Any word on the next round of closing.
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That is the best corporate speak I have ever heard. I don't think he said the word "Transformation" in that whole press release. That is telling in that they have now given up on trying to get the brick and mortar to be successful. Definetly a legal thing not to mention "transformation", basically saying they are ready to shut it down.
This pretty much tells you Sears' plan with brick and mortar stores. Expect a huge number of stores to close this year.
"Going forward, Sears will be more focused on our Shop Your Way membership platform, a network with tens of millions of active members, and our Integrated Retail strategy in order to be a more nimble, innovative and relevant retailer that is better able to provide value and convenience to our customers. We are confident that concentrating on these key initiatives will lay the foundation for growth over the long-term," Mr. Lampert continued.
To anyone who thinks that just because they have a lease that has not expired your store will not close--get a clue, think again, learn a little about how leases works, especially commercial leases. You could have a lease for 10 years and close tomorrow. Most commercial leases have an out--some penalty to be paid for breaking the lease-- ususally some percentage of the remaining or a period of time, like you would owe 6 months rent if you broke the lease. Plenty of the stores that have closed and some of the stores in the last round still have time on their leases. My store who closed a year ago had just signed a new 5 year lease and we were only 1 year into it when we closed.
All stores will close in the next few months. Bankruptcy is a certainty. No more games, no more financial engineering, no more "transformation" talk (notice the last few press releases did not use that term), just liquidation, bankruptcy and the dust bin of history for Sears/Kmart.
Be careful what you wish for. They came into our store on a Tuesday and informed us that our store will be closing in April. We thought we had some time, because our lease was not up until next year.
from Hee Haw: https://www.youtube.com/watch?v=ZAAKPJEq1Ew
Some laughs from back when.
But, in the mean time...Just Put Me Out Of My Misery. I pray it all folds so I don't have to live with the STUPID anymore.
I can't take it anymore.
The announcement is ready now. ALL STORES ARE CLOSING. If you login each day wishing for different news, its not gonna happen.
Don't forget every store closing costs the company a lot so they are in a no win situation
I think the next announcement will be that all stores are closing. My guess: mid-February
Doubt an announcement is coming soon given the press release on 150 closures. We'll likely see an announcement near the end of Q1 on additional closures. My guess is there will be ~300 additional closures or so by the end of the year (if we make it till then)