https://www.prnewswire.com/news-releases/transformco-completes-sale-of-five-kmart-store-leases-301209023.html
14 replies (most recent on top)
If you are an environmentalist and care about the earth, you might want to know that the bottles are being recycled and not going to a landfill.
Sorry I meant 3 people out of over 300 million below, not 3 million. Point still stands though.
OK, so about 3 people out of over 3 million care. So about .0001% of the US population care. Again, what happens to an already closed property is equally as interesting as what Bar owners do with my empty Bottles after I leave. These stores are closed and will never have anything to do with Sears again, so it's meaningless in terms of a discussion on Sears. If someone has NEW (previously not-yet announced) Sears closings, then that WOULD have an effect on current Sears operations. But this doesn't.
In other words while I'm at The Tavern, I'm interested to see what types of Full Beer Bottles are available. But once Said Bottles are empty, what is done is of little interest. See the analogy.
I care, too. I appreciate any and all insight into this crazy company. It's shrouded in so much mystery these days as a privately held operation.
Since you asked, I care
Who cares? These are already closed properties, not any new closings. What happens to already-closed stores, is about as interesting as what the Bar owner does with my empty Beer Bottles after I go home. What difference does it make? When you have some new closures that you can prove, then announce those.
Transformation complete!
Is the NJ store still open? Its still listed on kmart.com?
This is the biggest joke of press release I have seen so many companies including even JCPenney are in much better shape than this. Eddie must be now getting ready for the final round of closures!
That's true. All the remotely decent properties were transferred to Seritage long ago which is a rapidly going bankrupt financial basket case buried in debt while TransformCo's real estate, finance, legal, and accounting departments have all been revolving doors because everyone knows it's a sinking ship no matter what retention bonuses are offered.
TransformCo continues to sell properties at fire sale prices because of depressed COVID-19 pricing, poor maintenance due to Eddie's stupidity, to cover its enormous cash burn so it isn't forced into bankrupcy by its numerous creditors.
"Transformco continues to pursue opportunities to create value from its real estate portfolio and to partner with retailers, property owners and communities as part of the ongoing reinvention of retail real estate," said Scott Carr, president of Transformco Properties.
Businesses should put profits over people. That's why they exist and that's how people stay employed.
The problem is, Eddie & Co. haven't made a profit in 15 years.
Yup! That's Larry Costello and Eddie Lampert putting profits over people why else would they sell former location milk on real estate and sell the property so they can get more money after selling off the vacant properties.