This is absolutely absurd that they’re closing modernized stores in thriving malls while the aging stores with poor selection in c-ap malls keep chugging along. Even if the modern stores are barely in the black, breaking even, or somewhat unprofitable, does corporate even consider the damage this does to the brand? “If Sears can’t even make it work in insert successful shopping center here, then why should I trust they’ll be around to honor my appliance warranty? Off to Lowe’s I go!” The amount of lost long term customers in many cases outweighs the costs of running these expensive premier stores like Yonkers, NY and Northridge, CA. Sears as well as Kmart in recent years has had its brand image tarnished by wave after wave of store closures, with many profitable stores caught up in the mix. So when this company k–ls off another location, especially ones where money was wasted for modernization like Oak Brook, the damage this does to consumer opinion is quite likely more than leases or renovation costs. Eddie, if you’re not willing to invest in this company, you might as well sell it to someone with the know-how and willpower to make this company succeed.
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Is Northridge closing with Yonkers?
Just a fact.
Sears never filed for bankruptcy.
Correction - Eddie rescued a Bankrupt company and kept it going. You all forget sears was Bankrupt when he took it over and sears ended up bankrupting kmart. The truth hurts but he got a lot of people to retirement that wouldn’t have made it otherwise.
This is a real estate investment/loss driven investment vehicle. It is not intended to make money, just meander along.
You really think Eddie spent $5.2 billion on those vacant stores and is also trying to buy hometown?
The whole game will be to IPO the thing as a new company, pay the racked up debt off, profit handsomely. Expect the IPO next year.
Not sure if anyone has realized, he paid his debts to vendors with STOCK, now black and decker and companies like that have will only hurt what they earn if they don’t supply him with their product. Also saw in my email today, there will be an announcement about the Appliance show rooms on Monday. Wondering if they are about to liquidate, or convert to the hometown store format. This is happening two days after all of the hardware stores close. I came across this in my email, I am a store manager of one of the Appliance and hardware stores, that my district manager forwarded a thread of emails. Said he would be in my store today, HAS announcement Monday, then the other two stores that have finished liquidation Tuesday and Wednesday. It seems ANYTHING over 10,000 square feet will be closing and they will operate nothing but small stores. Not sure how well that will work, but at least they are finally trying to put together a plan to move forward.
this is not about brand , it is about a real estate liquidation. The better malls space is easier to sell
You are assuming that Eddie ever wanted to run a retail enterprise. First mistake.
You assumes Eddie cares about your opinion or your job with his company. He doesn't.
It's been a real estate play since day one. It's come into all of its glory very recently.
You bought the lie.
Eddie Lampert took a once profitable company and drove it into bankruptcy.
How the bankruptcy judge approved selling the whole mess to the same man that destroyed the company in the first place under the false pretense that Eddie would somehow learn from his mistakes and turn the company profitable is beyond me.
Eddie will be back in bankruptcy court once again when this charade falls flat on its face once again.