425 will be announced in the coming months. Probably around 2020 or 2021 he'll officially be out of assets to sell off.
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@X9WIqrI-1tzm Thats where Sears has been lacking instead of taking care of the good workers giving them a chance to advance with full time and more pay they rather have part timers. They rather let go of good employees that know how to run the show
In my store part timers were usually uncaring. Didn't help that our store manager would talk to them like they were mo--ns which gave them a bigger reason to not even try at doing the job. Having the store be run by limitation will not save the company. I see Sears filing for Chapter 7 2019 if not begging of 2020 (if he plans to just extend it as much as he can).
@1fqt Kmart has been operating with part time supervisors for years. I know because my wife's aunt was a part time supervisor for years with Kmart.
68k was the number prior to the BK filing and the first big round of closings. Take out the either closed or currently liquidating stores, closed or soon to be closed RRCs, A&E and whatever else Eddie doesn’t want and you’re right close to 45-50k employees.
I do agree with you on the FT/PT thing. At a store level, the SM will probably be the only full timer. Leads and Zone Supervisors will be working 40 a week, but will no longer get benefits and every couple weeks will drop below 29.5 to avoid having to give them benefits. No clue about the back end distribution stuff or Corp offices.
Of course there will be more store closings and layoffs. Current employees is around 68,000. He said he wants to run the whole company with 45,000 to 50,000 employees. Do the math. There will be layoffs and closings throughout company. He has also made it plain he does not want full time employees because "they cost too much in benefits." Get ready for the "new" Sears and Kmart.
Probably zero. 505 “go-forward” stores minus the previously announced 80 closures from Dec. 28 equals 425.
The question was the number of stores bid on is 425, do there need to be anymore announced closures to reach that number. The article says no. I can't verify this information that's why I asked.OP.
@blj Thanks again.
They'll probably be at least 100 more closings this year at least.
@blj, this is a quote from the article you provided a link for (yeah, I bothered to actually read the whole article, and found this on the bottom):
Sears began the year by announcing a new round of 80 store closures, and these Sears and Kmart locations are hosting liquidation sales right now. These stores are expected to close by March 2019, and when they are closed there will be roughly 425 Sears and Kmart stores left in the U.S.
Beyond that, there is no immediate plan for more Kmart or Sears store closures.
I learned not to trust everything written in the news, as sometimes journalists just don't do their research well enough, so I'm still not sure if they got these numbers right. As for the last sentence, in my book, this means just they have no info if there will be more store closures as Eddy hasn't announced anything yet.
To maintain the ability to use the tax write-offs, the rule is that the company that incurred them must remain in operation. The IRS is free to be as arbitrary as it wants in assessing if the original company is still in operation. Eddie has probably painted himself into a corner with all of his talk of “saving jobs,” cuz if the IRS decides that him closing stores as soon as he takes possession constitutes the original company no longer existing, (the real reason will be because he is turning around and publicly and obviously killing jobs. POTUS has said “it’s obvious that Sears has been badly run for years.” Dems in the House are going to want answers on all the liabilities PBGC is taking on. If you think the IRS won’t read the writing on the wall you’re a fool) he will loose those tax write-offs and have no appeal to try and get them back. Because of that, they’ll cut non-public facing positions (DMs and their staff, back end Corp associates) before closing any more stores. (Excluding the previously announced closures)
@X9WIqrI-blj So according to the article the last 80 announced brings it to 425. So they have all been announced then. Thanks for the link. OP
Draw a trend line from when there were 3500 stores in 2004 to the beginning of 2019 when there 425, and it should give you a rough idea of how things will play out.
Currently Sears has around 500 stores.
If you do the math, that would mean 75 will need to be closed
SIAP
http://time.com/money/5504250/sears-open-closing-eddie-lampert-bankruptcy/
All of them