Struggling retailer Sears Holdings Corp. will lay off at least 5,457 employees and close over 100 stores, many before Christmas, according to a Seeking Alpha report citing liquidation notices and employees.
Sears shares rose 4.6 percent to $36 in premarket trading.
At least 46 Kmart stores, 30 Sears department stores and 31 Sears Auto Centers are scheduled to close before the end of January, said the report.
More @ Money News
How can that be? Obama has the economy running like a Mexican watch.
ReplyDeleteBadger
:)
ReplyDeleteEh - it may be partially related to economic situations but they've been struggling fora while. They do NOT have a strong online presence. They do NOT have a strong commercial presence on TV with ads. There are MANY options to a Sears store and they've unfortunately not remains competitive...don't forget they bought Kmart, and Kmart has suuucked and bringing down Sears financial position.
ReplyDelete"The once-venerable retailer had been foundering for years when Sears CEO Edward Lampert plucked it out of bankruptcy in 2002 and merged it with Sears in 2005. But the chain's performance has worsened in recent quarters because of increased competition and Mr. Lampert's refusal to pump money into Kmart's 1,077 stores."
http://www.chicagobusiness.com/article/20141011/ISSUE01/310119987/kmart-turns-off-the-blue-light
I'll have to keep an eye out if my local stores will be closing - I want in on the fire sales as they dump inventory...*grin*
http://www.chicagobusiness.com/article/20141011/ISSUE01/310119987/kmart-turns-off-the-blue-light
DeleteThanks and that is really something.
Sears used to be a viable retailer when they focused on tools and appliances.
ReplyDeleteKmart sucks. I occasionally go in there (to use the restroom mostly) and their entire little girls clothing section is geared to the prepubescent slut/stripper/Miley Cyrus wannabe.
I hope that's a big reason why they are failing. I hope some parents have the sense to dress their kids as kids, and not prostitutes.
I hope some parents have the sense to dress their kids as kids, and not prostitutes.
DeleteMe too.