Source at Hoffman says all Kmart’s are closing in 2017, and Sears will phase out remaining sears store locations rapidly during 2017. Corporate is being told to hold it together as long as possible to give seritage growth properties time to sell off or re-lease the sears properties that it acquired. The remaining Sears owned stores will terminate their leases, shut down, or be sold and liquidated thru bankruptcy. Source left Hoffman about 3 weeks ago. Sears will end and seritage owned properties will eventually be leased, sold or re-developed 100% to buisnesses other than Sears.
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Ok smarty pants, how do you know that this information isn't correct? Please tell us exactly how fast Sears/Kmart will shut down. If you know this information is nothing but "false rumors" then please enlighten us with the truth. We are waiting!
To OP. Not sure that they can do that. It would seem since Seritage is a whole other company, and a spin off of SHC, there would be a few laws broken if Seritage would tell SHC how to run their business. I'm not a lawyer but it would seem to be a big conflict of interest and also break a few collusion laws among others. I call B.S. on this but I do agree SHC doesn't have much time.
Everyone on here keeps asking the same question, 100 different ways, is my store closing? let me sum it up for you. YES!
Any questions?
That's bullshit! Don't spread false rumors. Things are bad but it will not happen that fast,
I wonder if 9055, works in SHC Employee Relations and is feeding us the BS legal told him to feed us.
I wonder how much longer they can hold together the SHC "IT Infastructure" before another system wide crash happens? Can they patch it enough to close stores in 2017?
Wondering how the closing of large volume stores such as orlando colonial and st pete in Florida, which 10 years ago were among the largest volume for the Orlando and Tampa groups at sears seem to fit into the sell off of profitable locations. Maybe mr ed wants these locations gone to seritage with new tendents before the bankrupcy courts use them as payment for bills and pension funding. Just my opinion. Look Folks , there is NO indication that mr ed wanted to turn around operations at all.
Unlikey scenario. Sure, you will see more store closures in 2017. Bankruptcy, perhaps a prepackaged one, will help the company get out of leases that are strangling profitability as a whole. Selling off blocks of remaining stores to a competitor or a stalking horse bidder that is owned by one of the hedge funds is a possibility in bankruptcy. So, ultimately, bankruptcy does not mean going out of business entirely.
WOW!!!, we were expecting this. Are they filing bankruptcy in January of 2017?, how quickly will the Kmart liquidations be announced? I hope this "source" is reliable and he/she is happy at their new job.