Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Sears to accelerate closings, shutter 235 stores
CNBC ^ | December 4,2014 | Krystina Gustafson

Posted on 12/04/2014 12:42:34 PM PST by Hojczyk

Sears shares fell Thursday, after the struggling department store announced an adjusted net loss of $296 million—in line with the updated guidance it gave in November.

The retailer also said it's accelerating the number of stores it plans to close this year, boosting its list from the 130 underperforming stores it announced in its second-quarter earnings release, to a total of 235 stores.

Analysts called the move a step in the right direction for the company, which has been tapping into its real estate in creative ways to compensate for downward-spiraling sales. Still, they said the haircut won't be enough on its own to turn the tide at Sears, adding that it needs to close even more stores—and figure out how to become profitable.

According to Retail Metrics, Sears hasn't posted a quarterly profit since fourth quarter 2012.

(Excerpt) Read more at cnbc.com ...


TOPICS: Business/Economy; Extended News
KEYWORDS: acehardware; bhoeconomy; craftsman; kenmore; kmart; retail; sears
Navigation: use the links below to view more comments.
first previous 1-20 ... 61-8081-100101-120121-134 next last
To: Ruy Dias de Bivar

So does the Base Exchange at Offutt AFB, NE


81 posted on 12/04/2014 3:23:55 PM PST by US Navy Vet (Go Packers! Go Rockies! Go Boston Bruins! See, I'm "Diverse"!)
[ Post Reply | Private Reply | To 76 | View Replies]

To: fatnotlazy

My parents bought a Sears Cold Spot deep freeze around 1963. It ran constantly and problem-free until last year, when my father shut it down because he no longer had a use for it.


82 posted on 12/04/2014 3:26:38 PM PST by Southside_Chicago_Republican (If liberty means anything at all, it means the right to tell people what they do not want to hear.)
[ Post Reply | Private Reply | To 55 | View Replies]

To: jwalsh07

Sears real estate holdings are in the billions. It’s the only thing that has kept them afloat.
**************************
That hedgie was counting on a recovery to pump up commercial real estate pricing... right now he knows that isn’t going to happen... commercial real estate is generally financed with 5 to 7 year balloon notes... he won’t be able to pay the notes as they come due and will “cram down” the negative balances if he can... Can He? If not Sears goes under..


83 posted on 12/04/2014 3:27:53 PM PST by Neidermeyer
[ Post Reply | Private Reply | To 30 | View Replies]

To: Hojczyk

That economy is going great according to Barry


84 posted on 12/04/2014 3:30:21 PM PST by GeronL (Vote for Conservatives not for Republicans)
[ Post Reply | Private Reply | To 1 | View Replies]

To: US Navy Vet

Craftsman used to be worth something, not as much now that they are making some of those in China or something


85 posted on 12/04/2014 3:30:59 PM PST by GeronL (Vote for Conservatives not for Republicans)
[ Post Reply | Private Reply | To 2 | View Replies]

To: Wyatt's Torch

um, no. People boycotted JCP before they hired Ellen, because they ad homo ads and homo circulars and huge homo banners in the stores.


86 posted on 12/04/2014 3:36:54 PM PST by GeronL (Vote for Conservatives not for Republicans)
[ Post Reply | Private Reply | To 39 | View Replies]

To: Maelstorm

Worked at a local sears basically to take a years break from my normal career path...got completely burned out from the Corp world...it was going to put me in a early grave...

I had the experience and background to manage the store I worked at...but was a simple clerk on commission...selling lawn equipment...

You comment is right on the mark...

Almost every aspect of the way they operated their business was antiquated from merchandising, to inventory control, to marketing...etc..etc..

sears will be gone in under five years...


87 posted on 12/04/2014 3:38:45 PM PST by Popman
[ Post Reply | Private Reply | To 13 | View Replies]

To: Graybeard58

Every k-mart I’ve seen has been the same. Mid size towns. Heard that it is the big city stores that are keeping the others open.


88 posted on 12/04/2014 3:49:48 PM PST by huldah1776
[ Post Reply | Private Reply | To 44 | View Replies]

To: huldah1776

Our KM is a zombie store.
It’s open, the lights are on, but nobody there.
And astoundingly it’s been that way for 10 yrs.
They have dusty bottles of motor oil on the shelf of a spec that was superceded 10 yrs ago.


89 posted on 12/04/2014 3:51:19 PM PST by nascarnation (Impeach, Convict, Deport)
[ Post Reply | Private Reply | To 88 | View Replies]

To: Southside_Chicago_Republican
My parents’ deep freezer was purchased from Sears in 1958. A mammoth chest freezer. Poor Mom was short. She couldn't reach the bottom. She would get my taller brother to pull out anything toward the bottom.

It's still running. Only downside to it is that it isn't frost free. Has to be defrosted periodically. And I'm sure the enviro-whackos would be displeased. It's an energy guzzler. But it keeps everything frozen.

