1 - Goose
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Sears in Crisis
NEW YORK (AP) -- Sears, once the monolith of American retail, says that there is "substantial doubt" that it will be able to keep its doors open. Company shares, which hit an all-time low last month, tumbled more than 5 percent before the opening bell Wednesday.
Millions of dollars have been funneled through the hedge fund of Chairman and CEO Edward Lampert to keep Sears afloat but with sales fading, it is burning through cash. Lampert combined Sears and Kmart in 2005, about two years after he helped bring Kmart out of bankruptcy According to a regulatory filing late Tuesday, Sears Holdings Corp. lost more than $2 billion last year. Adjusted for one-time charges, its loss was $887 million.
Sears has been selling assets, most recently its Craftsman tool brand. But it says its pension agreements may prevent the spin-off of more businesses, potentially leading to a shortfall in funding. "Our historical operating results indicate substantial doubt exists related to the company's ability to continue as a going concern," Sears said in a filing with the Securities and Exchange Commission.
Sears, which employs 140,000 people, announced a major restructuring plan in February with hopes of cutting costs by $1 billion through the sale of more stores, jobs cuts and brand asset sales. And it's reconfiguring its debts to give itself more breathing room. But it has to get more people through the doors or shopping for Sears brands online. Sales at Sears and Kmart locations that have been open at least a year, a key indicator of a retailer's health, dropped 10.3 percent in the final quarter of 2016.
Last edited by Goose (3/22/2017 8:43 am)
We live in a time in which decent and otherwise sensible people are surrendering too easily to the hectoring of morons or extremists.
- tennyson
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Re: Sears in Crisis
It would certainly mean the end of an era.
I would imagine that those who remember the "heyday" of the retail giant have many fond memories from when they were younger and going to their local Sears.
"Do not confuse motion and progress, A rocking horse keeps moving but does not make any progress"
- Goose
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Re: Sears in Crisis
As kids, it sure was a major event for my brother and I when the Sears Wish Book catalog came out each Christmas
We live in a time in which decent and otherwise sensible people are surrendering too easily to the hectoring of morons or extremists.
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Thread Starter- Tarnation
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Re: Sears in Crisis
tennyson wrote:
It would certainly mean the end of an era.
I would imagine that those who remember the "heyday" of the retail giant have many fond memories from when they were younger and going to their local Sears.
Especially getting a loaded up hot dog and coke at the store in the York County Shopping Center.
Life is an Orthros.
- tennyson
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Re: Sears in Crisis
It would certainly mean the end of an era.
I would imagine that those who remember the "heyday" of the retail giant have many fond memories from when they were younger and going to their local Sears.
Especially getting a loaded up hot dog and coke at the store in the York County Shopping Center.
I remember it well ! 
"Do not confuse motion and progress, A rocking horse keeps moving but does not make any progress"
- Conspiracy Theory
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Re: Sears in Crisis
As kids, it sure was a major event for my brother and I when the Sears Wish Book catalog came out each Christmas
Me and my brothers would spend hours wish-shopping in the catalog.
We couldn't afford most of it but it was still a nice feeling imagining we could. 
If you make yourself miserable trying to make others happy that means everyone is miserable.
-Me again
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Re: Sears in Crisis
Not to kick them while they're down but when I was a child Sears was synonymous with quality.
They had the best things to be had at prices people could manage.
It was solid.
But my experience with Sears in my adlut life convinced me that I'll never buy from them again. Product quality took a nosedive, and customer service doesn't exist.
IMO If they could have gotten one or the other right they might have stayed afloat.
If you make yourself miserable trying to make others happy that means everyone is miserable.
-Me again
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- Goose
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Re: Sears in Crisis
Not to kick them while they're down but when I was a child Sears was synonymous with quality.
They had the best things to be had at prices people could manage.
It was solid.
But my experience with Sears in my adlut life convinced me that I'll never buy from them again. Product quality took a nosedive, and customer service doesn't exist.
IMO If they could have gotten one or the other right they might have stayed afloat.
Agreed. I bought a piece of exercise equipment from sears about 12 years ago.
I took it home, assembled it and a piece was missing.
I called the local store where I bought it. They referred me to a very polite man. I explained what was missing - even the part number from the owners' manual - and he assured me that he would take care of it. Gave him my name and my home and cell numbers.
And I never heard from Sears again.
That was the last thing I ever bought from Sears.
We live in a time in which decent and otherwise sensible people are surrendering too easily to the hectoring of morons or extremists.
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Thread Starter- Tarnation
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Re: Sears in Crisis
Sears will become a case study of what happens when a business over-reaches, over diversifies, and neglects what had been the backbone of its operation.
Sears downfall began when the catalog was marginalized, which roughly coincided with their expansion into optical, "Sears Financial Services", and Coldwell-Banker realtor frnachices.
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- Goose
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Re: Sears in Crisis
Sears will become a case study of what happens when a business over-reaches, over diversifies, and neglects what had been the backbone of its operation.
Sears downfall began when the catalog was marginalized, which roughly coincided with their expansion into optical, "Sears Financial Services", and Coldwell-Banker realtor frnachices.
Those always seemed like odd areas for Sears to get into. I'm no business guy, but it never seemed a good fit.
We live in a time in which decent and otherwise sensible people are surrendering too easily to the hectoring of morons or extremists.
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