Just was informed by Sears DM that he has a conference call tomorrow regarding the reorganization of districts and some changes. Also 10/3 there will be some possible announcements of closings but he thinks Kmart will be hit hard with some Sears locations. This is in the East Coast. I don't really have details but wanted to share.....
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So what happened? More fake news?
@1tke Of course all of this is meaningless. More unproven speculation. When someone has some facts then they should post if. Until then this is all speculative gibberish that helps nobody.
No one said he was accurate. Just relaying the message .
I thought all DM’s were worthless, lazy and over paid? Now you’re telling us what you were told is accurate...
I know where this 10/3 date came from. According to seeking alpha it’s the confirmation hearing for old Sears in bankruptcy court where they’re going to ask to liquidate. This doesn’t effect new Sears at all. Old sears apparently has $50 million in cash left from the buyout and a handful of leases Eddie couldn’t sell. Apparently Eddie couldn’t even be bothered to vote on this plan.
Here comes the know it all's again. Fact or fiction?
The bankruptcy made it easier for the company (old Sears or new Sears) to exit locations because all leases were renegotiated to allow a quick exit for new Sears.
Those 50 year leases are essentially month to month now.
And, Kmart locations can't be sold off to a other retailer.
That changes things considerably for Kmart.
One can easily speculate those Kmart stores that produce the most revenue for the company will prop up the Sears side until transformation of Sears to a limited assortment hardlines-only retailer (with less than 20,000 sf store footprints) is complete.
Any locations mentioned? This thread will age terribly in 48 Hours if there is nothing announced on 10/3. See you then.
I haven’t heard anything yet and I’m a store manager.