Sears to close 100 to 120 Kmart and Sears stores

[Dos Equis]

Bush's fault.

Sears to close 100 to 120 Kmart and Sears stores
By Associated Press
POSTED: 02:57 a.m. HST, Dec 27, 2011
LAST UPDATED: 05:30 a.m. HST, Dec 27, 2011

NEW YORK » Sears Holdings Corp. plans to close between 100 and 120 Sears and Kmart stores after poor sales during the holidays, the most crucial time of year for retailers.

The closings are the latest and most visible in a long series of moves to try to fix a retailer that has struggled with falling sales and shabby stores.

In an internal memo Tuesday to employees, CEO and President Lou D'Ambrosio said that the retailer had not "generated the results we were seeking during the holiday."

Sears Holdings Corp. said it has yet to determine which stores will close but said it will post on http://www.searsmedia.com when a final list is compiled. Sears would not discuss how many, if any, jobs would be cut.

The company has more than 4,000 stores in the U.S. and Canada. Its stock dropped $8.67, or 18.9 percent, to $37.18 in morning trading. The shares dipped to their lowest point in more than three years at $36.51 during the first few minutes of trading.

The company's revenue at stores open at least a year fell 5.2 percent to date for the quarter at both Sears and Kmart, the company said Tuesday. That includes the critical holiday shopping period.

Sears Holdings said the declining sales, ongoing pressure on profit margins and rising expenses pulled its adjusted earnings lower. The company predicts fourth-quarter adjusted earnings will be less than half the $933 million it reporter for the same quarter last year.

Sears Holdings also anticipates a non-cash charge of $1.6 billion to $1.8 billion in the quarter to write off the value of carried-over tax deductions it now doesn't expect to be profitable enough to use.

Sears said it will no longer prop up "marginally performing" stores in hopes of improving their performance and will now concentrate on cash-generating stores.

"These actions will better enable us to focus our investments on serving our customers," D'Ambrosio said.

The weaker-than-expected performance reflects what analysts say is a deteriorating outlook for the retailer.

. . . .

http://www.staradvertiser.com/news/breaking/136253303.html?id=136253303

[240 is Back]

anytime the market forces are in action, someone wants to blame a politician.

how about blaming those companies for selling the same crap you can get at target for 10% less, and for having stores that smell musty.

[Soul Crusher]

anytime the market forces are in action, someone wants to blame a politician.

how about blaming those companies for selling the same crap you can get at target for 10% less, and for having stores that smell musty.

What happened to the recovery?

[240 is Back]

What happened to the recovery?

i can open a dogshit flavored lemonade stand in my front yard.

if it doesn't succeed, can i blame obama?

It's unbelieveable - Gingrich is blaming mitt because some of the companies Bain worked on were poor biz models that failed.  And now we are at the point where if ANY business in the USA fails - it's because obama sucks.

all other factors in capitalism and the free market are gone now.

If my dogshit lemonade stand fails - obama's fault. 

[Soul Crusher]

i can open a dogshit flavored lemonade stand in my front yard.

if it doesn't succeed, can i blame obama?

It's unbelieveable - Gingrich is blaming mitt because some of the companies Bain worked on were poor biz models that failed.  And now we are at the point where if ANY business in the USA fails - it's because obama sucks.

all other factors in capitalism and the free market are gone now.

If my dogshit lemonade stand fails - obama's fault. 

LOL    you are on a roll today.   

[Straw Man]

It's Walmart and Targets fault for doing a better job being retailer than Sears

Isn't that what the market is all about?

[240 is Back]

i shopped at kmart in my county for years.  then, maybe 12 years back, a super walmart came in.

their prices were better.  they had food AND household stuff.  They were cleaner and easier to find stuff.

KMart did the overhaul and merged with sears, but their prices were insane and the old building made my mold allergy go off.  inventory was weak.  I shopped there a few times, but after buying a 3.999 bottle of aspirin then seeing the same bottle for 97 cents at walmart, i gave up.

sears/kmart stores sucked, in my opinion.  that's why they closed.  place was always empty and no employees to be found.  Walmart is trashy but destroyed their neighbor kmart in every way.

