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> Sears gone soon?
Tim
post Oct 24 2014, 01:04 AM
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QUOTE(taxthedeer @ Oct 23 2014, 06:30 PM) *

77 more Sears and Kmart stores are closing sometime before Christmas. 46 Kmart stores and 31 Sears stores.
http://wgntv.com/2014/10/23/77-sears-kmart...fore-christmas/


Wow - that's gonna be a black Christmas for a lot of soon-to-be-ex-Sears employees. But this?

"“If a store is not generating a profit, it is straightforward that the store should be considered for closure.”"

Makes perfect biz sense.


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mc46360
post Oct 24 2014, 03:09 AM
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According to the list I saw, Michigan City Sears is not on the list, also neither LaPorte or Chesterton KMART is on the list.
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Southsider2k12
post Oct 24 2014, 05:57 AM
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QUOTE(taxthedeer @ Oct 23 2014, 07:30 PM) *

77 more Sears and Kmart stores are closing sometime before Christmas. 46 Kmart stores and 31 Sears stores.
http://wgntv.com/2014/10/23/77-sears-kmart...fore-christmas/


We were NOT on the list.
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taxthedeer
post Oct 24 2014, 06:20 AM
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QUOTE(Southsider2k12 @ Oct 24 2014, 06:57 AM) *

We were NOT on the list.

Here are the Indiana Sears and Kmart stores that are closing:

IN Bedford Kmart Town Fair Center 62 September 28 December
IN Decatur Kmart 804 S 13th St. 49 September 28 Early December
IN Fort Wayne Kmart 820 N Coliseum Blvd. 69 September 28 Early December
IN Greenwood Kmart 860 Hwy. 31 S 78 November 2 Mid January
IN Indianapolis Sears + Auto Washington Square Mall 91 September 28 Early December
IN Indianapolis Kmart 2715 Madison Ave. 131 September 28 Early December
IN Indianapolis Kmart 7425 E Washington St. 139 September 28 Early December
IN Muncie Kmart 1501 E McGalliard Rd. 59 September 28 December
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Groucho
post Oct 24 2014, 07:08 AM
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QUOTE(taxthedeer @ Oct 23 2014, 06:30 PM) *

77 more Sears and Kmart stores are closing sometime before Christmas. 46 Kmart stores and 31 Sears stores.
http://wgntv.com/2014/10/23/77-sears-kmart...fore-christmas/



I just finished checking as business site called Seeking Alpha that had the list of stores to be closed. Michigan City is not on the list.
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taxthedeer
post Jun 12 2015, 08:41 AM
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Looks like we might be seeing the beginning of the end of Sears. I hope if Sears closes the Craftsmen and Die Hard battery brands continue.

I predict the Sears store at Marquette Mall will liquidate by 2017.

http://seekingalpha.com/article/3253945-la...341993&dr=1

QUOTE
Lawsuit Alleges Latest Lampert Deal Would Make Sears Insolvent
Jun. 12, 2015 1:11 AM ET | 12 comments | About: Sears Holdings Corporation (SHLD), Includes: GGP, MAC, SPG
Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. (More...)
Summary

If the deal succeeds, Sears would be left as an insolvent, money-losing, debt-laden renter in its own stores, the attorneys behind the suit charge.
The objective of the litigation is to block the transfer of the stores to the Seritage Holdings REIT.
The suit contradicts Eddie Lampert’s claims that he has raised the cash needed to save Sears.
The ongoing drop off in Sears' revenues exceeds the amounts Lampert is raising with his real estate deals.
If the revenue losses continue, Sears is headed for insolvency with or without the Seritage and other deals.
Many shareholders do not find Eddie Lampert's latest scheme to squeeze a few more bucks out of Sears Holdings (NYSE: SHLD) very amusing. A shareholder class action suit alleging that Lampert's plan to raise $2.5 billion by selling Sears' stores to a real estate investment trust (REIT) is really a scheme to destroy the iconic retailer has been filed.

If the deal succeeds, Sears would be left as an insolvent, money-losing, debt-laden renter in its own stores, the attorneys behind the suit charge, The Chicago Tribune reported. The deal would start by selling 254 Sears' properties to the REIT Seritage Growth Properties, which would lease the stores back to Sears.

Lawsuit Alleges Latest Lampert Deal Would Make Sears Insolvent

"The proposed transaction is a financially and structurally unfair deal," the lawsuit says of the Seritage scheme. "Sears and its stockholders would receive a severely inadequate cash payment that the defendant Lampert-controlled company may use to cover operating losses and debt obligations for another year or so, before stockholders are left holding the bag in an insolvency widely viewed as inevitable if the proposed transaction occurs."

The suit was filed on Friday, May 29, in Delaware Chancery Court, according to The Tribune. Lampert himself, Sears Holdings, Sears board members and Seritage are named as defendants. The lawsuit is the handiwork of San Diego law firm Robbins Arroyo LLP, which proudly calls itself a "leader in shareholder rights litigation" on its website.

The objective of the litigation is to block the transfer of the stores to Seritage. The suit claims Sears would become insolvent if the transfer goes through as planned. The Seritage deal is supposed to go into effect sometime this month, according to The Tribune.

It is not clear how the lawsuit would affect another Lampert real estate scheme designed to raise $400 million by selling off another group of Sears stores. Although it would presumably block all of Lamperts' efforts to sell real estate to raise cash which seems to be the only way that Sears can make money these days.

In April Lampert unveiled plans to set up joint ventures with mall operators like the Macerich Company (NYSE: MAC), General Growth Partners (NYSE: GGP) and the Simon Property Group (NYSE: SPG). The mall operators would buy Sears stores in their properties and rent them back to the retailer through the joint ventures. The mall owners would also get the right to rent some of the Sears space to other tenants.

