SEARS Collapse | Forum

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Maklarr4000
Maklarr4000 Jun 7

Once the most powerful retail business on earth, Sears is now a broken-down shell of it's former glory. Sears has, in the last two decades, shuttered more than half of it's stores, and that trend is unlikely to stop anytime soon.


Back in November of last year, Sears shuttered a vast number of stores (HERE), but even that hasn't been enough. Sears has announced that they will be closing another 68 stores this year, the story for which can be found HERE.

Maklarr4000
Maklarr4000 Jun 7

Sears is closing a massive store at Omaha Nebraska's Oak View Mall, story HERE.



Maklarr4000
Maklarr4000 Jun 7

The Sears in Waterbury, Connecticut is slated to close as well. Story HERE.



Maklarr4000
Maklarr4000 Jun 7

Sears is closing this store in San Antonio Texas as well. Story HERE.



The Forum post is edited by Maklarr4000 Jun 7
Jasper
Jasper Jun 16
Rip
Maklarr4000
Maklarr4000 Jul 3
Sears has added another 10 stores to the list, story is HERE.

From the story...

"Here's a list of the latest stores being closed:

California

Newark: Sears at 6000 Mowry Ave.

Thousand Oaks: Sears at 145 W Hillcrest Drive

Florida

Altamonte Springs: Sears at 451 East Altamonte Drive

Michigan

Troy: Sears at 300 W. 14 Mile Rd.

Montana

West Havre: Kmart at 3180 Highway 2

New York

Clay: Sears at 4155 State Route 31

Oklahoma

Oklahoma City: Sears at 4400 S Western Ave

Virginia

Virginia Beach: Sears at 4588 Virginia Beach Blvd  

Chesapeake: Sears at 1401 Greenbrier Parkway

Wisconsin

Madison: Sears at 53 West Towne Mall C

June 6 closings list

Less than a week after announcing 63 stores would close, the company added five more Sears stores to the list, which also are set to close in early September.

Connecticut

Waterbury: Sears at 425 Union St Waterbury

Nebraska

Omaha: Sears at 3420 Oak View Drive

Louisiana

Monroe: Sears at 4800 Millhaven Road

Shreveport: Sears at 3601 Southern Ave.

Bossier City: Sears at 2950 E Texas St
..."

Maklarr4000
Maklarr4000 Aug 11
Here's one of the stores now that it's cleared out in Fort Gratiot, MI.





Maklarr4000
Maklarr4000 Aug 17



So, in the latest twist in the Sears Holdings' death-spiral, CEO Eddie Lampert, often cited as the 'architect' of Sears' collapse over the last few years, has offered the embattled company $400 million of his own money to buy out Kenmore, Sears' once-exclusive appliance name that is sold in other stores today. It is, despite Sears' other corporate dead weight, still an incredibly valuable asset. Though the days of people really attaching a "value" to a name brand are coming to an end thanks to us poverty-stricken millennials and Gen-Z'ers (it's a joke, relax), the Kenmore brand name does still have some serious value to it. Which makes it seem, in my opinion at least, all the more slimy that Mr. Lampert would drive the stores and the company into the ground, only to offer them a "Critical" and time-sensitive deal to keep their creditors at bay. Following the sale of their Craftsman tool brand to their key rival, Stanley/Black-and-Decker, it seems that Sears is kept afloat only until Lampert can 'legally' extract all of Sears' valuables at a tremendous discount, before letting it sink to the depths when it's run out of things to plunder.

Now, to further that assessment, Lampert also offered to buy (for only $70 million) Sears Home-improvement service, known as "SHIP". It's really only available in large cities, but serves as both a moving company for hauling Sears products to customers, to installation, to other jobs the customers might need. As one might expect, where it's still available there is still money in operating that service.

What is an appliance brand actually worth though? Is $400 million dollars a low-ball offer? Lampert seems to think so, indicating that "an expedited sales process is in the interest of all parties" when he pitched the deal to Sears' assessment board for approval. He's looking to close on the deal about as fast as most close on a house sale- 60 to 90 days. For that volume of money, for a once-in-a-lifetime deal to sell out an entire company? All to a store chain that is closing stores left and right in a desperate bid to remain solvent? Yikes.

If you want to read about the deal and whatnot, the story is HERE.

For a picture of Mr. Eddie Lampert, I imagine a Google search for "Devil" should bring him up within the first 3 pages of results or so... 

