The end is near...
https://www.wsj.com/articles/sears-hires-advisers-to-prepare-bankruptcy-filing-1539136189
*Subject title changed to reflect official filing
https://www.thestreet.com/markets/sears-hits-record-low-as-restructuring-expert-joins-board-ahead-of-debt-deadline-14738685?puc=yahoo&cm_ven=YAHOO&yptr=yahoo
when will the rest close?
They could file as soon as tomorrow (Friday Oct 12) and creditors including big banks are pushing for total liquidation. I'd estimate liquidation sales will start by next month (especially if Sears is unable to line up DIP financing) and end early in the new year unless there are complications to the case.
It seems to me that this would be the best time of year to extract maximum dollars out of the wreck that is Sears Holdings. Kicking the can until after Christmas shopping is over can't help. Sad to see, regardless.
Quote from: retailisking on October 11, 2018, 07:54:08 PM
They could file as soon as tomorrow (Friday Oct 12) and creditors including big banks are pushing for total liquidation. I'd estimate liquidation sales will start by next month (especially if Sears is unable to line up DIP financing) and end early in the new year unless there are complications to the case.
Yep. The level of trust between creditors and Sears management is so low that this may indeed be one of those rare situations where the court agrees to force them into a Chap. 7 liquidation.
Looks like Sears might get that DIP financing it needs to continue operating through Christmas, though an unspecified number of stores are expected to close immediately; a bankruptcy filing is expected over the weekend. The article talks about seeking a buyer, but in the end I think this will turn out like Bon-Ton with liquidators the only bidders
https://www.cnbc.com/2018/10/12/sears-nears-a-bankruptcy-deal-that-could-keep-it-open-this-christmas.html
It will probably turn out exactly like Bon ton sadly. But i hope it would get a buyer.. heck maybe lampert would get the boot if someone besides a liquidator firm gets it.. But still in the end Lampert will get the boot as well as the employees... But for the employees I'd say we care for them more then Lampert.
Sears Centre to keep namesake till 2022
http://www.chicagotribune.com/business/ct-biz-sears-centre-naming-rights-extended-1013-story.html
Quote from: Amesguy2000 on October 12, 2018, 01:04:39 PM
It will probably turn out exactly like Bon ton sadly. But i hope it would get a buyer.. heck maybe lampert would get the boot if someone besides a liquidator firm gets it.. But still in the end Lampert will get the boot as well as the employees... But for the employees I'd say we care for them more then Lampert.
Employees always take it up the shorts in these deals. I lived that for far too many years.
So they re-upped their naming rights on an arena? Their creditors will NOT be pleased!
they will close 150 stores immediately (but when as the stores have liquidation sales and what about them), and 250 their fate unknown and leave 300, by that they may as well have none I feel. Kmart / Sears filing for bankruptcy isnt earthshattering.
More massive store closings on the way for sure.
I remember when Kmart filed for bankruptcy, it closed 284 stores (out of 2,100) not long after. It then closed 326 more before emerging from Chapter 11 in 2003.
There's only about 360 Kmart stores and 482 Sears stores left. The two chains can only get so small, especially Kmart.
It's sad but Eddie Lampert is an idiot who obviously does not know how to run a retail chain, and in my honest opinion he should have left Sears to meet it's fate and focused on making Kmart a respectable chain once again.
It's official - Sears Holdings files for bankruptcy; Lampert is out as CEO
https://www.wsj.com/articles/sears-files-for-chapter-11-bankruptcy-1539579819?fbclid=IwAR0eU4RUwGZP7ReVlUKpSONX3eICn4bJJaMXmrM4mz-nZ5zOj22HtXY-t84
Here's the official press release
https://searsholdings.com/press-releases/pr/2116
Quote from: Kmart4life on October 12, 2018, 07:47:09 PM
It's sad but Eddie Lampert is an idiot who obviously does not know how to run a retail chain, and in my honest opinion he should have left Sears to meet it's fate and focused on making Kmart a respectable chain once again.
Peter Hollis was Ames' CEO when I worked for the company. He did the Zayre deal which
led into our first bankruptcy.
He was also CEO of Zayre, Fishers Big Wheel and Jamesway, all of which went belly-up.
And yet he never seemed to have a problem in finding another retail chain to hire him as their CEO.
The List
https://www.usatoday.com/story/money/2018/10/15/sears-holdings-bankruptcy-store-closures/1645971002/
Fellow member Brammy and I will be visiting (and filming for posterity) the remaining locations in Connecticut. This is a dark day for retail. Sad its come to this.
Quote from: Amesguy2000 on October 15, 2018, 09:29:09 AM
The List
https://www.usatoday.com/story/money/2018/10/15/sears-holdings-bankruptcy-store-closures/1645971002/
Kmart on Route 51 in Pleasant Hills, PA is on the list.
