Sears sold Craftsman name and closing more stores...

[Ritchie200]

Not good news from the once proud giant. 

Sears announced a second wave of store closures on Wednesday, bringing the total number of closures scheduled for early 2017 to 150.

The company will shut down 108 Kmart stores and 42 Sears stores by April, according to an internal document obtained by Business Insider.

That represents about 10% of Sears' store base.

Forty-six closures were announced internally on December 27. Employees learned of the remaining closures on Wednesday.

This latest round of closures will bring the total number of stores that Sears has closed this fiscal year to more than 200.

That means the retailer will have fewer than 1,500 stores left by early 2017. That's down nearly 60% from 2011, when Sears had more than 3,500 stores.

Sears is shutting down stores to help stem losses from falling sales.

In the most recent quarter, Sears' revenue fell 13%, to $5 billion, and its losses widened to $748 million from $454 million in the period last year.

Same-store sales dropped 7.4%, including a 10% decrease at Sears stores and a 4.4% decrease at Kmart stores.




Yes I am old and hate change, but this is depressing.  I just wonder if they had been managed differently whether they could have reacted better to internet sales and the demise of brick and mortar shopping...  The pics in the following article are very depressing.

Jim

http://www.businessinsider.com/sears-stores-are-in-decline-2016-12/#the-parking-lot-of-the-department-store-which-is-attached-to-a-shopping-mall-is-nearly-empty-1

[Ed_Chambley]

Jim, They just opened up a new store near me, but is is one of the older types where you get appliances and seasonal items like Lawn mowers and have a internet order pickup like the old catalog centers.


Sad to hear it, but I really do not thing the majority of people think in terms of longevity in their purchases as technology has taught us we shouldn't own something for more than 2 years.  This coming from a guy with a Atwater Kent Radio.  

[Platefire]

Just simply on my 2009 Craftsman Riding Lawn mower buying parts on line was about 50 to 66% cheaper than buying them direct from Sears. Platefire

[G._Hoffman]

Jim, They just opened up a new store near me, but is is one of the older types where you get appliances and seasonal items like Lawn mowers and have a internet order pickup like the old catalog centers.


Sad to hear it, but I really do not thing the majority of people think in terms of longevity in their purchases as technology has taught us we shouldn't own something for more than 2 years.  This coming from a guy with a Atwater Kent Radio.

Meh, they ended the lifetime warranty on Craftsman tools at least a decade ago.  Everything they sell is just more cheap Chinese junk. 

This is what happens when you run your company based on ideology rather than reality.  Their CEO is a nightmare.


Gabriel

[Ed_Chambley]

Jim, They just opened up a new store near me, but is is one of the older types where you get appliances and seasonal items like Lawn mowers and have a internet order pickup like the old catalog centers.


Sad to hear it, but I really do not thing the majority of people think in terms of longevity in their purchases as technology has taught us we shouldn't own something for more than 2 years.  This coming from a guy with a Atwater Kent Radio.

Meh, they ended the lifetime warranty on Craftsman tools at least a decade ago.  Everything they sell is just more cheap Chinese junk. 

This is what happens when you run your company based on ideology rather than reality.  Their CEO is a nightmare.


Gabriel

Gabe, that is exactly what I mean.  With places like Harbour Freight and Big Lots and most of America now deem working with you hands to be beneath what their children should strive for, who is looking for long term purchases.

Sears built a reputation on this many years ago and society changed faster than Sears could.  They should have started with the Chinese Junk when Sam Walton was still buying Ben Franklin 5 and dimes and turning them into junk retailers.

Kills me to hear someone speak of Sam Walton's all American good old boy driving his pickup with his hunting dogs in the back whan the man was super intelligent and actually worked on some of the most top secret military project.

Sears CEO is not current, that is for sure.