Sears has a deadline of Nov. 1 to post its second round of store closures to the Bankruptcy Court. An additional 100-150 stores will be on the next list, almost certainly representing unprofitable locations. This will clear the way for a 400-store footprint, exactly what Lampert hopes to bid on in bankruptcy. The next sore list will be made public when posted in the docket.
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Pennsylvania stores are the ones making the money. Corporate knows this and they won't be touched. They are the future!!
400 stres will not last long. It will get smaller soon , on the way to zero in months
142 closing tomorrow. PA will be empty.
Rumor told Pa isn't going to have any Kmarts or Sears. True?
@VTsfYDz-bbf AUCTION! Gone just like that. Anything will sell if cheap enough
An even bigger question: what is Eddie going to do with all these stores attached to dead malls or c-appy shopping centers? If Ch. 11 is converted to Ch. 7, what would the creditors do with all these stores? It would be a really c-appy asset. Taxes, maintenance and upkeep add up quickly for something that sits on the market for so long without a single prospect in sight.
The marketability of those stores are all dependent on the overall location and the property immediately surrounding the store. Obviously nobody is really going to line up to buy or rent a property that's poorly located. Developers are not going to spend money and effort to raze/remodel an old Sears or Kmart to make way for new things if the mall or shopping center adjacent to the property refuses to give up their property to sell the developer.
Nobody really thought about these consequences like these when we were having a mall and shopping center building boom a few decades ago. Everything in this life eventually needs to be disposed of. Nothig lasts forever.
If you go back and look at the "maybe" list, even Woodfield is on there. That was another supposedly untouchable one.
@qwj You are right. When they announced the closing of the South Coast Plaza Sears here in CA that said it all. That store was supposed to be untouchable even after the mall owners bought back the property from Sears in July of 2017.
"cut & plaster" seriously funny.
There are no SAFE stores. Keep your fingers crossed.
Since the store list is assembled by Sears, they can choose from the questionable and/or "safe" lists should circumstances have changed since the filing. Sears and Kmart will likely exit several states as far as their retail presence goes. But Guam and Puerto Rico are safe -- Sears and Kmart are exceptionally profitable in both areas -- far more than in the continental U.S.
My question is, what the hell is Eddie going to do with the rest of the stores?
Does anyone have a cut & plaster version of the next list. I saw it on here but can't find it right now. Thank you.
@vuq I read that in the court documents too.. “designated” list
The final list is the “restricted” stores
I noticed there is approx 10-12 Puerto Rico stores I hear they are money makers.
Is it the stores noted as "designated" in the BK documents?
Wonder how many of those were the "safe" stores, poor sods.