Sears Promises Early Payment To Vendors, Ties Up Cash Flow

Sears Promises Early Payment To Vendors, Ties Up Cash Flow

While Sears struggles to get customers into its stores and lost $1.7 billion last year, the retailer is also encountering problems in keeping its shelves stocked with merchandise. The company’s vendors are reportedly nervous to ship to the retailer given its poor financial results and touchy cash flow situation. Vendors are asking Sears to pay their bills sooner in exchange for a discount. This ties up tens of millions of extra dollars’ worth of capital up at a time. [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]

Sears To Close Parts Distribution Center In Dallas, Lay Off 77

Sears To Close Parts Distribution Center In Dallas, Lay Off 77

The new year has barely started, but it’s already time to shed a few more tears for Sears. The American retailing legend is trying to stage a comeback as a place where Americans are willing to shop again. Part of that comeback is shedding stores and facilities that it no longer needs. It’s time to add facility to that list: a parts distribution center in Dallas that employs 77 people. [More]

(Nicholas Eckhart)

Clothing Company Sues Sears Claiming It Routinely Canceled Orders, Then Refused To Pay

When you’re a company that’s struggling not to lose customers and you’ve been trying to build yourself up to some semblance of your formal glory, everything matters and any negative news isn’t going to help. Sound the pity horn if you have one, because there’s yet more bad news for Sears: One of its suppliers is suing the company, saying Sears would “routinely and deliberately” cancel already placed orders and then refuse to accept delivery or pay up. [More]

Eddie Lampert Blogs Mini-Manifesto About Why Sears Has Shed 200 Stores

Eddie Lampert Blogs Mini-Manifesto About Why Sears Has Shed 200 Stores

Americans seem to love and hate their Kmart and Sears stores: our posts linking to unofficial but comprehensive closing lists have been very popular in the last few weeks. Americans apparently love to complain about their Sears Holdings stores, but don’t really want them to go away. Sears Holdings CEO and chief manifesto-writer Eddie Lampert recently took to the company’s blog to explain why the chain is getting rid of up to 200 stores. [More]

(Scott Miller)

Sears Distribution Center In Mississippi Available For Lease, No One Will Say Why

Great news if you’re in the market for 800,000 square feet of warehouse space: the owner of the building in Mississippi where Sears houses a distribution center is reportedly quietly marketing the facility. Why? Where is Sears going? The company that owns the building won’t say, and of course neither will 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]

Where Do People Buy The Stuff They Used To Buy At Sears?

Where Do People Buy The Stuff They Used To Buy At Sears?

Many American consumers have sworn off shopping at Sears and Kmart, their local stores have closed, or they have just forgotten that the chains exist. Business that once went to Kmart now goes to discount store competitors Target and Walmart, logically enough, but where do Americans go for the things that they once bought at Sears? [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]

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

SUV Drives Into Closing Sears Store, Injures No One

When a driver lost control of her Lexus SUV in the parking lot of a mall in Solon, Ohio yesterday afternoon, the story could have had a tragic ending. Instead, only the driver sustained minor injuries. While there was property damage to the shopping center, the car ended up inside a Sears Grand department store…one that is scheduled to close before the end of the year. [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]

(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]

Sears Inventory Clerk Accused Of Stealing $2.6 Million In Merchandise

Sears Inventory Clerk Accused Of Stealing $2.6 Million In Merchandise

If Sears wants to lose slightly less money in the last quarter of 2014, maybe the company needs to check its employees’ metaphorical pockets. For example, there was the employee in a New Jersey distribution center who was recently arrested and accused of stealing merchandise worth $2.3 million, with a retail value of $3.7 million, and selling or bartering the merchandise to people in multiple states. [More]

Sears Closer To Goal Of Becoming Landlord, Leases Parts Of Seven Stores To Primark

Sears Closer To Goal Of Becoming Landlord, Leases Parts Of Seven Stores To Primark

Back in June, we pointed out something interesting about Sears and Kmart: part of the company’s comeback plan is to rent or sell any stores that it can. Vacant buildings seek new owners or tenants, and stores that will remain in business want to sublet part of their space to a roommate to keep the lights on. Today, Sears announced that they’re renting seven spaces to Irish clothing retailer Primark, closing one of their stores to rent out instead. [More]