Store Closings:

Sears just announced a fresh round of store closures.

The company told employees on Tuesday that it will close more than 30 Sears and Kmart stores in early 2017, half a dozen employees told Business Insider.

I guess this will make the unemployment numbers go down again. It seems every time people loose their job during the Obamanation administration the unemployment rate went down somehow. If it didn't Bush got the blame. Now we can blame Trump if blaming Bush don't fly. 

Original Post

17 Sears stores closing:

  • Florence Mall, Florence, Alabama
  • 5901 University Dr. NW, Huntsville, Alabama (This closure was announced on November 18. It will close in January.)
  • 1901 S Caraway Rd., Jonesboro, Arkansas
  • Enfield Square, Enfield, Connecticut
  • Eagle Ridge Mall, Lake Wales, Florida
  • Kentucky Oaks Mall, Paducah, Kentucky
  • 9605 Queens Blvd., Rego Park, New York
  • Walden Galleria, Cheektowaga, New York
Dr. Pepper posted:

Sears just announced a fresh round of store closures.

The company told employees on Tuesday that it will close more than 30 Sears and Kmart stores in early 2017, half a dozen employees told Business Insider.

I guess this will make the unemployment numbers go down again. It seems every time people loose their job during the Obamanation administration the unemployment rate went down somehow. If it didn't Bush got the blame. Now we can blame Trump if blaming Bush don't fly. 

I doubt even Trump could save Sears and K-Mart for their seeds of destruction have been sewn for a long time now.  I knew Sear's was in serious trouble when the owner of K-Mart was the one who successfully purchased them.  It was almost apparent that he would bleed Sears in order to try and save K-Mart when both were in serious trouble.  Sear's, for their part, with respect to Craftsman tools which always had a lifetime guarantee (lifetime of Sears mind you, not the tool) Sear's used to replace any defective tool, without question or complaint but for a while now the employee in the Hardware/tool department would pull out a little box of parts and attempt to fix whatever was wrong with the tool rather than replace it. 

Then when the Florence store started closing their doors at 6PM when the mall closed at 9PM you just knew the writing was on the wall that it wouldn't last much longer.  Lastly, the last time I went into Sears to return a gift purchased for Christmas and a few days after Christmas, even though I had the purchase receipt clearly outlining what I paid, they tried their best to re-ring up a new receipt and say that I used 'points" against the purchase and they were not going to refund me the amount I paid but a lesser amount.   After arguing that I didn't have points to apply and didn't apply any points to the "OnLine" order and with my receipt in hand showing exact purchase amount after insisting for the manager they made a call and refunded me the money I paid but not until a very long painful wait.  There was no way I was going to buy Sears again given that kind of customer service or non-service so even anyone that didn't know anything else about it would see trouble coming. 

Sears Holding Co. (SHLD), borrowed $800 million two years ago to right their ship, but looks like the ship continues to sink lower & lower into the abyss.  As of last Thursday or Friday, Sears borrowed another $200 million to continue their quest to Bleed resources or as Sears financial officer stated " adjust our capital structure, generate liquidity and manage our business to enable us to execute on our transformation while meeting all of our financial obligations,” Jason M. Hollar, Sears Holdings"

Loans or letter of credit to Sears is coming from JPP, LLC and JPP II, LLC. These are both affiliates of hedge fund ESL Investments, Inc.  Interesting enough it turns out the hedge fund is owned by Eddie Lampert, the Chairman and CEO of SHLD. The question becomes, what collateral is Sears using to back up these loans? Real-estate property, perhaps.  If Sears fail to repay loans, E. Lampert's Hedge funds stand to obtain perhaps, a lot of realestate property to liquidate and recoup their money.  All I can say is good luck to them, Sears Executives seem to have more emphasis on trying to keep afloat & in business, instead of focus on attracting new customers to their brick and mortars. They need to be working on both or explore new avenues..but the old business model may be outdated and too late to recover in the way we once knew Sears. I don't ever see Sears being like it once was...but at least they are trying to pay their Bills...

Add Reply

Likes (0)

×
×
×
×