[240 is Back]

online sales up 16%
4% total increase in holiday sales.

people are spending MORE MONEY.  They're just not doing it at shitty moldy sears stores. 

[Straw Man]

i shopped at kmart in my county for years.  then, maybe 12 years back, a super walmart came in.

their prices were better.  they had food AND household stuff.  They were cleaner and easier to find stuff.

KMart did the overhaul and merged with sears, but their prices were insane and the old building made my mold allergy go off.  inventory was weak.  I shopped there a few times, but after buying a 3.999 bottle of aspirin then seeing the same bottle for 97 cents at walmart, i gave up.

sears/kmart stores sucked, in my opinion.  that's why they closed.  place was always empty and no employees to be found.  Walmart is trashy but destroyed their neighbor kmart in every way.

bingo and any retail analyst will tell you the same thing

[240 is Back]

What happened to the recovery?

Total retail sales are up 4% this year compared to last.

I hope your question has been answered.

[Soul Crusher]

I stay out of all these stores to avoid the animals.  

The K Mart near me is filled with a bunch of ghetto savages who I wish would be put on work farms in the 100 degree heat.  The criminals and welfare scum at K Mart make me sick.    

Sears is for old people.  

[Straw Man]

I stay out of all these stores to avoid the animals.  

The K Mart near me is filled with a bunch of ghetto savages who I wish would be put on work farms in the 100 degree heat.  The criminals and welfare scum at K Mart make me sick.    

Sears is for old people.  

good lord you're fucking insane

[Soul Crusher]

good lord you're fucking insane

Why should I have to go into a jungle of savages if i dont have to? 

These idiots typically are so obese and disgusting they ram their car door into the others leaving dents, let shopping carts smash into other vehicles, smell like rotten eggs, etc.   They make a scene in the store, are loud and rude, slow and fat, etc. 

Screw that - I get everything i need online or pay a little more to go to better places.   i'm tired of seeing the savages, tired of hearing them, tired of smelling them, etc     

 

[Straw Man]

Why should I have to go into a jungle of savages if i dont have to?  

These idiots typically are so obese and disgusting they ram their car door into the others leaving dents, let shopping carts smash into other vehicles, smell like rotten eggs, etc.   They make a scene in the store, are loud and rude, slow and fat, etc.  

Screw that - I get everything i need online or pay a little more to go to better places.   i'm tired of seeing the savages, tired of hearing them, tired of smelling them, etc    

I've shopped for appliances at Sears and didn't see any "savages" but then I was in Cupertino

if there really are "savages" in your local Sears maybe you should consider moving

btw - I'm kind of suprised you would have a problem with people who are loud and rude

[OzmO]

Kmart and sears?  Let's see, Kmart has the stigma of something less than ghetto.  Their stores are old, run down, smelly, etc. 

Sears tries to sell mostly online now.  They even tell you to order online when you are in their stores.  Their selection in stores is crap and limited.  The only thing they got is craftsman stuff.  Who wants to get clothes a fucking sears?

It's not BUSH's fault or OB's fault.  It's the company's leadership who refused to change and better market competition.

[240 is Back]

It's not BUSH's fault or OB's fault.  It's the company's leadership who refused to change and better market competition.

agreed.  it's the simple market at work.  Their model worked in the 80s and early 90s when you HAD to shop there cause there was nowhere else.

[GigantorX]

i can open a dogshit flavored lemonade stand in my front yard.

if it doesn't succeed, can i blame obama?

It's unbelieveable - Gingrich is blaming mitt because some of the companies Bain worked on were poor biz models that failed.  And now we are at the point where if ANY business in the USA fails - it's because obama sucks.

all other factors in capitalism and the free market are gone now.

If my dogshit lemonade stand fails - obama's fault. 

Actually, I don't think you can just go ahead and "open" a lemonade stand in front of your house anymore.....lest we forget the fate of those school aged children that got hassled by the police when they tried to do the same.

