When you own more than 25% of Sears, it gets you a seat on the retailers’ board of directors and gives you the opportunity to help steer the company in the right direction. So what does it say about Sears Holdings that its former second-largest investor has decided to liquidate the mutual fund that includes Sears, and vacate its seat at the table? [More]
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Bankrupt Sears Canada Asks Court For Permission To Liquidate, Shut Down
By 10.10.17
Like its American cousin, Sears Canada is in financial trouble. Unlike Sears Holdings, it doesn’t have a vast real estate portfolio that it can sell to raise cash. To that end, the company announced today that there is no way to keep the business going, and it will close all stores and liquidate. [More]
Sears Borrows Yet Another $100M (And Possibly $200M) From Its Own CEO
By 10.6.17
It hasn’t even been a year since Sears, the mall anchor store where there’s always plenty of parking, borrowed half a billion dollars from its own Chairman and CEO Eddie Lampert. Now the once-great retailer that’s living in a converted storage space above its parents’ garage while it sorts things out is borrowing another $100 million from Lampert, with a second $100 million loan possibly coming in just a matter of weeks. [More]
Here Are The 28 Kmart Stores Closing Later This Year
By 8.24.17
Sears Holdings, the parent company of Kmart and Sears, shared in its most recent quarterly earnings report that it plans to close 28 more Kmart stores. The company saved the closures list for later in the day, and now we have it for you. [More]
As Sears And Kmart Shrink, Amazon Grows
By 7.20.17
Earlier today, we shared the announcement that Amazon and Sears would be teaming up to sell Kenmore brand appliances, beginning with air conditioners. The retailers have more in common than you might think, though. [More]
Sears Begins To Sell Kenmore Brand Appliances On Amazon
By 7.20.17
Would you buy a Kenmore air conditioner, refrigerator, or dishwasher if you didn’t have to go to a Sears store, leave your house, or register for a Sears.com account? As part of its ongoing efforts to increase sales and make the most of its store brands, Sears Holdings, the parent company of Sears and Kmart, announced that it will be selling Kenmore appliances on Amazon, beginning with air conditioners. [More]
Sears Holdings CEO Lends Company Another $200M To Stay Afloat
By 7.18.17
As other retailers around it go out of business or reorganize, Sears Holdings, parent company of Kmart and Sears, is still in business somehow. Why? Those other chains don’t have what SHC does: A massive base of stores that it owns and can sell, and a CEO able to lend the company a few hundred million here and there. [More]
43 More Sears And Kmart Stores Are Closing: Is Yours On The List?
By 7.7.17
Sears Holdings, parent company of Sears and Kmart, announced today that it plans to close down another 43 stores. As with previous rounds of closings, Kmart stores dominate the list, with 35 stores in 21 states set to turn their blue lights out forever. [More]
Report: Sears Closing 20 More Stores, Opening One
By 6.22.17 — Updated: 6.27.17
Sears Holdings Corporation, parent company of Sears and Kmart, has recently been on a store-closing spree, seeking to lower its expenses to escape a looming retail death spiral. Today, the company announced the opening of a new appliances and mattresses concept store, while also informing employees that the company plans to close another 20 Sears department stores. [More]
Why Is There A Kmart In Minneapolis That Blocks An Entire Street?
By 6.21.17
Lots of people and cities made terrible decisions in the ’70s. It was an era of traffic circles and jughandle exits, and a general “just put that building/highway wherever” attitude. Like the Kmart store in Minneapolis that was plopped down in the middle of what had been a main thoroughfare — an error that is only just beginning to (maybe) be remedied. [More]
Sears Laying Off 400 Employees At HQ In Addition To Store Closures
By 6.13.17
Last week, we learned that Sears Holdings, parent company of Kmart and Sears, was planning to close a few dozen more stores as part of its ongoing “transformation” from a nationwide retailer into a handful of appliance showrooms and an online rewards points scheme. Today, the company announced more cuts among staff at its headquarters outside of Chicago, eliminating 400 positions. [More]
Former Sears Executive: Retailer Has “No Capacity To Operate As A Successful Company”
By 6.9.17
If you want to know what’s happening with a company, talk to insiders — or with former insiders, who are free to talk on the record. Like, for example, a former Sears executive who is now unfettered in his ability to give his honest opinion of the once-great retailer (and the man who has been steering the ship toward apparent doom). [More]
Sears Settles With One Craftsman Supplier, Files New Lawsuit Against USA-Made Hand Tool Company
By 6.7.17
After resolving its contract dispute with one supplier for Craftsman tools, Sears Holdings has filed another lawsuit against another. The company claims that negative press coverage is leading its suppliers to demand early cancellation of contracts, or unreasonable terms. [More]
Report: Sears Holdings Plans To Close 72 Stores, Mostly Kmart
By 6.7.17
Sears Holdings, the parent company of Sears and Kmart, doesn’t like articles about how many stores it’s closing. Instead, the company tries to limit news releases about its plans to local news outlets. The company reportedly plans to close 49 Kmart discount stores, 16 Sears department stores, and seven Sears Auto Centers. [More]
Kmart Victim Of Second Hack Attack In Three Years
By 6.1.17
Even with fewer stores and sales floors full of boxes, Kmart is still an attractive target for ne’er-do-wells: The retailer has found itself on the receiving end of another hack attack, just three years after its last security breach. [More]
Sears Could Stay Afloat… If It Had A Few Dozen More Tool Brands To Sell Off
By 5.25.17
Given all the doom and gloom headlines about Sears Holdings Corporation, you might be surprised to hear that the company turned a profit last quarter. Until you realize that the only reason Sears didn’t lose money is because it sold its once-beloved Craftsman tool brand to Stanley Black & Decker. [More]
Sears CEO Says Suppliers Are Taking Advantage Of “Dire Predictions” About Retailer
By 5.15.17
Eddie Lampert, the manifesto-writing chairman and CEO of Sears Holdings, really wishes that members of the media would quit reporting that his company is imminently doomed. Why? The news reports are causing problems in the retailer’s negotiations with its suppliers. [More]
Sears CEO Eddie Lampert Wishes Everyone Would Stop Using The B-Word
By 5.10.17 — Updated: 6.13.17
Look, shoppers and members of the media. Eddie Lampert, the chairman, chief executive officer, and biggest shareholder in Sears Holdings Corporation, owner of Sears and Kmart, wants us to stop using the “B” word when talking about the company, because it spooks suppliers and shoppers. That word, of course, is “bankruptcy.” [More]