That literally leaves no stores within any reasonable driving radius of my home.
End of an era for me.
142 to close. in New England, Sears in Fox Run Mall in Newington NH is closing as well as Natick Mall, Milford and Waterford CT and KMart in Madawaska despite being the ONLY STORE. Georgia, Kansas and Arkansas are losing their last Kmarts. many markets and counties losing the last.
Quote from: TheFugitive on October 15, 2018, 07:57:50 AM
Quote from: Kmart4life on October 12, 2018, 07:47:09 PM
It's sad but Eddie Lampert is an idiot who obviously does not know how to run a retail chain, and in my honest opinion he should have left Sears to meet it's fate and focused on making Kmart a respectable chain once again.
Peter Hollis was Ames' CEO when I worked for the company. He did the Zayre deal which
led into our first bankruptcy.
He was also CEO of Zayre, Fishers Big Wheel and Jamesway, all of which went belly-up.
And yet he never seemed to have a problem in finding another retail chain to hire him as their CEO.
Don't forget their last one (Joe Ettore) who seemed to fall into that same category.
Of course, in some cases it may have been the chain itself that was already in trouble when they got the position and not just something they did (like what you mention with the Zayre purchase).
Here is our walkthrough of the Meriden, CT Sears.
https://www.youtube.com/watch?v=T19fGEd4pFk
Here's the landlord perspective on the Sears bankruptcy; it could take a while for this case to work its way through the courts, but the resolution could be positive for many owners. In general, Sears landlords stand to do better without them than Kmart landlords.
http://cbreemail.com/rv/ff00e1acd0746b032e05a48bda418521150a1370
Quote from: danfifepsu on October 15, 2018, 11:21:33 AM
142 to close. in New England, Sears in Fox Run Mall in Newington NH is closing as well as Natick Mall, Milford and Waterford CT and KMart in Madawaska despite being the ONLY STORE. Georgia, Kansas and Arkansas are losing their last Kmarts. many markets and counties losing the last.
Seritage is the landlord of the Madawaska store. The Kmart is the only major retailer in Madawaska, but that town is in effect a suburb of Edmunston, New Brunswick, so much so that the Madawaska Historical Museum is actually located on the Canadian side! A Sears Holdings spreadsheet indicates that it was built in 1977, which I believe was originally Zayre. Edmundston has a Walmart Supercentre as well as an Atlantic Superstore (Loblaw), a Canadian Tire and a Rona (a home improvement chain owned by Lowe's.) SHLD rejected the leases of the now-closed Lilac Mall (Rochester, NH) and Aroostook Centre Mall (Presque Isle, ME) Kmarts.
Quote from: retailisking on October 15, 2018, 05:27:12 PM
Quote from: danfifepsu on October 15, 2018, 11:21:33 AM
142 to close. in New England, Sears in Fox Run Mall in Newington NH is closing as well as Natick Mall, Milford and Waterford CT and KMart in Madawaska despite being the ONLY STORE. Georgia, Kansas and Arkansas are losing their last Kmarts. many markets and counties losing the last.
Seritage is the landlord of the Madawaska store. The Kmart is the only major retailer in Madawaska, but that town is in effect a suburb of Edmunston, New Brunswick, so much so that the Madawaska Historical Museum is actually located on the Canadian side! Edmundston also has a Walmart Supercentre. SHLD rejected the leases of the now-closed Lilac Mall (Rochester, NH) Aroostook Centre Mall (Presque Isle, ME) Kmarts.
well whatll happen to the Florida Keys as they only have Kmart? I hope Target as again that matches that area's demographics more than Walmart.
and I bet the last straw is a disastrous Christmas Season and then they are forced to Liquidate.
Quote from: retailisking on October 15, 2018, 05:27:12 PMSeritage is the landlord of the Madawaska store. The Kmart is the only major retailer in Madawaska, but that town is in effect a suburb of Edmunston, New Brunswick, so much so that the Madawaska Historical Museum is actually located on the Canadian side! A Sears Holdings spreadsheet indicates that it was built in 1977, which I believe was originally Zayre. Edmundston has a Walmart Supercentre as well as an Atlantic Superstore (Loblaw), a Canadian Tire and a Rona (a home improvement chain owned by Lowe's.) SHLD rejected the leases of the now-closed Lilac Mall (Rochester, NH) and Aroostook Centre Mall (Presque Isle, ME) Kmarts.
Madawaska's Kmart was most likely a Grants based on the style of the building. Zayre was located where Marden's is today.
Madawaska will only have a Family Dollar, Marden's, Shop'n save and a Rite Aid with no actual department store. People with a passport will be able to go shop in Edmundston indeed.
