The Sears Store in Irving, Texas will close in the next 90 days. The current word is that a Grocery Store will be opened in the vacated space. The employees are being told that the Grocery Store will co-exist with the Sears. Beware - this is not true.
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I can't help but wonder, if Bruce Berkowitz is working on some kind of takeover of Sears so that he can liquidate the entire company. I keep hearing that he wants to "extract even more value" and plans to get together with Eddie Lampert really soon on this. I totally disbelieve the analysts' predictions of any kind of turnaround should he ever reach that position. He will more likely perform a "Gordon Gecko" and strip all of Sears' assets. Why else would he be trying to increase his shareholder's stake in the company? I can't believe how many SEC Form 4's have been filed within last 2 months between Fairholm Capial and ESL Investments. In my honest opinion, he wants to overtake Eddie Lampert's position as the majority shareholder so that he can force his hand in accelerating Sears' divestiture.
This is the first of many closures to come. There will most likely be a lot more announced once the Q4 results are released. These results should be out in about a month or so. I'm pretty sure that SHC performed horribly. Macy's has already released their Q4 results & they are closing 36-40 locations. I anticipate that SHC will be much worse than that.