[Dos Equis]

No Hawaii stores on list of Sears, Kmart closures
By Star-Advertiser Staff
POSTED: 01:43 p.m. HST, Dec 29, 2011
LAST UPDATED: 02:12 p.m. HST, Dec 29, 2011

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Sears Holding Corp., the owner of Sears and Kmart stores, released a list today of 79 stores it plans to close soon, and no Hawaii stores were on the list.

There are seven Sears and seven Kmart stores in Hawaii.

Florida will be hit the hardest by the closing of Sears and Kmart stores, losing 11.

Ohio, Michigan and Georgia are not far behind with six store closures planned in their states. Tennessee, North Carolina and Minnesota are set to lose four stores each.

A spokeswoman for Sears Holding Corp. said each store employs between 40 and 80 people.

The 125-year-old retailer said on Tuesday it would close up to 120 stores to raise cash.

The projected closings represent only about 3 percent of Sears Holdings' U.S. stores. Sears and Kmart merged in 2005. The company now has about 3,560 stores in the U.S. That's up from 3,500 immediately after the merger, due to the addition of more small stores.

The list of closures is available at http://www.searsmedia.com/tools/122711—close.pdf:

http://www.staradvertiser.com/news/breaking/136402303.html?id=136402303

[Soul Crusher]

More blight w these vacant spaces that will never go filled again.

[Skip8282]

More blight w these vacant spaces that will never go filled again.

Yes...I hate that shit.

[Soul Crusher]

Yes...I hate that shit.

I think all these vacant spaces for retail should just be knocked down.   Its utterly depressing seeing so much vacant space you know will never be filled again.   

[Vince G, CSN MFT]

anytime the market forces are in action, someone wants to blame a politician.

how about blaming those companies for selling the same crap you can get at target for 10% less, and for having stores that smell musty.

Sears main downfall was ignoring the bargain shoppers and trying to keep the higher end clientele which was eroded by stores like GAP, Abrocrombie, Hollister, etc.  Then when they merged with Kmart, the prices got lower but Target and Walmart had already grabbed the bottom.  But their biggest mistake was getting rid of the Sears Catalog because that basically killed their over 100 year old identity.  

JC Penney kept theirs and they survived....funny story.. James Penney (founder) taught Sam Walton who worked at one of his stores how do things on the minimal. 

  

[LurkerNoMore]

LOL @ anyone blaming a politician for a free market failure due to shitty products and business practices.

No one shops KMart if there is a Target or Walmart within 15 miles.  Actually I don't think Kmart will even let you in their stores unless you are shuffling around in bedroom shoes, have at least two children under the age 6 in tow (and fighting/crying), have kindergarten art supplies in your hair and on your fingers, and have a cheap ass cell phone surgically implanted into your head.  (Volume on Max at all times).

Not saying that Walmart crowds are much better, but down here Target knocks the shit out of those two stores.  Ultra clean stores.  Food and home goods isles, better products, better prices, and a self check out lane.  Can you imagine allowing the Kmart crowd to self check out?  They would ring up 1 out of 4 items.

[Soul Crusher]

LOL @ anyone blaming a politician for a free market failure due to shitty products and business practices.

No one shops KMart if there is a Target or Walmart within 15 miles.  Actually I don't think Kmart will even let you in their stores unless you are shuffling around in bedroom shoes, have at least two children under the age 6 in tow (and fighting/crying), have kindergarten art supplies in your hair and on your fingers, and have a cheap ass cell phone surgically implanted into your head.  (Volume on Max at all times).

Not saying that Walmart crowds are much better, but down here Target knocks the shit out of those two stores.  Ultra clean stores.  Food and home goods isles, better products, better prices, and a self check out lane.  Can you imagine allowing the Kmart crowd to self check out?  They would ring up 1 out of 4 items.

One of my biggest gripes with out local CVS is that they went to self check out only.   Given the population of absolute idiots around here - most of these fools can't even manage checking themself out w a few simple items and make the lines drag on forever. 

"Yo, where da manager be at?"     

[OzmO]

One of my biggest gripes with out local CVS is that they went to self check out only.   Given the population of absolute idiots around here - most of these fools can't even manage checking themself out w a few simple items and make the lines drag on forever. 

"Yo, where da manager be at?"     

The whole store is self check out?   Trippy.    They haven't done that here yet.