Author Topic: Sears isn't dead yet?  (Read 2196 times)

Hawkmoon

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Sears isn't dead yet?
« on: January 08, 2019, 08:41:48 AM »
https://www.reuters.com/article/us-sears-bankruptcy-liquidation-exclusiv/exclusive-sears-to-ask-bankruptcy-judge-to-liquidate-idUSKCN1P218J

Where do they still have stores operating? The Sears store in the mall I (infrequently) frequent has been closed for several months. The Sears hardware store I used to go to closed more than a year ago.

I am confused by the fact that Eddie Lampert is even being allowed to bid on the wreckage. Is he the new George Romney? Seems to me he's the guy who guided Sears to its current, disastrous state of affairs, and now he wants to take over? The shareholders should be chasing him down the street with pitchforks, hot tar and feathers.
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K Frame

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Sears is done
« Reply #1 on: January 08, 2019, 08:42:53 AM »
Reuters Business is reporting that Lampert's restructuring bid has failed and that the company will ask the bankruptcy judge for permission to liquidate.

Sad, really. Sears was the Amazon of the 20th century.
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K Frame

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Re: Sears isn't dead yet?
« Reply #2 on: January 08, 2019, 08:43:23 AM »
You and I were posting at the same time.
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TechMan

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Re: Sears isn't dead yet?
« Reply #3 on: January 08, 2019, 08:44:47 AM »
Threads merged.
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makattak

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Re: Sears isn't dead yet?
« Reply #4 on: January 08, 2019, 09:46:39 AM »
Well... there might be something useful in the store closing sale. I'll have to keep an eye on the local Sears.
I wish the Ring had never come to me. I wish none of this had happened.

So do all who live to see such times. But that is not for them to decide. All we have to decide is what to do with the time that is given to us. There are other forces at work in this world, Frodo, besides the will of evil. Bilbo was meant to find the Ring. In which case, you also were meant to have it. And that is an encouraging thought

Brad Johnson

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Re: Sears isn't dead yet?
« Reply #5 on: January 08, 2019, 09:54:07 AM »
Well... there might be something useful in the store closing sale. I'll have to keep an eye on the local Sears.

If it's like our local store, probably not. They had all the crap that wasn't selling well at regular prices marked down 50-70%. The good stuff that always sells, like tools and appliances, was only down 10-20% until there was essentially noting left but the beat-up floor models. A few decent deals on storage and display racks, should you need that kind of thing.

Brad
It's all about the pancakes, people.
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lee n. field

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Re: Sears isn't dead yet?
« Reply #6 on: January 08, 2019, 09:57:59 AM »
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makattak

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Re: Sears isn't dead yet?
« Reply #7 on: January 08, 2019, 10:12:33 AM »
If it's like our local store, probably not. They had all the crap that wasn't selling well at regular prices marked down 50-70%. The good stuff that always sells, like tools and appliances, was only down 10-20% until there was essentially noting left but the beat-up floor models. A few decent deals on storage and display racks, should you need that kind of thing.

Brad

When we walked in there while we were gawking at the lack of traffic at the local mall, there was a chintzy little breakfast nook my wife liked.

At clearance prices, it might be worth it.
I wish the Ring had never come to me. I wish none of this had happened.

So do all who live to see such times. But that is not for them to decide. All we have to decide is what to do with the time that is given to us. There are other forces at work in this world, Frodo, besides the will of evil. Bilbo was meant to find the Ring. In which case, you also were meant to have it. And that is an encouraging thought

AZRedhawk44

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Re: Sears is done
« Reply #8 on: January 08, 2019, 12:14:49 PM »

Sad, really. Sears was the Amazon of the 20th century.

Makes you wonder what business model will emerge to make Amazon obsolete and shutter their doors website.  My gut hunch would be multi-material 3D printing would be a minimum, or Star Trek TNG replicator technology.  Sounds far-fetched, but who in the 1930's would have ever thought you could put an entire department/catalog store's inventory into a billion peoples' faces on a screen the size of a postcard and deliver product in 24 hours?

I also wonder when JC Penney will be closing their doors, as one of the other big catalog vendors that became a department store.
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Ben

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Re: Sears is done
« Reply #9 on: January 08, 2019, 12:25:07 PM »
Makes you wonder what business model will emerge to make Amazon obsolete and shutter their doors website. 

I have often pondered that myself of late. I may or may not have (not sarcasm - I actually don't recall) thought that Amazon had a greater potential than books back when I first discovered them as an online bookseller. I was of course too stupid to buy their stock, but even if I had, I'm not sure I could have foreseen what they have become (both the good and the bad).

I'm not sure what will be next in the Sears/Amazon/ "X" transition.

It's of interest to me that many millennials are transitioning back to small brick and mortar for many of their shopping needs.
"I'm a foolish old man that has been drawn into a wild goose chase by a harpy in trousers and a nincompoop."