Is Sears Close to Insolvency and the Beginning of the End?

The suit contradicts Lampert's claims that he has raised the cash needed to save Sears. In a recent blog post, Lampert boasted that he has raised the billions needed to save Sears by selling off the chain's assets.

"Taken together, these new funds will allow us to invest in long-term strategies to enhance our members' experiences and expand our integrated retail platforms," Lampert wrote of the real estate deals and the spinoff of assets like Lands' End.

That sounds good until you take a look at Sears' financial numbers. Sears reported a net income of -$1.5 billion on April 30, 2015. If that wasn't enough, Sears' revenue fell by $6.42 billion between April 2014 and April 2015. Sears' TTM revenue was $35.62 billion in April 2014 and $29.2 billion on April 30, 2015.

Sears' TTM revenue was dropping at a rate of 25.3% on April 30, 2015. If that rate keeps up, Sears' revenues would drop by around $9 billion over the next year or around $2.277 billion a quarter.

If those revenue drops continue, Lampert's schemes will do little to help Sears. Lampert himself admits that the Seritage deal would only raise around $2.5 billion-the equivalent of a quarter's losses. The joint ventures would only raise around $400 million, or less than 25% of one quarter's revenue loss, according to Lampert.

With losses like that, it is hard to see how Lampert's real estate deal-making could save Sears. The new funds would cover a little over one quarter's revenue losses.

The Robbins Arroyo prediction of insolvency because of the real estate deals sounds a little too optimistic when you take a look at these figures. If the revenue losses continue, Sears is headed for insolvency with or without the Seritage and other deals.

It looks as if we're witnessing the beginning of the end at Sears. One has to wonder how long this tragedy can continue and how much money Eddie Lampert and others will burn through before somebody pulls the plug.
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diggler
post Jun 12 2015, 01:13 PM
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Forget the big box brand name retailers. I just wanna see the SA thrift store reopening in MC.....SOON
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Groucho
post Jun 13 2015, 10:55 AM
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The problem with Sears is that they are trying to be everything for everyone. they need to focus on their core strengths. Craftsman tools, appliances, if they can compete with best buy and the others and limited clothing.

While i do shop at sears I generally buy clothes elsewhere. I have bought appliances at Sears at just had a service call for the oven. Very well done, expensive but on time and they had the parts.

I hope they survive. As mall store anchors they are important. However the entire Mall concept for retail is in trouble all across the country. In Washington, PA, just south of where I live the mall is a ghost town like Marquette Mall. the same is going on in every major city and suburb. Amazon.com and other online distributors have taken a toll on the Mall concept.

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diggler
post Jun 13 2015, 02:53 PM
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Just remember, the day Amazon gets hacked.....the party will be over.
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Southsider2k12
post Jun 13 2015, 05:36 PM
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Sears and Pennys are going the way of Montgomery Ward. They are outdated concepts with no fit in the 21st century.
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lovethiscity
post Jun 15 2015, 06:29 AM
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QUOTE(taxthedeer @ Jan 31 2012, 02:25 PM) *

I would expect a Meijer store to go in that location immediately. Meijer didn't buy out that location for $40 million just to have the property sit vacant.

Sitting vacant keeps the competitors Wal-Mart, Target........from opening. A smart investment from a corporate point of view even if the property is never developed
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diggler
post Jun 15 2015, 07:13 AM
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QUOTE(lovethiscity @ Jun 15 2015, 07:29 AM) *

Sitting vacant keeps the competitors Wal-Mart, Target........from opening. A smart investment from a corporate point of view even if the property is never developed


Interesting cool.gif
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ChicagoMachine
post Jun 15 2015, 01:31 PM
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The store may go but there's a chance Sears Automotive stays since they own their own building. It could be a stand alone no matter what happens. As for Sears surviving; the tools are the best with the lifetime guarantee on the better Craftsman items. Kenmore is just a name stamped on other appliances. They have tried to have an on line presence but the site is too muddy and confusing. If you are a member (free) of Shop Your Way you are lucky. Every month or so I receive $30 vouchers to use at Sears or Kmart. I never shop at the store much but use my voucher (I just got one yesterday for $30 if you spend $30 at Sears Auto). They also kept Lands End customer service for the Shop Your Way program. This year I already received $100 if I spend $100... maybe that's why they are in trouble? smile.gif

Received an email for $30 bucks.. went to Sears.com and bought a nice 6 gauge jumper cable for $34 and used my $30. Shipped or picked from store stock. Arrived today free of charge and I spent $5. The more you use their free savings.. the more they send you. Seems like a recipe for disaster (or in my case a windfall)


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diggler
post Jun 15 2015, 04:08 PM
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A memorable quote worth mentioning in these times:

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Finally, need we remind ourselves that in our day the concept of human nature has been singularly taken apart, if not completely called into question? Until a half-century ago one could hope that anything based upon nature was firmly established. That is no longer so today. One looks in vain for the quid of that nature, and general hermeneutics is teaching us that the human condition is in need of deciphering, of decoding, which leaves us in doubt about any-thing of permanence.


_
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Tim
post Jun 16 2015, 12:48 AM
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QUOTE(diggler @ Jun 15 2015, 04:08 PM) *

A memorable quote worth mentioning in these times:
_


I'm in doubt of that hyphen. laugh.gif
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ChicagoMachine
post Jun 16 2015, 11:37 AM
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deep quote man.. .real deep.

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but I did just get yet another email for another $30 off Sears... only 4 days from the last one?


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