The Forum post is edited by Maklarr4000 Aug 17
Jasper
Jasper Aug 17
Quote from Maklarr4000



So, in the latest twist in the Sears Holdings' death-spiral, CEO Eddie Lampert, often cited as the 'architect' of Sears' collapse over the last few years, has offered the embattled company $400 million of his own money to buy out Kenmore, Sears' once-exclusive appliance name that is sold in other stores today. It is, despite Sears' other corporate dead weight, still an incredibly valuable asset. Though the days of people really attaching a "value" to a name brand are coming to an end thanks to us poverty-stricken millennials and Gen-Z'ers (it's a joke, relax), the Kenmore brand name does still have some serious value to it. Which makes it seem, in my opinion at least, all the more slimy that Mr. Lampert would drive the stores and the company into the ground, only to offer them a "Critical" and time-sensitive deal to keep their creditors at bay. Following the sale of their Craftsman tool brand to their key rival, Stanley/Black-and-Decker, it seems that Sears is kept afloat only until Lampert can 'legally' extract all of Sears' valuables at a tremendous discount, before letting it sink to the depths when it's run out of things to plunder.

Now, to further that assessment, Lampert also offered to buy (for only $70 million) Sears Home-improvement service, known as "SHIP". It's really only available in large cities, but serves as both a moving company for hauling Sears products to customers, to installation, to other jobs the customers might need. As one might expect, where it's still available there is still money in operating that service.

What is an appliance brand actually worth though? Is $400 million dollars a low-ball offer? Lampert seems to think so, indicating that "an expedited sales process is in the interest of all parties" when he pitched the deal to Sears' assessment board for approval. He's looking to close on the deal about as fast as most close on a house sale- 60 to 90 days. For that volume of money, for a once-in-a-lifetime deal to sell out an entire company? All to a store chain that is closing stores left and right in a desperate bid to remain solvent? Yikes.

If you want to read about the deal and whatnot, the story is HERE.

For a picture of Mr. Eddie Lampert, I imagine a Google search for "Devil" should bring him up within the first 3 pages of results or so... 

Damn rip sears
Maklarr4000
Maklarr4000 Aug 24
Sears Holdings is closing 46 stores in November, and CNBC has a map that shows where they all are.




Check the real one out HERE.

Jasper
Jasper Aug 25
Quote from Maklarr4000 Sears Holdings is closing 46 stores in November, and CNBC has a map that shows where they all are.




Check the real one out HERE.

Lol
Maklarr4000
Maklarr4000 Aug 29
USA Today put together a rather neat little video about the "Great Sears Collapse" titled "Why seeing Sears stores close hurts hearts" and at just over a minute, it's worth a quick watch.



Maklarr4000
Maklarr4000 Sep 6
The bad news just keeps coming.








Makes you wonder how much longer they can keep going.

Maklarr4000
Maklarr4000 Oct 15









...



The Forum post is edited by Maklarr4000 Oct 15
Maklarr4000
Maklarr4000 Oct 15
Today is the day! Failing to meet creditors demands (including CEO Eddie Lampert's) Sears has been pressed to file for Chapter 11 Bankruptcy protection. Barring some sort of expensive maneuver by CEO Lampert (something he has resisted doing since 2006) Sears will all but certainly face liquidation either before or shortly after the holiday shopping season. A quick list of another 142 stores has been compiled (though not released as of this posting) but it's doubtful that will be enough to sway courts even a bit. Sears stock prices are now languishing just above 10 cents, and with more than 20 years of steady decline on record, it seems Sears is doomed to failure.


News stories:
New York Times

USA Today

Wall Street Journal

LA Times

Reuters

CBS News

MSN

Maklarr4000
Maklarr4000 Oct 15
Here's a video or two. Enjoy!



Perhaps it is only my perspective, but it seems that CEO Lampert who has, unquestionably, helmed Sears total collapse has done so only to squeeze brands, intellectual property, real estate, and other valuables from the foundering retailer. Now of course that the metaphorical ship is sinking, CEO Lampert has made his way to safety, where I'd wager he'll try to buy up things as the court moves on to liquidate them. The whole affair has, from my perspective at least, made him and his cronies rich at the expense of their workers, investors, and even their customers. Disgraceful, through and through.

Maklarr4000
Maklarr4000 Oct 17
There is a fabulous Business Insider story on this one HERE and I highly recommend reading it.



Maklarr4000
Maklarr4000 Oct 17
The President added his 2 cents to this one as well.



Maklarr4000
Maklarr4000 Oct 17
...and an odd story about how J.C. Penney may make out better for Sears' failings over on the Motley Fool (HERE).
Maklarr4000
Maklarr4000 Oct 28
Hey, this is kinda neat.




Story is HERE.

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