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Time to "Bailout" Sears & K-Mart stores? 120 closing nationally!

Melensdad

Melensdad

Jerk in a Hawaiian Shirt & SNOWCAT Moderator
Staff member
Apparently the Christmas season sales were not enough to save the stores. 120 Sears and K-Mart stores will be closing soon. In this world of socializing risk and handing out favors to unions, seems like Obama/Pelosi/Reid should jump all over this and "save" the stores from closure to prevent job losses.

If you read the last line of the quoted portion of the story you can see that Sears & K-Mart are suffering from EXACTLY the same problems as General Motors and Chrysler.

http://news.yahoo.com/sears-close-120-stores-113743523.html

Sears to close up to 120 Kmart, Sears Full-line stores

(Reuters) - Retailer Sears Holdings Corp said it plans to close 100-120 Kmart and Sears Full-line stores and expects its adjusted fourth-quarter EBITDA to more than halve from a year ago.

The company reported $933 million in adjusted fourth-quarter earnings before interest, taxes, depreciation, and amortization last year.

The retailer, home to brands including Craftsman tools and Kenmore appliances, expects to earn $140-$170 million by selling of inventory in affected stores and selling or subleasing store space. . .

The retailer is a victim of the economy, aggressive competition and its own reputation for run-down locations and poor customer service.​
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I don't shop at Sears or K-Mart for anything, so if they closed today it would not concern me. K-Mart has always had the reputation for lousy service and stores that looked like a flea market. I know someone in mgmt. for K-Mart who is looking for another job, because he feels the writing is on the wall. The CEO demands 30% profit on all food items, then wonders why nobody is buying the groceries and then berates his managers for the abysmal sales. Yet, he will not listen to his managers who tell him what the local prices are around their stores. No surprise on the failure rate with leadership like that. My local Aldi's stores are nicer and cleaner than any K-Mart I have ever been in.
 
The Sears near me used to be a really good store, but they downsized years ago and it's just not the same.
As for K-Mart, there was a time when it was an okay place to shop, like 30 years ago.
 
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