Just read an article about Eddie closing 52 Sears auto centers and 92 Kmart pharmacies in the near future but didn't give a specific timeline or the stores. The article also said he would be eliminating senior management positions because this is going to save the company money, this is from a sears spokesman (Brathwaite) and not speculation. Article is from Chicago Tribune....."Sears to close 52 auto centers and 92 Kmart pharmacies to cut costs"
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If you go to the seritage.com website & click on my Sears location, you can see that the auto center is available for lease. It's currently open for auto business but the implication is that is won't be if seritage gets a better offer. The guys working there now don't seem to know this.
Maybe if they paid their workers more than 7.25$ an hour, some of this would be surprising.
Wife wanted to switch out pharmacy from Target to Kmart when CVS bought Targets pharmacy business awhile back.
She was a little put off when I countered " don't waste our time" when I explained to her that the ship already hit the iceberg , and she'd be shopping pharmacies again within a couple of years , no matter how convenient the move might have been at that time.
Maybe it makes sense to eliminate these positions....I guess I figure who really cares why. I have seen this happen again and again with us and other companies.
"eliminating" implies getting rid of with no replacement
The senior management positions have been shuffled around for the last 10 years or so. At that level, people either leave or are replaced quite frequently for reasons we dont know but it is nothing new.
It is going to be interesting to see which 92 Kmart Pharmacies and 50 Sears Auto Centers will close.
My guess is the 50 auto centers that will be closed are at Seritage owned stores.
I am also guessing the 92 Pharmacies that are closing. Those 92 stores might already be next in line for closure due to lease issues or due to the property being owned by Seritage.
These are just guesses.
You don't eliminate senior management positions if you plan to be a company much longer.