Quote from: M.R.CALDOR on October 15, 2018, 03:52:14 PM
Here is our walkthrough of the Meriden, CT Sears.
https://www.youtube.com/watch?v=T19fGEd4pFk
Every time I go, the store isn't completely dead. Of course I have went on the weekends and on Labor Day, but there are always a handful of customers shopping. Although I will say most of the shoppers were in the clothing depts. The Optical was busy too when I went. I guess part of me doesn't want to see this store go. I do understand it is not as busy as it once was. But if they had gotten their act together, it would still be a viable store. They offer decent merchandise.
I just have a feeling that they will have a disastrous Xmas season and the creditors then will push to liquidate and January-February they will announce they will close all and the last closes early Spring.
https://www.bnnbloomberg.ca/former-sears-ceo-alan-lacy-on-what-brought-down-the-retail-icon-1.1155309
Former Sears CEO Alan Lacy on what brought down the retail icon
Sears has burned through much of their existing post-petition financing and will need another cash infusion in the next 15 days if they are to survive beyond that. Lampert appears to hold the key, but only if he can win the approval of creditors.
https://www.bloomberg.com/news/articles/2018-10-19/sears-burns-cash-while-betting-on-lampert-loans-for-survival
Quote from: Zayre88 on October 18, 2018, 05:39:12 AM
Madawaska's Kmart was most likely a Grants based on the style of the building. Zayre was located where Marden's is today.
Madawaska will only have a Family Dollar, Marden's, Shop'n save and a Rite Aid with no actual department store. People with a passport will be able to go shop in Edmundston indeed.
Thanks for pointing out the origins of the Kmart building; I read an article saying that the building dated from 1977 and noted Madawaska as one of Zayre's locations in a 1977 print ad and drew the connection. I imagine that Dollar General will have a definite interest in coming into the market.
I worked with a lady from Ames Home Office Information Systems during my stint in Jacksonville. She was from Madawaska. Sounds like a very interesting place. She said the area had a large number of French speakers and yes, often times your best options were in Canada.
ESL is apparently having trouble finding a partner to help shoulder the burden of that additional $300 in DIP money. We could be headed to liquidation sooner than expected...
https://twitter.com/ElizaHannon/status/1055133061308915712
The closest Sears to me in Crystal Mall is closing in this bankruptcy. Luckily or unluckily Buckland Hills is only a long traffic light farther from me compared to Crystal Mall
Last night I had a dream of all the Kmarts closing
MORE https://www.usatoday.com/story/money/2018/11/08/kmart-sears-store-closing-list/1933522002/
Unsecured creditors are pushing for immediate liquidation
https://www.businessinsider.com/sears-should-close-all-stores-creditors-say-2018-11
Liquidator Great American is reportedly backing a $350 million loan to keep Sears afloat through the holidays. Unsecured creditors can't be happy with this development, as the loan is securitized. Past recipients of loans from Great American include HHGregg, Bebe, Hancock Fabrics, Radio Shack and Sears Canada. All of those are either completely out of business or hanging by a thread after massive store closures. Great American also recently led the liquidation of Bon-Ton Stores and the Chicagoland HOBO chain.
https://www.reuters.com/article/us-sears-bankruptcy-loan-exclusive/exclusive-sears-finalizing-350-million-bankruptcy-loan-with-great-american-sources-idUSKCN1NJ25O
Quote from: retailisking on November 14, 2018, 08:22:41 PM
Liquidator Great American is reportedly backing a $350 million loan to keep Sears afloat through the holidays. Unsecured creditors can't be happy with this development, as the loan is securitized. Past recipients of loans from Great American include HHGregg, Bebe, Hancock Fabrics, Radio Shack and Sears Canada. All of those are either completely out of business or hanging by a thread after massive store closures. Great American also recently led the liquidation of Bon-Ton Stores and the Chicagoland HOBO chain.
https://www.reuters.com/article/us-sears-bankruptcy-loan-exclusive/exclusive-sears-finalizing-350-million-bankruptcy-loan-with-great-american-sources-idUSKCN1NJ25O
I wonder when they will announce the rest of them will close. the 400 they say that are most profitable they can still have 1 underperforming company.
Quote from: danfifepsu on November 15, 2018, 11:19:30 AM
Quote from: retailisking on November 14, 2018, 08:22:41 PM
Liquidator Great American is reportedly backing a $350 million loan to keep Sears afloat through the holidays. Unsecured creditors can't be happy with this development, as the loan is securitized. Past recipients of loans from Great American include HHGregg, Bebe, Hancock Fabrics, Radio Shack and Sears Canada. All of those are either completely out of business or hanging by a thread after massive store closures. Great American also recently led the liquidation of Bon-Ton Stores and the Chicagoland HOBO chain.
https://www.reuters.com/article/us-sears-bankruptcy-loan-exclusive/exclusive-sears-finalizing-350-million-bankruptcy-loan-with-great-american-sources-idUSKCN1NJ25O
I wonder when they will announce the rest of them will close. the 400 they say that are most profitable they can still have 1 underperforming company.
