My store is one of the 140 that was announced after the bankruptcy. Since then we have put over $780,000 in profit on the books. Even last week at everything 40%-75% off we made $40,000. You would think the company could figure out how to do this without closing a store. This cräp about these large charges to close a store is pure BS. And also on top of this $800,000 add in another $130,000 in fixture sales that will pull us over a Million Dollars in profit in less than 12 weeks.
20 replies (most recent on top)
Asbestos floor tiles were used into the mid eighties. They aren't 'safe' especially if in poor condition, (chipped, cracking, etc.). Usually the easiest fix is to just cover them up. Any renovation or demolition is another story. Thankfully, they no longer go around ripping out all asbestos materials in buildings anymore willy-nilly. Like schools where the pipe insulation was removed releasing fibers and making things worse.
Asbestos isn't just a thing in some small number of 'really old' stores. The vast majority of Sears stores have asbestos floor tiles. It's safe in that format until you start chipping away at the tiles to remove them.
https://www.asbestos.com/blog/2018/07/13/asbestos-floor-tile-diy-removal/ describes the hazards
@WWDeonX-1ukr Yes. Imagine all the possible enviro-hazard cleanup from the auto centers alone. Not to mention asbestos mitigation in really old stores.
EBITDA and NON-GAAP is what you talk about when you can't make a real profit.
That's what's supposed to happen. 20% of annual sales happen during holiday sales every year. once you start adding the ITDA part though, it's a disaster through and through.
my store was -$300,000 in EBITDA before we started closing and we are now +465,000 in Ebitda
Usually it's just cheaper to abandon those buildings than to tear them down. Cleaning up the environmental hazards is really expensive. Seritage is spending an average of $150 / sq ft to get old Sears back to into marketable shape, and not really making a profit on them overall.
Don't forget the money you can make selling off the steel building supports as sc-ap metal and the copper pipe from the washroom and break room fixtures. Also copper from the AC units.
Going to sleep on Tom's couch, I guess. ;-)
I bought my double wid for 40k and sold it for 2k. I used the prophet to get my GED. Well, my buddy Tom pretendid to be me and got me my GED. I’m gong placis.
Is this person for real or just being sarcastic?
"Profit from selling your fixtures?????" Yeah that's a long term strategy. Like GM selling their machine tools.
Sales don’t equal profits buddy. Your store may have made a million in 12 weeks but it probably cost 1.3million to operate.
I could take a billion dollar bills, Mark them half off, sell out my stock completely, and still lose less money than Eddie. This guy would say I just made a billion dollars profit.
This fine example of business accumin shows why Sears is where it is
The company has figured out exactly how to do this!! We are transforming in ways I never imagined, the go forward stores are all profitable, as soon as we unshackle ourselves from these legacy costs look out!!!
I think this guy calculates profits the same way Eddie does
Profit from selling your fixtures????? Profit from selling “everything 40% to 75% off....”
If your mom bought you an iPhone for $1000 and you then sold it for $650, the $650 you received is a net loss of $350....
And management overhead. That's been the real profit-killer at Sears for many years, managers ten levels deep and the busywork reporting they demand.
Sales and profit are two different things....Those numbers look like raw sales numbers....not profit numbers after taking out for payroll, rent, utilities, etc.