Sears loses $424 million and will close another 100 stores

[sunonmars]

http://www.dailymail.co.uk/news/article-5790769/Sears-close-72-stores-sales-plunge.html

Sears will close another 100 stores as sales plunge and losses grow.

The beleaguered retailer said that it has identified 100 locations that are no longer turning a profit, and the majority of those locations will be shuttered soon.

The first 72 to be closed will be announced by midday on Thursday and the others will be announced afterwards.

Sears lost $424 million, or $3.93 per share, for the period ended May 5. It earned $245 million, or $2.29 per share, a year earlier, a quarter that included a $492 million gain tied to the sale of the Craftsman brand.


................................

The economy is getting messy.

[RKP5637]

1. I don't think Sears is ever coming back - poor management and no vision for the future IMO. n/t

[sunonmars]

4. Yeah, its a shame, they never got onboard quick enough with answers to online.

[snort]

14. Which is odd.

Their online parts data base is great and has been for a long time.

[Awsi Dooger]

19. Surprise Points is an idiotic policy

Much too complicated and difficult to apply, as opposed to dependable low price and quick shipping.

I receive several emails from Sears every week, touting some new Surprise Points on my account. I never even open them. For one thing, the headers always read as desperation.

[ck4829]

2. There's a Sears in the area where I work at

Even if you don't work at a Sears, having some big boarded up vacant box that is now a useless eyesore right next to you will disrupt your job if you work next to one, and that's what I am afraid of.

[sunonmars]

5. and no one else these days is able to fill that vacant lot.

[RKP5637]

12. We have some places here like that. Big vacant huge stores year after year in dying malls. I think

they use them as a tax write off to offset their more profitable ventures.

[SoCalNative]

13. If they proceed the way things are going in my town

that empty lot would be sold off to a developer and more unaffordable high-rise houseing will be built

[snort]

15. .

[Takket]

3. I'm done with them

Last time I went in a Sears it was terrible. They had obviously completely given up as a company. I’ll never go there again.

[NCTraveler]

6. I really like a number of items Sears has.

I go in for tools every now and then. Last time I went in to look at a tool I’m not as familiar with. The guy helping me knew very little about tools and asked me to come over by the cash register so he could sit while “explaining” things to me.

[Brother Buzz]

11. Craftsman tools will outlive Sears

Sears sold the Craftsman line to Stanley Black & Decker in. The question of quality remains to be seen, but I understand they will continue to honor the 'Lifetime Warranty'. That is, after their legal department tightened it up a bit to stop abuse.

[dembotoz]

7. are they tired of winning?

couple years back bought a washer from sears online and was just delighted with the whole thing.
did one of those chat things.....

it was on clearance and was more washer for less money than i was expecting to spend

have not bought anything like that recently so i have not been on sears site.

[maryellen99]

8. Watch trump supporters blame Obama for this

Even though Sears and Kmart were in trouble long before he took office.

[Sherman A1]

9. Hate to see the job loss

It is certainly sad for those that will be affected by this series of bad decisions by the company management. Retail is facing significant headwinds and these will not be the last to close this year I fear.

[Hortensis]

22. Same here. Hope those people are able to find

decent new jobs. Our lives are a series of transitions to new realities, leaving yesterday's as not-so-old ones memories.

I remember when the Sears catalogs would arrive when I was a child living in a rural area. Usually didn't get to buy anything -- except when it was time to get a few things for school. That Sears has been gone for a long time now, yet strangely more and more people are doing their shopping remote once again. Some catalog these days, though. Whoa!

[Bengus81]

10. Two DEAD brands........

Gosh...you'd think in this MASSIVE hugeeeely economy of Trumps even those two could make a buck. I told Sears to screw off back in 1978 when I couldn't use a credit card to buy an expensive chain saw--NOPE had to be a SEARS card or nothing.

Went to a place that sold outdoor stuff like mowers,weed eaters and chain saws and bought it there. I've never been back in a SEARS store since and the last one here was shuttered about a year ago. Awwww shucks..........

[Freddie]

17. Sears cards are now Visas

Good anywhere, not just Sears. Run by Citibank. They got out of the credit business a while ago.

[Freddie]

16. There's a Sears Appliances near me

I think it's privately owned or franchised, not a "regular" Sears. We are very happy with the quality and price of the refrigerator and stove we bought there recently. Wonder if this will affect them.

[Brother Buzz]

18. Back in the day there were a lot of catalog stores servicing the outlying areas

They mostly dealt in big ticket items like appliances, but they did have small showrooms. My small town had a Montgomery Ward, the next town over had a Sears. Most disappeared in the sixties when they expanded into the 'burbs', but I know of two Sears catalog stores that thrived into the twenty-first century until they got clobbered by the expansion of the 'Big Box' stores, the same stores that contributed to Sears' downfall.

[leftyladyfrommo]

20. Did they have a Penney's?

Most of the little towns i was in had a small.Penney's.

And Newberry's was everywhere. I loved the Newberry's.

[Brother Buzz]

21. Our Ace Hardware store is also a Penny's catalog store

They started offering the service about fifteen years ago, but it doesn't do any business; J.C. Penny blew it when they discontinued TownCraft® underwear