JeepersMedia

7 Things We Learned About Sears Holdings’ Apparent Death Spiral

According to Eddie Lampert, CEO and Chairman of Sears Holdings, the company is in the middle of a “transformation” into a profitable enterprise that integrates online and offline retail. Yet everyone from former high-ranking executives to anyone who has ever set foot in a Kmart says the retailer is in an inescapable death spiral. [More]

Ted Murphy

Sears To Sell Craftsman Brand To Black & Decker For $900M

Sears isn’t just trying to stave off the grim reaper by closing stores and borrowing hundreds of millions of dollars from CEO Eddie Lampert twice in two weeks. The beleaguered retailer is selling off its iconic Craftsman brand to Stanley Black & Decker for $900 million. [More]

Nicholas Eckhart

Sears And Kmart Announce 150 Store Closures, Including The First Kmart

Last week, we shared a list of Kmart and Sears stores that we were able to confirm would be closing this spring. The list just grew, reaching a total of 108 Kmart locations and 42 Sears locations that will begin their store-closing sales this week. [More]

Will

Sears Borrows Another $500 Million From Its CEO Until It Can Sell More Stores

Sears Holdings, the parent company of Sears and Kmart, has lost billions of dollars in the last few years. The last time that it did turn a profit, it was because the company had just sold a few billion dollars’ worth of store buildings to its affiliated real estate investment trust. Now the company is borrowing some cash from its CEO in anticipation of raising more money the same way. [More]

Richie Diesterheft

Giant Former Sears Store In Chicago To Become Apartments And Maybe A Liquor Store

Last year, the oldest operating Sears store, a now-windowless tan brick behemoth in Chicago’s Ravenswood neighborhood closed. The local commercial real estate market had the same problem as Sears itself: what could be done with an enormous retail building that the marketplace no longer needs? A developer came forward with a plan to redevelop the currently dormant space into apartments and maybe a liquor store. [More]

Nicholas Eckhart

Sears Holdings Announces Another Round Of Kmart And Sears Closings

There are two related pieces of news out of Sears Holdings this week. First, the company is closing another round of Kmart and Sears stores across the country. Second, it’s set to borrow at least another $200 million from its manifesto-writing CEO. [More]

Scott Miller

Sears And Kmart Pretend To Run A Retail Business For Another Quarter

Sears Holdings, the company that owns Sears and Kmart, is focused on “restoring profitability,” but so far the only method that the massive department store chain has found to do that since 2012 is by selling its stores to an affiliated real estate investment trust. Sears has a lot more real estate to sell, and could keep this charade up for a while yet. Will it? [More]

JeepersMedia

Report: Suppliers Starting To Cut Sales To Sears And Kmart

Retailers’s shelves and warehouses are stocked up for the holiday season, but suppliers are reportedly holding back from the stores belonging to one company. Sears Holdings, the parent company of Sears and Kmart, reportedly is having shipments to its stores cut by suppliers, who don’t want to be stuck with the bill if the company files abruptly for bankruptcy protection.

[More]

Pete Kraynak

One way that Sears Holdings has been raising cash recently has been to take advantage of its vast portfolio of retail real estate, selling store buildings to an affiliated real estate investment trust and using the proceeds to keep the rest of the company going. That’s how the chain even posted a profit last year for the first time since 2012. Now its new landlord, the trust, is asking Sears to shrink down its living space and take on some roommates. [More]

Ted Murphy

Other Tool Companies Interested In Buying Craftsman

The legend says that 89 years ago, the head of hardware at Sears Roebuck really liked the name Craftsman, and bought the trademark from an existing tool company for $500 ($6,921 in 2016 dollars). Today, parent company Sears Holdings is troubled and in need of a cash infusion, and has quietly solicited bids for Craftsman. It’s reportedly worth around $2 billion. [More]

Nicholas Eckhart

Sears Holdings CEO Blogs: Kmart Is Doing Just Fine, Thanks

Sears Holdings chairman, CEO, and chief manifesto-writer Eddie Lampert wants shoppers like you and writers like us to know something very important: Kmart is doing just fine. It has some stores that are profitable, and the retailer is continuing its turnaround plan and the “transformation” of its business into something with fewer stores and more online sales. [More]

Nicholas Eckhart

NC Mall Wants To Evict Sears For Low Sales, Lack Of Effort

Sears had a deal with the Holly Hill Mall in Burlington, NC that isn’t unusual: the retailer gave the mall a small percentage of its sales instead of paying a fixed rent. That amount has evidently fallen over the years as the popularity and business prospects of Sears fell, and now the mall has sued Sears for failing to keep up its end of the lease. [More]

Nicholas Eckhart

At the end of last week, employees at Kmart stores across the country received bad but not entirely unexpected news: their stores are closing by the end of 2016, and they will lose their jobs. We can confirm that dozens of locations in 11 states plan to close on or before Dec. 11, and will most likely add more locations to this list later today or later this week. [More]

Nicholas Eckhart

Moody’s Is Kind Of Worried About Sears Holdings, Especially Kmart

While Sears Holdings keeps trudging along its alleged “path to profitability,” Moody’s Investors Service has some doubts about the retailer’s prospects, and has downgraded its liquidity rating. That means that its analysts are concerned about the ability of Sears Holdings to keep its doors open and merchandise on the shelves. [More]

Nicholas Eckhart

Kmart Realizes Maybe It Should Try Communicating With Its Own Employees

Last weekend, a story hit the Internet about the current fears of Kmart employees that they’re being asked to move all stock to the sales floor because the company is in slow-motion liquidation. The communications staff at Kmart’s parent company, Sears Holdings, realized that they had to do something when news outlets began sending them questons about the employees’ accounts. Maybe they also needed to communicate a little better with store employees. [More]

Nicholas Eckhart

Kmart Employees Report Sudden Merchandise Purges, General Sense Of Doom

Kmart isn’t closing all of its stores. Nope. That’s the company’s official policy, and what they tell anyone who asks. Yes, they’re closing some stores, both gradually and in big batches, but that’s part of the company’s “transformation from a traditional, store-network based retail business model to a more asset-light, member-centric integrated retailer.” Yet some employees are quietly worried that the whole chain is about to shut down. Update: Kmart denies this report. [More]

Richie Diesterheft

All That’s Left At The Oldest Remaining Sears Are Fixtures And Khakis

The Sears store on Lawrence Avenue in Chicago is winding down operations. That’s a normal part of the retail cycle: when a store is no longer making money, you shut it down. What’s different about this store closure is that the Lawrence location was one of the oldest still-operating Sears department stores, open in that location for 91 years. It survived the Great Depression, but not the era of e-commerce and of Eddie Lampert. [More]

Sears Expands Another House Brand, Sells Kenmore TVs

Sears Expands Another House Brand, Sells Kenmore TVs

A few weeks ago, Sears announced with its quarterly earnings that it was looking into doing some unspecified money-making thing with its signature house brands: Kenmore, Craftsman, and DieHard. Most observers assumed that this meant selling the brands, since Sears Holdings needs some cash flow. Instead, the company is expanding the brands to include new and related like DieHard car tires and now Kenmore-brand televisions. [More]