal than others".
  • VanHalenVanHalen Posts: 3,787 ✭✭✭✭✭

    @BLUEJAYWAY said:

    @MsMorrisine said:
    Anyone remember Woolworth's

    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. :(

  • PerryHallPerryHall Posts: 45,296 ✭✭✭✭✭

    @BLUEJAYWAY said:

    @MsMorrisine said:
    Anyone remember Woolworth's

    How about W.T. Grant and Kmart's forerunner-S.S. Kresge.

    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.

  • jmski52jmski52 Posts: 22,297 ✭✭✭✭✭

    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.

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • VikingDudeVikingDude Posts: 1,298 ✭✭✭

    JCPenney will be the next big one

  • bestmrbestmr Posts: 1,761 ✭✭✭

    Anyone remember Montgomery Ward? They were Sears main competitor for many years.

    Yep!! I worked there when I was out of high school.

    Positive dealing with oilstates2003, rkfish, Scrapman1077, Weather11am, Guitarwes, Twosides2acoin, Hendrixkat, Sevensteps, CarlWohlforth, DLBack, zug, wildjag, tetradrachm, tydye, NotSure, AgBlox, Seemyauction, Stopmotion, Zubie, Fivecents, Musky1011, Bstat1020, Gsa1fan several times, and Mkman123 LOTS of times
  • topstuftopstuf Posts: 14,803 ✭✭✭✭✭

    @ADG said:

    @blitzdude said:
    America bankrupt too, carry on Semper Fi!

    Wait till the increase in debt due to the latest tax cuts for business / high income kicks in. You ain't seen nothing yet.

    Have you forgotten that the Treasury buys the debt to "back" our "MONEY"? :D

  • metalmeistermetalmeister Posts: 4,584 ✭✭✭✭✭

    My Kenmore clothes dryer still going after 30 years.

    email: ccacollectibles@yahoo.com

    100% Positive BST transactions
  • BLUEJAYWAYBLUEJAYWAY Posts: 7,938 ✭✭✭✭✭

    I forgot these:J.J.Newberry,Bradleys,Caldor.

    Successful transactions:Tookybandit. "Everyone is equal, some are more equal than others".
  • KkathylKkathyl Posts: 3,762 ✭✭✭✭✭

    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 !
    Bronze Associate member

  • MsMorrisineMsMorrisine Posts: 32,123 ✭✭✭✭✭

    @topstuf said:

    @ADG said:

    @blitzdude said:
    America bankrupt too, carry on Semper Fi!

    Wait till the increase in debt due to the latest tax cuts for business / high income kicks in. You ain't seen nothing yet.

    Have you forgotten that the Treasury buys the debt to "back" our "MONEY"? :D

    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.

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • topstuftopstuf Posts: 14,803 ✭✭✭✭✭

    I shed no tears for the places that go broke and have quit selling guns and ammo. :)

  • blitzdudeblitzdude Posts: 5,361 ✭✭✭✭✭

    @topstuf said:
    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™.

  • djmdjm Posts: 1,558 ✭✭✭✭✭

    @bronco2078 said:

    @tincup said:
    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 :D

    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.

  • AUandAGAUandAG Posts: 24,515 ✭✭✭✭✭

    @tincup said:
    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.

    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 :)

    Registry: CC lowballs (boblindstrom), bobinvegas1989@yahoo.com
  • OPAOPA Posts: 17,104 ✭✭✭✭✭

    @metalmeister said:
    My Kenmore clothes dryer still going after 30 years.

    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. :)

    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • TwoSides2aCoinTwoSides2aCoin Posts: 43,793 ✭✭✭✭✭

    Like many companies before them.

  • bronco2078bronco2078 Posts: 9,964 ✭✭✭✭✭

    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.

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