Thread regarding Sears layoffs

LOL, this thread didn't age to well. That's what I mean about unsubstantiated rumors. Some dope in 2018 thought they would all close. Did that happen? No. It will eventually but post realistic facts not wild guesses like this. Egg on face to whoever the OP was here.

@QgNHFHx-tvd Kmart in guam is the number 1 store company and its always busy and is a tourist stop korean and Japanese tourist and open 24 hours and and still has a little ceasers thats always busy

As a Vendor for the Guam Kmart. I hope it does not close, but if it does I hope who ever takes it will be smart enough to recruit the upper management. They know us vendors and the island, also out of the 500 Some employees at least 300 should be recruited also.

Guam Kmart still going strong

The goal has always been 300-400 kmarts. Believe me Guam and the PR stores make more than the rest of the chain combined.

I remember Jim Cramer going on how Sears was such a great deal @ $140 10 years ago. Sears had a new beautiful store format that gave the best of Sears & Kmart in one store that blew Target out of the water. WOOPS!!!!!........................................

NO! Not MY KMART!

@1xhw Another informative background article is https://www.bloomberg.com/news/articles/2013-07-11/at-sears-eddie-lamperts-warring-divisions-model-adds-to-the-troubles

Approximately 80% of kmart stores have closed already. They probably don't have enough incremental revenue for the brand to cover the associated costs of doing business, even as a semi-separate entity.

@1qes Kmart is down to 436 normally operating (i.e. not liquidating) stores as of last update. Hard to believe that 16 years ago (just before the bankruptcy), Kmart had over 2,000 stores!

Also, the decline of Sears Holdings should be a cautionary tale on what not to do in business. Speaking of mismanagement, Kmart's bankruptcy was caused in part due to mismanagement.

A link from 2013 showing how mismanaged Sears has been: https://www.triplepundit.com/2013/07/sears-worst-retailer-company-america/

Kmart's former CEO and CFO were charged with fraud after the bankruptcy: https://www.sec.gov/news/press/2005-119.htm

In a way it makes sense .. As another poster posted some months back it appeared at that time that Kmart was going to be sacrificed to save Sears

@QgNHFHx-1qes So still sh--ty news but not as sh--ty. And I still see them closing them all down eventually. Most likely within the same year. I also have a feeling that my store will probably be on that list.

@puv - "This is false, it won't happen." Why is it false and what guarantee can you offer that it won't?

Possible clarification of this rumor, from someone on another forum where a copy of that post was shared:

"Someone within SHC corporate informed a friend of mine and admitted that there will be a mass liquidation early 2018, BUT not all Kmart stores will be affected. They instead said there will be around 150 closures announced all at once, with the intended target of getting the kmart chain down to a mere 300 locations."

With the way the company is doing and the stock is in the crapper , this IMO could very well happen, there can't be very many left to close anyways. Our sears store was one of the 140 to be sold for the pentions and we have heard even before the 140 were announced that we will go into liquidation in Feb. So grab your ankles as Eddie give it to us DRY.

I can believe it. They closed some Kmarts so quietly people in that particular area didn't know about it until word of mouth got around

The OP is probably a short or a psychopath that enjoys seeing people scared.

This is false, it won't happen.

No offense to any minority group intended. But last K-mart I went in was populated by minority shoppers (guesstimate 70%). in a city that is approximately 15% Black, 3% Hispanic.

Have you been to a Kmart lately?

It’s all Gen Xers and millennials

WHY is this so hard to believe?

Kmart and Sears (and JcPenny), for that matter have run their course. They should have gone out with Montgomery Ward, Mervyns and all those stores in the 90s.

Have many Gen Xs and Millenials actually go to these stores? Very little. In fact I’m sure Baby Boomers don’t either. Right now there is absolutely no reason for a consumer to shop at Sears or Kmart.

End this slow and painful suffering already!

It’s possible Eddie is running out of cash and need to liquidate inventory to get cash as no one will loan him any more.

2 reasons this is #fakenews.

1) It’s not from Popcorn.

2) it would be the most sensible thing to do an when was he last time Eddie did that?

Unfounded? Sure. Far fetched? No, not really. Sears has been closing more Kmarts than Sears and even closing the more profitable Kmarts, including the #1 store in the company. On top of that the last list of closures I feel was not complete because they didn't give any CA or NY store closures and I KNOW that they want to close stores in those states since they are the two most expensive states in the US to run any sort of business.

Does this really seem farfetched to anyone?

I can believe it.

It's possible that a few of the more profitable Kmarts (like Guam) might be converted to Sears stores and survive for a while longer. But the Guam location is reportedly on the list of REIT properties that are for sale. Good sales aren't enough to save you in SHLD's Bizzaro-world.

@rlp Have you ever heard of the phrase "Never let a crisis go to waste"? If this is true, he will make sure that the K-Marts are rebuilt & open so that they can liquidate some of the goods there!!

@QgNHFHx --- its so..... Tightly tightly tightly under wraps that a lowly cr..tin such as yourself knows about it ????

I believe this. The burning of cash has to cease somehow.

Yes anyone could have written this with the sole intention of making associates worry at the holidays which is so shameful. What kind of person does that?

Karen

Uh, yes it is a rumor. You offer no evidence whatsoever and claim it is "tightly under wraps." How many times have we heard this kind of stuff. Before people post these rumors, at least offer some compelling evidence that employees can see for themselves. Anyone could have written this.

Why would they close Guam (largest kmart in the world) or PR stores that they are scrambling to reopen. This doesn’t make any sense at all.

The KMart near me is still looking for a manager in training. Wonder if they'll find one? LOL.

I do feel bad for the KMart employees. The ones still there have been there for years. Hope they appropriately handle people's always & don't hang them out to dry.

Thank you this is the best news I have heard in years.