I say sometime in December bur it could be January
Quote from: MikeRa on November 15, 2018, 01:27:13 PM
Quote from: danfifepsu on November 15, 2018, 11:19:30 AM
Quote from: retailisking on November 14, 2018, 08:22:41 PM
Liquidator Great American is reportedly backing a $350 million loan to keep Sears afloat through the holidays. Unsecured creditors can't be happy with this development, as the loan is securitized. Past recipients of loans from Great American include HHGregg, Bebe, Hancock Fabrics, Radio Shack and Sears Canada. All of those are either completely out of business or hanging by a thread after massive store closures. Great American also recently led the liquidation of Bon-Ton Stores and the Chicagoland HOBO chain.
https://www.reuters.com/article/us-sears-bankruptcy-loan-exclusive/exclusive-sears-finalizing-350-million-bankruptcy-loan-with-great-american-sources-idUSKCN1NJ25O
I wonder when they will announce the rest of them will close. the 400 they say that are most profitable they can still have 1 underperforming company.
I say sometime in December bur it could be January
that is what I give it tooo. and a guy I know says they should cut their losses and move o. 1 problem is the Florida Keys but I wonder if Target will be more ideal to replace them as Target's demograhpics fit that area maybe more than Walmart.
I just hope JC Penny isnt next as that will cripple some or many malls.
Looks like December 15 will be the critical date - the $350 million loan was approved and Sears has until then to sell itself. Right now the only offers on the table are from liquidators. My money is on Great American winning a liquidation bid, as they did with Bon-Ton Stores.
https://www.reuters.com/article/us-sears-bankruptcy/bankrupt-sears-wins-court-approval-for-plans-to-sell-stores-idUSKCN1NK31B
On one hand, it's really heartbreaking to possibly see another long time chain go away. On the other, not sure if Sears can truly make a comeback at this point. However, I personally hope by some miracle, they can escape their troubles and exist in a smaller way. They do offer good products and their prices are reasonable. It's just their lack of updated stores and technology, and scarce staffing, coupled with the extremely reduced amount of stores left that is their downfall.
I feel that Sears and Kmart still have a place in the market, especially Kmart. If their stores were more up to date and had more locations, they'd be still pretty popular and a welcome alternative to Walmart and Target. They beat both in the clothing arena. Better quality.
Quote from: retailisking on November 15, 2018, 06:11:00 PM
Looks like December 15 will be the critical date - the $350 million loan was approved and Sears has until then to sell itself. Right now the only offers on the table are from liquidators. My money is on Great American winning a liquidation bid, as they did with Bon-Ton Stores.
https://www.reuters.com/article/us-sears-bankruptcy/bankrupt-sears-wins-court-approval-for-plans-to-sell-stores-idUSKCN1NK31B
What do you think will be the outcome?
Quote from: danfifepsu on November 16, 2018, 03:34:53 PM
What do you think will be the outcome?
I think the liquidators will end up with the winning bid and the rest of the stores will close after the holidays. There are no other viable options.
Quote from: retailisking on November 22, 2018, 12:35:14 PM
Quote from: danfifepsu on November 16, 2018, 03:34:53 PM
What do you think will be the outcome?
I think the liquidators will end up with the winning bid and the rest of the stores will close after the holidays. There are no other viable options.
it seems cut their losses is the only thing they can do now, but to ask to ask. What will the date be of the when they close? I give it March 31, they are all to close their doors by , and start sales between after Christmas and Jan 1. we still have other stores that carry the same stuff. I bet JC Penney loves this.
Quote from: danfifepsu on November 22, 2018, 07:44:41 PM
Quote from: retailisking on November 22, 2018, 12:35:14 PM
Quote from: danfifepsu on November 16, 2018, 03:34:53 PM
What do you think will be the outcome?
I think the liquidators will end up with the winning bid and the rest of the stores will close after the holidays. There are no other viable options.
it seems cut their losses is the only thing they can do now, but to ask to ask. What will the date be of the when they close? I give it March 31, they are all to close their doors by , and start sales between after Christmas and Jan 1. we still have other stores that carry the same stuff. I bet JC Penney loves this.
Why is everyone hoping they close? What does it do for you? I personally would hate to see yet another company (especially under two iconic identities) go away when there is already dwindling options. Then, I am reading people predicting JCPenney is next. Sure, take away all of the old dept stores and leave us Walmart. There is room for another option, especially Kmart. I am trying to be optimistic that maybe Sears can still exist under a smaller footprint. At least for another year. 2019 is just an odd year to go out of business. 2020 is what I had hoped for if Sears couldn't make it. Finish out the decade.