Today you can't buy a freezer that big. And with all that digital and energy saving carp, new freezers (and appliances in general) don't last more than 5 years. For all the money we spend on these appliances, we get garbage.

90 posted on 12/04/2014 3:57:24 PM PST by fatnotlazy
[ Post Reply | Private Reply | To 82 | View Replies]

To: bert

there is also an old debate in business strategy....

your Sears lawn mower worked and lasted for you, for 24 years!

maybe the quality’s just a little too good ?
meaning, if the quality had been a litle less, so your mower served you well for 8 years, by now you’d have (probably) happily purchased three of them and be on your fourth

or something like that. there’s long been a debate whether its really possible to produce products that are TOO good

anyway its a fun classroom discussion exercise.

what with everything being made in the PRC nowadays, labor costs have gone way, way down

so lots of THINGS like mowers and radios and appliances, have not seen major retail price increases


91 posted on 12/04/2014 4:18:41 PM PST by faithhopecharity ((Brilliant, Profound Tag Line Goes Here, just as soon as I can think of one..) c)
[ Post Reply | Private Reply | To 75 | View Replies]

To: fatnotlazy

Ours isn’t quite that big, but my mother was short too, and the depth challenged her quite often too.


92 posted on 12/04/2014 4:31:17 PM PST by Southside_Chicago_Republican (If liberty means anything at all, it means the right to tell people what they do not want to hear.)
[ Post Reply | Private Reply | To 90 | View Replies]

To: Hojczyk

They are so dumb.

Should have reflagged all those K-Marts as Sears and competed with Wal-Mart. Become the quality/discount store that Sears used to be.

Nope. They insist on those damn shopping malls.

Idiots.


93 posted on 12/04/2014 4:58:07 PM PST by xzins ( Retired Army Chaplain and Proud of It! Those who truly support our troops pray for victory!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: faithhopecharity
There is a big (and regrettably growing) market for low priced stuff (since we have more people out of work than anytime in USA history!)

There is a big market, also, in high-end or luxury merchandise (those fewer number of people who do have good incomes still..... will and do spend much of same...)

You have, without directly saying so, just described the destruction of the middle class in America.

94 posted on 12/04/2014 5:01:09 PM PST by Rodamala
[ Post Reply | Private Reply | To 70 | View Replies]

To: Rodamala; faithhopecharity

Or the Great Depression.

My one grandfather did okay building high-end homes for people during the Great Depression. My other grandfather often traded his tailoring skills for food.


95 posted on 12/04/2014 5:06:42 PM PST by 21twelve (http://www.freerepublic.com/focus/f-news/2185147/posts 2013 is 1933 REBORN)
[ Post Reply | Private Reply | To 94 | View Replies]

To: GOPJ
Sears repair people seem like they're hired right out of prisons..

Local observations like that tend to tell more about the local area than the corporation as a whole.

96 posted on 12/04/2014 5:09:45 PM PST by steve86 (Prophecies of Maelmhaedhoc OÂ’Morgair (Latin form: Malachy))
[ Post Reply | Private Reply | To 7 | View Replies]

To: Southside_Chicago_Republican

3 years ago I was living with a friend on his great aunts farm. AujtbAida had bought a similar vintage Cold Spot chest freezer and I think I was the first person to defrost it since his aunt died in the late 1990s. It was a bit of an energy hog as it sat in an unventilated lean-to off the house and that lean-to had a huge solar load in the summer.


97 posted on 12/04/2014 5:11:08 PM PST by Rodamala
[ Post Reply | Private Reply | To 82 | View Replies]

To: MplsSteve
Sears is not a bad store.

They're not bad at all here. It's about the only store I can go into in the mall that doesn't seem weird to me.

98 posted on 12/04/2014 5:11:11 PM PST by steve86 (Prophecies of Maelmhaedhoc OÂ’Morgair (Latin form: Malachy))
[ Post Reply | Private Reply | To 3 | View Replies]

To: Hojczyk
If management had any brains they should have been Amazon and could have bought it early on.

Instead...

So much for "the service economy."

99 posted on 12/04/2014 5:15:03 PM PST by Carry_Okie (Those who profess noblesse oblige regress to droit du seigneur.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Rodamala
The radical leftist commie/islamoNazi clique which has taken over the DNC gives not s sh😞t for the "middle class" or average working American. They use our tax money to buy the ( multiple) votes of the poor And they raise campaign $$ from the (stupid) rich. Those are the groups the Dnc types cater to As far as who they really care about, it's pretty much only themselves
100 posted on 12/04/2014 5:16:21 PM PST by faithhopecharity ((Brilliant, Profound Tag Line Goes Here, just as soon as I can think of one..) c)
[ Post Reply | Private Reply | To 94 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-20 ... 61-8081-100101-120121-134 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson