Sears Leadership Still Convinced That Rewards Program Will Save The Company

Sears Leadership Still Convinced That Rewards Program Will Save The Company

Shop Your Way Rewards is not a difficult program to join. The process consists of giving your e-mail address to a cashier at Sears or Kmart, and…that’s pretty much it. It doesn’t cost anything. Yet the leadership of Sears Holdings Corporation remains fixed on the program and the idea of having “members” rather than customers, and we still can’t figure out why. [More]

Sears Shareholders Sue, Claim CEO Is Stripping Company For Parts

Sears Shareholders Sue, Claim CEO Is Stripping Company For Parts

For many years here at Consumerist, we developed a theory that the venerable department store Sears was secretly a vast anti-capitalist prank, which actively avoided selling merchandise. Its goal was something else: perhaps waiting for the retail real estate market to turn around and cash in the land and buildings that it owns. A group of Sears Holdings shareholders are starting to think the same thing, and they’ve filed a lawsuit against the company and its manifesto-writing CEO, Eddie Lampert. [More]

Sears Pension Fund Requires Cash Infusions From Sears

Sears Pension Fund Requires Cash Infusions From Sears

Sears really didn’t need any more problems, financial or otherwise. Yet the company does have a problem that doesn’t involve its loss of $1.7 billion last year, run-down stores, fleeing customers, and alleged problems with suppliers? The company’s employee pension plan also isn’t doing very well, which has been another drain on the company’s finances. [More]

(Scott Miller)

Sears Holdings Lost $1.7 Billion In 2014, Considers This An Improvement

Sears Holdings has many assets: mostly, stores in malls that are slumping toward irrelevance, and strong brand recognition and loyalty among Americans over age 50 or so. The company is fighting to stay in business, and current efforts like offering Sears Canada stock to investors and selling stores to a real estate investment trust and leasing them back are part of that effort. Is all of this working? Well, Sears leadership sounds optimistic. [More]

(Scott Miller)

Credit-Swap Traders Think Sears Will Fail In The Next Year

Credit default swaps are a confusing concept, since some forms resemble gambling on the failure of a company without even owning any stock in it. As a consumer, especially if you’re someone who likes to shop at Sears, you should know that now that Radio Shack has declared bankruptcy, the hot retailer that credit swap traders are betting will fail is Sears. [More]

(Karen Chappell)

New Lands’ End CEO Sees Company As A ‘Global Lifestyle Brand’

When you think of “Lands’ End,” you probably don’t think “high fashion.” Yet the brand has hired Federica Marchionni, the president of Dolce & Gabbana USA, to be the company’s new CEO. Will Marchionni be able to turn Lands’ End into a global luxury brand and help it find a more profitable identity after breaking off its 13-year relationship with Sears? [More]

(Scott Miller)

Sears Holdings Admits Plans To Close 105 More Stores, Won’t Say Which Ones

Last week, we shared an updated version of a list naming 109 Kmart and Sears stores reported by employees or local media outlets to be closing by early 2015. While Sears still won’t confirm or deny these reports on a company-wide level, the company did tell investors as part of its quarterly earnings report this week that it plans to close 105 more stores by the beginning of next year. [More]

Report: 109 Sears And Kmart Stores Now Expected To Close By Early 2015

Report: 109 Sears And Kmart Stores Now Expected To Close By Early 2015

There’s more cost-cutting planned at Sears Holdings through the end of this year and the beginning of next year. That news shouldn’t surprise anyone, but the total has increased to 39 Sears stores, and 70 Kmart stores, along with one Sears distribution center, one Kmart distribution center, and three Sears repair centers. [More]

(Nicholas Eckhart)

Employee’s Daughter Asks Kmart To Give Mom Some Time Off On Thanksgiving

Should stores be open on Thanksgiving Day? While some businesses, such as hotels, gas stations, airlines, and even restaurants must be open to keep civilization running and make sure other people can get to their destinations and enjoy their holidays. Yet many non-essential businesses are open. Like Kmart. The child of one Kmart employee is unhappy about this, and wants the store to consider maybe giving her mom, a 21-year employee, the day off. [More]