HankB

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Re: Sears isn't dead yet?
« Reply #10 on: January 08, 2019, 02:20:26 PM »
With a successful mail and phone order business as well as a well developed distribution system, Sears should have been a natural to become the new Amazon.

But a combination of incompetence and - IMHO - corruption from it's leadership killed it.

. . . I am confused by the fact that Eddie Lampert is even being allowed to bid on the wreckage. Is he the new George Romney? Seems to me he's the guy who guided Sears to its current, disastrous state of affairs, and now he wants to take over? The shareholders should be chasing him down the street with pitchforks, hot tar and feathers.
Guide a company you want to buy into the gutter so you have a chance to pick it up cheap . . . saying "Conflict of Interest" doesn't begin to describe what this really looks like to me.

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Brad Johnson

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Re: Sears isn't dead yet?
« Reply #11 on: January 08, 2019, 03:49:09 PM »
With all the overtly questionable choices and suspect actions, it wouldn't surprise me if a few of the larger stockholders are warming up their lawyer-dialing fingers.

Brad
It's all about the pancakes, people.
"And he thought cops wouldn't chase... a STOLEN DONUT TRUCK???? That would be like Willie Nelson ignoring a pickup full of weed."
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RoadKingLarry

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Re: Sears isn't dead yet?
« Reply #12 on: January 08, 2019, 06:51:54 PM »
If ye love wealth better than liberty, the tranquility of servitude better than the animating contest of freedom, go home from us in peace. We ask not your counsels or your arms. Crouch down and lick the hands which feed you. May your chains set lightly upon you, and may posterity forget that you were our countrymen.

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Re: Sears isn't dead yet?
« Reply #13 on: January 08, 2019, 09:35:07 PM »
Where do they still have stores operating?

There's one about 2 miles from me in Livonia, Michigan (Detroit area).  It was built in the 1960s as part of the now extinct Livonia Mall.  The mall was destroyed 8 years ago but Sears was spared.  I never see more than 30 cars in the parking lot, except during the holiday shopping season when there might be 50.  I have no idea how the store has remained open for the past 20 years.

Brad Johnson

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Re: Sears isn't dead yet?
« Reply #14 on: January 16, 2019, 12:59:20 PM »
Eddie Lampert ups his bid and gets his wish.

https://www.everythinglubbock.com/news/business/sears-staves-off-liquidation-stores-to-remain-open/1705583704?fbclid=IwAR2iDxmG6zxn5YQJTwgYm5LHmSIS-_Gjo3Yt5hppycjCc-VVEGg3HkpkXLQ

In terms of how to bleed a company dry, it's pretty ingenious... break the real property and retail sales side off into individual entities then have the Real Estate Side charge the Retail Side rent. The Real Estate Side shows property holdings and cash flow, remaining in the black. The Retail Side goes Tango Uniforn or reorganizes. Either way, it leaves the Rel Estate Side untouched with holdings readily available for liquidation and/or conversion to other retail operations.

The Real Estate Side stock remains stable and profitable. The Retail Side stock is liquidated and paid as dividends or converted to another holding via a sale or merger. Oh darn, Eddie and his hedge fund own a big chunk of both sides so it's a win/win.

The guy is a piece of slime but he definitely knows business strategy, especially when it comes to lining his own pockets.

Brad
« Last Edit: January 16, 2019, 01:34:34 PM by Brad Johnson »
It's all about the pancakes, people.
"And he thought cops wouldn't chase... a STOLEN DONUT TRUCK???? That would be like Willie Nelson ignoring a pickup full of weed."
-HankB

AZRedhawk44

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Re: Sears isn't dead yet?
« Reply #15 on: January 21, 2019, 08:44:00 AM »
So I was musing about JC Penney's earlier in this thread, and sure enough, they're in hot water too.

https://www.wsj.com/articles/j-c-penney-struggles-to-avoid-a-fate-worse-than-the-sears-scenario-11548072000

Where does APS purchase its clothing?  I tend to shop at Kohls and Target for most clothing, augmenting with a little bit of Walmart... sometimes online for smartass T-shirts, but mostly I prefer brick and mortar for my clothing shopping.  Kohls pissed me off a couple years back though and I have started buying clothing at Bass Pro to put my money somewhere less leftist.  I might find myself in a shopping mall maybe once every 2 years, mostly for gift shopping rather than for myself.

Gotta say, it's nice doing clothing shopping in a place that sells firearms.  Checking fit with a concealed pistol just feels less clandestine/unwelcome (pistol never leaves holster, holster and belt are transferred to new pants).
"But whether the Constitution really be one thing, or another, this much is certain - that it has either authorized such a government as we have had, or has been powerless to prevent it. In either case, it is unfit to exist."
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Perd Hapley

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Re: Sears isn't dead yet?
« Reply #16 on: January 21, 2019, 09:57:54 AM »
Where does APS purchase its clothing? 

