Does anyone know the real reason the Kmart at Oakwood Plaza in Hollywood Florida is Closing? This is still a profitable store. Also alot of tourist shop here from nearby hotels. I'm thinking he may have sold the lease.
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Doesn't really matter how profitable it is... Mine was the more profitable one between it and one to the north and ours was the one to close because, in our case, it was a lease while the other building is supposedly owned by the company.
No store makes money operating at 10% of it's design capacity.
@1agg I think you meant SE corner of the state, but ya. (The remaining ones are in Miami and the Keys). But I agree with the rest of what you wrote.
The remaining 4 Kmarts in FL will close too. Economy of scale, people. They have 4 stores in the SW corner of the state, and the nearest state to FL with any other Kmarts is NC, with 2 random stores. This far flung nonsense is unsustainable. You don't need to ask why store X or store Y is closing. They're ALL closing, it just got picked for that particular round of closings. They will all be gone in 2020, some sooner than others.
Because Eddie said so.
@vov Yep, exactly this!
NO ONE is going to sell to a twice bankrupt company on credit, they want cash up front. Eddie Lambert did not want to continue the legacy of two iconic brands he only wanted the real estate. The Kmart store I am at is making money and even more since Shopko closed. The last Kmart that would close is now closing. Oddly the company just bought the entire Plaza months ago and even owns the Taco Bell on this large parcel of land and Kmart is closing. The closed Walmart next to it was bought by U-Haul so this store and it's land will serve no other purpose as it's zoned commercial. Not sure if the other 4 stores attached will close as well, one being a busy Dollar Tree. Nothing Lambert does makes any sense.
Since when does profitability matter where these stores are concerned? They’re all being shuttered in increments synchronized with the availability of the liquidators Eddie’s pet liquidation company utilized.
No vendor support. No logistics support, no marketing support, no cash flow corporately. This company is dead. If every remaining store was in one or two states with one DC, it might have a chance, but the way they are spread out, no way. Accept the fact that they are all done. It’s just a matter of time until remaining merchandise in the pipeline is gone and liquidators are available.