So I was talking to someone with inside info. The person told me they know higher up at home office and with the construction division of Sears. That person said there will be an announcement tomorrow of 300 more home office associates. The person also told me that on Monday it will be announced that more stores will be closing and it will be store that Eddie owns (Not Seritage) stores and the excuse will be that they were under performers. This person told me that the big play here is to close the B level mall stores that Eddie would not want to own via Seritage and sell the properties off for whatever he can get. Eddie would keep the Seritage Sears open at least to next year which would be the 7 year anniversary of when Kmart last filed for BK. At that time Sears will file for BK and sell off the remaining Sears to whomever may buy them. I am not sure if this is ALL true but it makes sense from my perspective. Has anyone else have any info or insight that may back this story?
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I'm one of 135 at home office laid off on April 18th along with several other HR folks who heard the news in a meeting then found ourselves out too - End of April = ten days of 25-150 people per day at home office and all the remote ones. 60 day Notices went out to another 300+ who will be staggered over next 60 days. May will repeat cycle of ten days with set amount of layoffs with 30 day notices and retirement buyout offered last time.
Sorry got it wrong... It was the design office but layoffs were coming like I was told
You heard it here first
Spouse works at home office. We didn't hear of any layoffs there on 4/22.
Oh no, I saw your comments on seeking alpha I will keep my knowledge to myself... Investors like you are what kills this company. I hope you lose all your money!
The last bankruptcy filing (Kmart) was January of 2002 according to Google. Was there another one in last 7 years?
The Shreveport la store is horrible every time it rains it rains in the store it smells old and like mildew no hours for workers they only run the store with maybe three to four people everyone is unpaid but gets talked down by cooperate not our fault people dont shop like they use to
Most of these stores that are closing are leased stores from a landlord, Eddie does not own them. There are 4 out of 5 stores in my area that are on the list to be closed and the company (Eddie) only owns 1, the rest are leased stores. The 4 leased stores are being closed. The 1 store that is staying open is a company owned store but it is not a REIT store. I was a QMT and serviced these stores until my job was eliminated in March. There is 1 QMT left to service the 4 Sears stores in this area. The maintenance on the company owned Kmart store has been contracted out. I even tried telling the associates in these stores to take the pension buyout back in December if they were able. Some did and some didn't.
Yes, the store that are owned by Eddie through Seritage will stay open... Reason Eddie will keep those stores open to BAnkruptcy next year. They will be will be profitable since they will be downsized and lean and mean. He will sell those stores off during bankruptcy to a buyer of the "Sears" brand. He will still own the real estate since Seritage is a different company then sears. Those Sears will then continue to lease the square footage from him. The stores he owns through the Shld he will close and sell off this year. As you saw today, which I thought would be announced Monday, he is closing these non profitable stores. These properties he will sell off this year... The whole transformation and non profitable stores is a BS line so he can continue to raid the assets and keep what is most profitable for his gain. He will be laughing all the way to the bank, just too bad that the employees can't go with him!! Good luck to you all and I will update as I learn more
What do you mean by closing stores that Eddie owns,not stores owned by Seritage? Are B level Sears stores going to be closing in malls that are not owned by Seritage?
Price, West Jordan, and Draper Kmarts are closing within 6 months according to store associates.