Quote from: AmesNewington on November 22, 2018, 08:00:01 PM
Why is everyone hoping they close? What does it do for you? I personally would hate to see yet another company (especially under two iconic identities) go away when there is already dwindling options. Then, I am reading people predicting JCPenney is next. Sure, take away all of the old dept stores and leave us Walmart. There is room for another option, especially Kmart. I am trying to be optimistic that maybe Sears can still exist under a smaller footprint. At least for another year. 2019 is just an odd year to go out of business. 2020 is what I had hoped for if Sears couldn't make it. Finish out the decade.
I don't think people are hoping for it to close. It's the current state of the company and unfortunately, it's not healthy for JCPenney either.
One chain that I like is Bed Bath & Beyond. Unfortunately, even BB&B is in weak shape. Yet it has one of the best return policies, good product selection and clean stores at good locations, and not even sagged with dead malls.
Along with Wal-Mart, Amazon, the discounters/off price stores (Burlington, TJMaxx/Marshalls, Gabe's) seem to be very healthy. It's apparently the business model (or one of them) that is working for the masses. More exclusive but successful is Costco. But those Costco members are very loyal to it. Where it operates, I hope that Boscov's is doing well. Stores seem to be busy and more customers inside typically than a Sears and JCPenney.
Quote from: mixedday on November 22, 2018, 08:58:46 PM
business model (or one of them) that is working for the masses. More exclusive but successful is Costco. But those Costco members are very loyal to it. Where it operates, I hope that Boscov's is doing well.
I hear Boscov's is still doing well in Meriden, Connecticut, which was their first Connecticut location and opened in October 2015. I have no idea how things are going at the Milford, Connecticut Boscov's, which just opened in October 2018. It will be interesting to see how they do in Providence Rhode, Island where they will be replacing a higher end store - Nordstrom in 2019.
I think if Sears ultimately goes completely out of business Manchester, Connecticut is a great location for a Boscov's.
If not Manchester Boscov's could go into one of the two vacant Macy's spots at the dying Enfield Square Mall, which is going up for auction in a couple weeks. Boscov's could revitalize that mall. The mall is really close to the Massachusetts state line so they should promote the mall on both sides of the border - both the Springfield and Hartford TV and/or radio stations. The former Sears spot can be divided into several spaces. The Edge Fitness Club or LA Fitness along with maybe Books-A-Million. Throw in a couple restaurants into that mall too.
These malls have to think outside the box when it comes to finding new life. What saves the Meriden mall is Boscovs and the typical strip mall stores such as TJ Maxx, Dicks and Best Buy. The problem with Enfield is that they have just about every store imaginable (just about on par with Manchester), but the only difference is would be that Enfield's store base is spread out in town with several large strip malls. Hazard Ave is an example of a large shopping area with just about everything. Also, Enfield is not centrally located in the state like Manchester.
What I think would have helped with Sears Connecticut stores is if they tried downsizing their stores and allowing others to fill the rest of their spaces. That was supposed to be considered in West Hartford. Sears could have been a part of the new Corbin Collection. They could have been on one floor instead of two. I also can't help but think that the Meriden Sears could have downsized to one floor. Same with Enfield and the others. If they still weren't making them money, they would close, but I feel that Sears put themselves in such a big hole that it was too late.
Have Sears stores stopped selling TVs? Kmarts too?
I went to Moorestown Mall Sears and Granite Run Sears in the Philly area. Moorestown is supposed to be a full service store (occupies 3 levels) and there was no section for TVs. It used to be on the upper level. In my opinion, the electronics area should have been moved to main first level when Best Buy opened near the Moorestown mall. Granite Run is two levels and a freestanding building as the mall was demolished for a town center like development. Both are stores that are not closing yet as well. I asked a Granite Run employee and she said they stopped keeping TVs in that store about two years ago.
I just remember circa 2000 when I bought a Sony Trinitron TV set from a local Sears. At that time, Sears had better TVs than what you get at a discounter, like Wal-Mart or Target. Those chains sold TVs like Magnavox and Quasar.
Now, Sears isn't even in the business at least in the stores in my area (excluding sears.com). I suppose it's somewhat understandable with the thin margins in the business. I would likely go to Best Buy anyways over Sears as my first choice, but still rather surprising in some ways for Sears to not keep space for TVs.
Quote from: mixedday on November 23, 2018, 04:22:09 PM
Have Sears stores stopped selling TVs? Kmarts too?
I went to Moorestown Mall Sears and Granite Run Sears in the Philly area. Moorestown is supposed to be a full service store (occupies 3 levels) and there was no section for TVs. It used to be on the upper level. In my opinion, the electronics area should have been moved to main first level when Best Buy opened near the Moorestown mall. Granite Run is two levels and a freestanding building as the mall was demolished for a town center like development. Both are stores that are not closing yet as well. I asked a Granite Run employee and she said they stopped keeping TVs in that store about two years ago.