Sears Holdings Ponders Forming A Real Estate Trust, Selling Stores To It

Sears Holdings Ponders Forming A Real Estate Trust, Selling Stores To It

Two things are true about Sears Holdings: the company owns a lot of stores, and those stores are not selling enough merchandise. In order to raise some cash, in the last year the company has spun off its best quality clothing brand, sold shares in its Canadian subsidiary, borrowed money from its CEO, and taken on some roommates. What’s next? Selling some of its stores and leasing them back. [More]

Kmart Will Open At 6 A.M. On Thanksgiving, Stay Open 42 Hours Straight

Kmart Will Open At 6 A.M. On Thanksgiving, Stay Open 42 Hours Straight

This year, Kmart is sticking with its dubious tradition and opening on Thanksgiving Day. Like last year, they’re opening at 6 A.M., and will keep the doors open for 42 consecutive hours until midnight on Saturday. Maybe if they keep the doors open for that long, someone will wander in. [More]

(Trent Rose) Not the Sears in question. No SUVs visible here.

Kmart And Sears Closing List Keeps Growing, Now Includes Distribution And Repair Centers

When representatives of Sears Holdings argued that a recent national store closings list compiled by financial information site Seeking Alpha was inaccurate, maybe what they meant was that the list was incomplete. Since then, the list has grown. Depending on whether you choose to count Sears and Sears Auto stores closing at the same time as separate units or not, either 99 or 131 stores will close, in addition to a Nevada distribution center and an Ohio repair facility. [More]

Sears Says Reports Of Planned Store Closings Are Wrong, Won’t Elaborate

Sears Says Reports Of Planned Store Closings Are Wrong, Won’t Elaborate

Sears Holdings wants you to know that the rumors of planned store closings by the end of this year are wrong. After a report earlier today put together information from local media reports about which Sears, Sears Auto, and Kmart locations are currently scheduled to close, Sears representatives reached out to major outlets like USA Today and the Chicago Tribune to explain that the reports were incorrect. [More]

(Scott Miller)

Sears And Kmart Will Close 78 Stores By End Of 2014

Sears Holdings, the parent company of Sears and Kmart, needs to lose less money. Their current plan includes closing underperforming stores, renting out vacant space, and borrowing money from its manifesto-writing CEO. These are all very sensible things to do, but will they be enough to save Sears? [More]

Kmart Clarifies Layaway Rules For Closing Stores, No One Tells Kmart Employees

Kmart Clarifies Layaway Rules For Closing Stores, No One Tells Kmart Employees

Earlier this week, we shared with you the complaint of some Kmart customers in Ohio who placed items on layaway before learning that the store they had visited was about to close. This affected their payoff date and payments, but a Sears Holdings representative contacted media outlets sharing this story and explained that this is not Kmart’s policy. Unfortunately, nobody bothered to tell people who work at this Kmart. [More]

Layaway Customer At Closing Ohio Kmart Told To Pay Up Before Store Closes

Layaway Customer At Closing Ohio Kmart Told To Pay Up Before Store Closes

Kmart started its Christmas-themed advertising back at the beginning of September, with an ad promoting its layaway program. Only after the holiday layaway season kicked off, Kmart announced a fresh round of store closings. This included two stores in Ohio, which have told customers that they have to pay off their layaway accounts by November 1st. UPDATE: The deadline may indeed not be November 1st. [More]

(Jim and Tiffany Kelly)

Sears To Sell Sears Canada Stake To Raise More Cash

Sears Holdings Corporation, the company that runs Sears and Kmart, needs to raise some cash to get through the rest of the year. When a person needs cash, they look around the house for things to sell. Sears did that, and what it saw was Sears Canada. The company announced today that it will sell part of its 51% stake in the company to current Sears Canada shareholders. You’ll never guess who’s buying! [More]

Sears Continues Retail Death Spiral, Still Sells A Few Useful Things

Sears Continues Retail Death Spiral, Still Sells A Few Useful Things

For the ninth quarter in a row, Sears Holdings Corporation has lost money. Even as the company closes stores, rents out remaining stores, and tries desperate moves like opening early on Thanksgiving Day and making fun of itself in its own ads, the company continues to sell itself for parts in a sad retail death spiral. Yet is there anything that you should consider buying at Sears while it still exists? Are Americans who sneer at Sears missing out? Maybe. [More]