These are not Layoffs. They are eliminating jobs. I was let go Friday 3/4/2016 on my 38yr anniversary, 16 yrs as an auto mechanic and 22 yrs as a QMT. We were recently told we saved the company a 100 million in energy savings. I guess this is the reward. We have not had a pay raise in over 6 yrs and our mileage was cut twice in less than a year. I have not had a raise in over 6yrs and stuck with Sears. I guess this is the thanks I get. I was told it was due to company cutbacks. I was a QMT. There are other QMT's that were also let go. I have also found out that there are cuts in the Sears and Kmart stores. People that have been there along time and stuck it out through thick and thin. 16 yrs as an auto mechanic and 22 yrs as a QMT. We were recently told we saved the company a 100 million in energy savings. I guess this is the reward. Anybody that works in a Kmart store can login on the sign machine and see which Sears and Kmart's are closing. Click on the Kmart icon and look for the words Vendor Portal. Click on the words Vendor Portal and login and you can see all the Sears and Kmart stores that have closed, are going to close and when they will close. I used to check it daily until my job was eliminated 3/4/2016 on my 38yr anniversary.
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If you look at the staff on Seritage.com you will see that Eddie is the chairman on the Board of Trustees. These are the prime real-estates that Eddie supposedly sold to the REIT that once were owned by Sears Holdings. These stores are leased back to Sears Holdings which sounds stupid to me. Some are Sears stores, some are Kmart's and some are leased to whoever they want to lease them too. Most of the stores that are left are leased buildings in bad shape and Eddie is closing them rather then renew the lease.
This means your store is owned by the mall and they will want that retail space. They are going like two to three stores at a time... Freehold NJ was done last year and Staten Island is being done now. They just closed the auto center and the top floor and escalators are removed. The bottom floor is being divided so I encourage you to go into your store and imagine it was legit 1/4 of the size... Divide it into 4 quadrants upper and lower floors and imagine 1/4 being the store and all the reductions in staff coming. The plan is to right size the stores, we all know sears makes the most money out of certain departments, appliances tools so from what I hear that's what will be in this store. Once SRG gives notice they are taking the space sears has like 6 months to hand it's over. You should find out if a Primark is coming to your area and that will let you know. Good luck and God speed
I just looked at the seritage.com website and it has my store and auto center listed. Does that mean that it's only a matter of time until we are closed. Once they find someone else to lease to will they close our store.
Go to seritage.com click tab "our locations". Shows states, will bring up cities that stores are for lease. We questioned our store manager while back he said "that's now what he means". First of all don't think he knew about the site or our store was on the PROGRAM..This was year ago or so. He knows now.
We sold all of our stock way back when it hit $140 a share and have not had any since. Most of the properties that are left are leased and they are closing the stores as the lease is up.
I don't know anybody that was let go getting a good package. After 38yrs I got 8 weeks severance and the 6 weeks vacation I had saved in my vacation bank. We used to get a week for every year up to 20 weeks max. After Sears and Kmart were merged it was changed to a week for every year up to 8 weeks max.
Real estate has no value. There is a glut or retail space in this country (look at all the retailers that have gone under in the last few years). The real estate that is left has not had any upgrades in years and any of the old real estate needs to have asbestos removal and lead paint removal which means it is cheaper to demo than to use. The land may be worth something but most of what is left (not sold to REIT) are in bad to marginal neighborhoods and cities. Just look at the Sears website to see what real estate is for sale and how long it has been on the market.
This is not 2002-2006 when real estate was booming
Doesn't make sense , Keep Quys that are New to Co. - Don't Know shit , give them more money , suppose to Train them , do the same job with Less ! Best Thing that happened to You , enjoy retirement . Heard Guys in my district who were let go , got a really nice package , hopefully you did . Maybe they will offer me . TC
Sell your stock and sell it now don't listen to anyone saying its worth anymore than its current price.
Sorry to hear about the layoffs, but Hold on to your stock in Sears Holdings, the retail divisions may eventually close by the Real Estate and other divisions are worth multiples of where the stock trades at today around $17 See this article below.
http://seekingalpha.com/article/3836596-sears-holdings-lifetime-investment-opportunity?v=1457508078&commenter=1
I was also let go. I willn't be buying anything from Sears or Kmart again. I shopped at Sears/Kmart even when I could of bought items cheaper at other stores. I actually canceled my appliance order of $7500 and bought items at Lowes.
That's horrible! I'm so sorry to hear that.