I just remember circa 2000 when I bought a Sony Trinitron TV set from a local Sears. At that time, Sears had better TVs than what you get at a discounter, like Wal-Mart or Target. Those chains sold TVs like Magnavox and Quasar.
Now, Sears isn't even in the business at least in the stores in my area (excluding sears.com). I suppose it's somewhat understandable with the thin margins in the business. I would likely go to Best Buy anyways over Sears as my first choice, but still rather surprising in some ways for Sears to not keep space for TVs.
The Kmart in Vernon, CT still sells TVs. Was just there today. They sell a limited selection of them, but they are still there. Just picked one out for Christmas that was marked down. Last one on the shelf. Plus earned $73 in points back for purchasing it.
Of all places, the extended Thanksgiving weekend found me in the Sears at the Augusta, GA mall. (only 10 hours from home!) Thoughts: slightly busier than others I've been in lately, helped I'm sure by the Black Friday weekend & the fact that this seems to be a rather healthy mall. Still, it seemed to have fewer customers than any of the other anchors. We picked up something in housewares & only had one person ahead of us in line. The clerk from the mattress department went out of his way to come get us & check us out at his station. My wife felt sorry for him!
We were thinking about purchasing a set of curtains as my wife really liked the styles they had. The trouble was they didn't have enough in stock to cover all our living room windows & I was nervous about buying a partial set, knowing that Sears could die anytime & we may never find more. Some departments were understocked, as expected, and there were piles of "last seasons" seasonal merchandise just pushed out of the way along a back wall.
Quote from: AmesNewington on November 24, 2018, 04:03:33 PM
Quote from: mixedday on November 23, 2018, 04:22:09 PM
Have Sears stores stopped selling TVs? Kmarts too?
I went to Moorestown Mall Sears and Granite Run Sears in the Philly area. Moorestown is supposed to be a full service store (occupies 3 levels) and there was no section for TVs. It used to be on the upper level. In my opinion, the electronics area should have been moved to main first level when Best Buy opened near the Moorestown mall. Granite Run is two levels and a freestanding building as the mall was demolished for a town center like development. Both are stores that are not closing yet as well. I asked a Granite Run employee and she said they stopped keeping TVs in that store about two years ago.
I just remember circa 2000 when I bought a Sony Trinitron TV set from a local Sears. At that time, Sears had better TVs than what you get at a discounter, like Wal-Mart or Target. Those chains sold TVs like Magnavox and Quasar.
Now, Sears isn't even in the business at least in the stores in my area (excluding sears.com). I suppose it's somewhat understandable with the thin margins in the business. I would likely go to Best Buy anyways over Sears as my first choice, but still rather surprising in some ways for Sears to not keep space for TVs.
The Kmart in Vernon, CT still sells TVs. Was just there today. They sell a limited selection of them, but they are still there. Just picked one out for Christmas that was marked down. Last one on the shelf. Plus earned $73 in points back for purchasing it.
The Kmart closest to me in Pleasant Hills was selling TV's (or at least they were before the GOB sale started a couple weeks ago). Sears had completely stopped selling them.
Just odd that Kmart stores still carry TV sets, but Sears stores don't. Wouldn't it make sense the other way?
Sears has obtained another $350 million in financing to take it through the holiday season. Hedge fund Cyrus Capital Partners is also teaming up with ESL to bid for the company
https://www.reuters.com/article/us-sears-bankruptcy/lamperts-hedge-fund-and-cyrus-capital-to-team-up-for-possible-sears-bid-bloomberg-idUSKCN1NX2LI
Yea.. Take away debt for shares/ownership in the company
Huh...
Sears is in talks with liquidators to acquire the company in the event the ESL/Cyrus bid fails, which would of course mean the end of the line for the company
https://www.retaildive.com/news/wsj-sears-talks-with-liquidators-as-it-tries-to-sell-itself/543251/
Quote from: mixedday on November 28, 2018, 06:06:00 PM
Just odd that Kmart stores still carry TV sets, but Sears stores don't. Wouldn't it make sense the other way?
They both did at one time.
The last time I was in a Kmart store of any kind, they had barely any electronics section left at all - one video rack, a couple standalone bargain bins, and - I think - four TVs on a shelf - which is a stark contrast to how things used to be back in the day.
I'm going to check out the Middleburg Hts, OH, store in the morning. We'll see what's kicking around over there, now that they're well into their store closing sale...
Quote from: jason83080 on November 30, 2018, 10:45:45 PM
The last time I was in a Kmart store of any kind, they had barely any electronics section left at all - one video rack, a couple standalone bargain bins, and - I think - four TVs on a shelf - which is a stark contrast to how things used to be back in the day.
I'm going to check out the Middleburg Hts, OH, store in the morning. We'll see what's kicking around over there, now that they're well into their store closing sale...
I was Middleburg Heights store earlier this week and it had a lot left. Only Parma will remain. Kmart may just close
U-Haul’s real estate company, Amerco Real Estate Company, announced on Nov 30 that they will be purchasing 13 current/former Sears/Kmart sites for $62 million and will eventually transform them into U-Haul Moving Centers (pending bankruptcy court approval). U-Haul has already converted 9 vacant Kmarts this year into U-Haul sites. Here are the locations they just bought:
3115 Airport Way, Fairbanks, AK (Sears)
308 Dix Ave., Queensbury, NY (Kmart)
2875 Santa Maria Way, Santa Maria, CA (Kmart)
4110 E. Sprague Ave., Spokane, WA (Kmart)
5909 E. State St., Rockford, IL (Kmart)
20777 Bear Valley Road, Apple Valley, CA (Kmart)
200 Irwin Ave., Fort Walton Beach, FL (Kmart)
1805 E. Stone Drive, Kingsport, TN (Kmart)
3250 Clear Lake Road, Springfield, IL (Kmart)
996 W. View Park Drive, Pittsburgh, PA (Kmart)
1309 N. High St., Fort Atkinson, WI (Kmart)
17850 Frazho Road, Roseville, MI (Kmart)
1705 S. Main St., Roswell, NM (Kmart)
3 of these locations are “darkâ€, 6 are negative EBITDA, 4 are positive EBITDA (“the purchase price being paid by [Amerco] for the 4 positive EBITDA warrants proceeding with the sale.â€)
“The parties have entered three-month occupancy agreements for 10 of the 13 parcels that provide for Sears to pay related real estate taxes and water and sewer charges and allow time for going-out-of-business sales.†(WWD.com)
All of this info came from:
www.sparefoot.com/self-storage/news/7442-u-haul-scoops-13-kmart-sears-stores-62-million
www.wwd.com/fashion-news/fashion-scoops/sears-holdings-corp-inks-real-estate-deal-for-certain-sites-for-62m-leases-retail-kmart-1202918156
Eddie Lampert has made it official, submitting a $4.6 billion bid to keep Sears alive. There are a number of surprises in the bid, including a cash component and his decision to bid on the entire company and not just the previously-disclosed "going forward" 500 or so stores. Analysts suggest it's more of a face-saving gesture than anything else.
https://www.bloomberg.com/news/articles/2018-12-06/eddie-lampert-makes-4-6-billion-bid-to-keep-sears-chain-alive
So he isn't going to partner-bid with that one company that will give them ownership in the company but take away all their debt??? That (I think) would be their best bet..
Quote from: retailisking on December 06, 2018, 10:52:40 AM
Eddie Lampert has made it official, submitting a $4.6 billion bid to keep Sears alive. There are a number of surprises in the bid, including a cash component and his decision to bid on the entire company and not just the previously-disclosed "going forward" 500 or so stores. Analysts suggest it's more of a face-saving gesture than anything else.
https://www.bloomberg.com/news/articles/2018-12-06/eddie-lampert-makes-4-6-billion-bid-to-keep-sears-chain-alive
The article said more than just the 505 stores would be salvaged if this happens. Does that also mean the stores that were announced to close on November 8 would also stay open? I doubt that would be the case, but one of those Sears stores is on the November 8 list (Meriden, CT) and I don't want to see it go. Sears also owns the space and has a say in what happens to it. I was just thinking how crazy it would be if they actually kept Meriden open because Best Buy in the same mall was scheduled to close a few years ago, but was saved at the last minute and is still open today. Again, wishful thinking. I also really didn't expect Sears to be around after next year. Never have I seen such an effort to keep a hurting retail chain operating. They just won't give up. I STILL believe if they did things right, they would be a viable company. I also believe if they had the ability to update their remaining Sears and Kmart stores, they would be a great Walmart alternative.
Quote from: AmesNewington on December 06, 2018, 06:52:21 PM
Quote from: retailisking on December 06, 2018, 10:52:40 AM
Eddie Lampert has made it official, submitting a $4.6 billion bid to keep Sears alive. There are a number of surprises in the bid, including a cash component and his decision to bid on the entire company and not just the previously-disclosed "going forward" 500 or so stores. Analysts suggest it's more of a face-saving gesture than anything else.
https://www.bloomberg.com/news/articles/2018-12-06/eddie-lampert-makes-4-6-billion-bid-to-keep-sears-chain-alive
The article said more than just the 505 stores would be salvaged if this happens. Does that also mean the stores that were announced to close on November 8 would also stay open? I doubt that would be the case, but one of those Sears stores is on the November 8 list (Meriden, CT) and I don't want to see it go. Sears also owns the space and has a say in what happens to it. I was just thinking how crazy it would be if they actually kept Meriden open because Best Buy in the same mall was scheduled to close a few years ago, but was saved at the last minute and is still open today. Again, wishful thinking. I also really didn't expect Sears to be around after next year. Never have I seen such an effort to keep a hurting retail chain operating. They just won't give up. I STILL believe if they did things right, they would be a viable company. I also believe if they had the ability to update their remaining Sears and Kmart stores, they would be a great Walmart alternative.
What willl happen with SEars and Kmart liquidating and if so when?
https://www.cnbc.com/2018/12/28/sears-chairman-eddie-lampert-submits-bit-for-company.html
Quote from: Kmart4life on December 28, 2018, 06:03:06 PM
https://www.cnbc.com/2018/12/28/sears-chairman-eddie-lampert-submits-bit-for-company.html
Would have meant more if they didn't announce the 80 additional locations, including the Vernon Kmart. But this doesn't mean the company will survive if the impending rulings/bids in January go against Eddie.
Quote from: AmesNewington on December 28, 2018, 06:25:03 PM
Quote from: Kmart4life on December 28, 2018, 06:03:06 PM
https://www.cnbc.com/2018/12/28/sears-chairman-eddie-lampert-submits-bit-for-company.html
Would have meant more if they didn't announce the 80 additional locations, including the Vernon Kmart. But this doesn't mean the company will survive if the impending rulings/bids in January go against Eddie.
I feel Kmart / Sears arent out of the woods and how long will it last. or if they ever emerge it will be like Bradlees where its a temporary thing and then fall back in and die 1-2 yrs later.
Sears in Mall of America is closing! OK its a lucrative and busy busy mall, I Feel it closed due to the value of the property.
Kmart will have no stores in 13 states after this wave. Kmart seems to be becoming more of a regional chain.
I wonder if Kmart and Sears will be around in a year.
As it's 2019, will this be the year Kmart & Sears cut their losses and move on or continue? or continue and crash into 2020?
No news on the liquidation bid.
What next:https://www.wsj.com/articles/sears-to-stay-open-after-edward-lampert-prevails-in-bankruptcy-auction-11547636823 ?
old fast eddy just saved jobs
It's absolutely amazing to me just how long it's taking this rickety old contraption to coast to a stop. It goes to show just how mighty Sears once was.
Quote from: shore72 on January 16, 2019, 09:14:14 PM
It's absolutely amazing to me just how long it's taking this rickety old contraption to coast to a stop. It goes to show just how mighty Sears once was.
and show how a rich investor is pulling the strings, yet he wont put any money into the stores, which look the same as since the 1980s or earlier.
I feel this can't last forever and Sears / Kmart have more lives than a cat. Woolworth this happened of where they closed stores in rounds to where there was a few hundred left.
What is the chances that the judge will approve this: https://www.cnbc.com/2019/01/17/sears-announces-esl-as-winning-bid-in-bankruptcy-auction.html?fbclid=IwAR1cZMcKkxHvHGQfb4aT9R8QguGgCJ2EB5R7x7yrw0NuWxkjfcRO3zoG6IA and
Anyone's guess on the outcome of the hearings that are going on and creditors objections? and I feel Lambert saying he is trying to save 45K jobs is an excuse to save a sinking ship!
It's official.
The Bankrutcy Court is giving Eddie Lampert ANOTHER shot with Sears.
https://www.foxbusiness.com/retail/u-s-bankruptcy-judge-has-approved-lamperts-5-2-billion-bid-for-sears
Frankly this astounds me.
Quote from: TheFugitive on February 08, 2019, 10:43:55 AM
It's official.
The Bankrutcy Court is giving Eddie Lampert ANOTHER shot with Sears.
https://www.foxbusiness.com/retail/u-s-bankruptcy-judge-has-approved-lamperts-5-2-billion-bid-for-sears
Frankly this astounds me.
and why I feel Sears / Kmart has more lives than a cat I feel! I feel the inevitable will come soon. I went to one in Salem NH 2 weeks ago and only 3 other people in the store than me with clerks bored standing around talking. Many states in Middle America will only have 1 of the 2 chains or none of both, and those chains due to how they have downsized are more of a regional chain than a national. Either Shopko or Kmart / sears is next.
With the story that came out that they stole over $700 grand for sick and dying children I decided I would never spend any money with such a despicable company.
Quote from: Brammy on February 10, 2019, 11:06:12 AM
With the story that came out that they stole over $700 grand for sick and dying children I decided I would never spend any money with such a despicable company.
I agree and that is a sign of greed! and how disorganized the company is is many states they are in smaller cities as I guess they cant handle the competition. and I pointed out above Kmart and Sears are now more of a regional chain (s) than national).
I feel the chain is on borrowed time, now I am predicting the end is a year from now.
I've recently read that Sears, after the purchase by Lampert, will only have 223 stores left! Kmart only 202 stores...
They even plan to close more stores and downsize others...