Lately I've found some good Red Head items at Cabelas. A couple of months ago, I found some cheap carpenter jeans at Rural King and at Menards. So far, the Menards "Old Mill" jeans are holding up better.

Aside from that, it's thrift stores for most items, and occasionally something from Wal-Mart.
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Ben

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Re: Sears isn't dead yet?
« Reply #17 on: January 21, 2019, 10:08:02 AM »
I'm mostly Costco, Walmart, Cabela's, and of late I've found good stuff at Tractor Supply.

I'm somewhat disappointed in Cabela's over the last few years in that I can't mail order clothes from them anymore - I pretty much have to try it on in the store. Their XL-XXL shirts seem to run the range from L-XXXL. The other places, I can pretty much just grab and go without trying it on and it will fit. Though I have learned at Costco to avoid some of the "hip" brands as even though they don't say it, they are a "fitted" cut, and I'm not 18 anymore. A "fitted" XL in some of those brands is like a medium on me.  :laugh:
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makattak

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Re: Sears isn't dead yet?
« Reply #18 on: January 21, 2019, 10:14:48 AM »
I buy so little clothing it's hard to say where I shop.

Burlington Coat Factory is one I like, especially when I need a new button-up shirt.
Kohls I use for more casual clothing.
I suppose it's walmart or the like for undergarments/socks.
I can't remember the last time I bought anything from Macy's/JC Penney, but I have shopped at both of those.
I can't remember what suit store I've gone to, either, but one of those chains I've used, too.

I have so much clothing, though, I need to get rid of some, not be buying more.
I wish the Ring had never come to me. I wish none of this had happened.

So do all who live to see such times. But that is not for them to decide. All we have to decide is what to do with the time that is given to us. There are other forces at work in this world, Frodo, besides the will of evil. Bilbo was meant to find the Ring. In which case, you also were meant to have it. And that is an encouraging thought

MillCreek

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Re: Sears isn't dead yet?
« Reply #19 on: January 21, 2019, 10:33:10 AM »
Let's see, I buy my dress shirts at Costco or Land's End. I buy my dress slacks at Amazon.  Underwear and socks are usually from Costco. Ties are from whomever is having a sale.  Most of my bow ties are from JC Penney. Rugby shirts and some casual wear from Amazon. Jeans and casual pants from Walmart or Target.  Dress shoes are from Amazon.  

I don't buy much any more in the way of clothes since I buy them and keep them until they wear out. I probably have 30 dress shirts and 10 pairs of dress slacks, and I wear them in rotation.  I have over 150 ties, both conventional and bow tie.  About 10 suits that I virtually never wear any more and about 10 blazers or sport coats.  Some of my ties, suits and blazers are 30 years old, and were from the era of wearing a suit/blazer to the office every day. Now with business casual, I still wear a dress shirt, tie and dress slacks every work day and keep an emergency blazer in the office in case I need it. I am overdressed for my work environment, but that is how I like to dress in the office.

I have found that once I am solid with the sizes of a particular brand, Amazon is usually quicker, cheaper and has what I want in stock.
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makattak

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Re: Sears isn't dead yet?
« Reply #20 on: January 21, 2019, 11:44:09 AM »
Let's see, I buy my dress shirts at Costco

Oh yeah! My last dress shirt was from BJ's. (Competitor to Costco/Sams). Another one I use.
I wish the Ring had never come to me. I wish none of this had happened.

So do all who live to see such times. But that is not for them to decide. All we have to decide is what to do with the time that is given to us. There are other forces at work in this world, Frodo, besides the will of evil. Bilbo was meant to find the Ring. In which case, you also were meant to have it. And that is an encouraging thought

HankB

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Re: Sears isn't dead yet?
« Reply #21 on: January 21, 2019, 11:50:38 AM »
I'm not a clothes horse - I've got a couple of good items for when I need them (suits, sport coats, dress shoes) but mostly I buy stuff at Kohl's, and sometimes Cabelas.

Now, when Kohl's first opened nearby - over 15 years ago - I viewed it as having "J.C. Penney quality at a K-Mart price." 

But lately, it looks like on some items the quality is headed for K-Mart levels.  Don't know where I'll go when/if it bottoms out.
Trump won in 2016. Democrats haven't been so offended since Republicans came along and freed their slaves.
Sometimes I wonder if the world is being run by smart people who are putting us on, or by imbeciles who really mean it. - Mark Twain
Government is a broker in pillage, and every election is a sort of advance auction in stolen goods. - H.L. Mencken
Patriotism is supporting your country all the time, and your government when it deserves it. - Mark Twain

RoadKingLarry

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Re: Sears isn't dead yet?
« Reply #22 on: January 21, 2019, 06:42:55 PM »
Socks and underwear from wallyworld. Bluejeans from Atwoods (farm store) Wrangler rip-stop cargo pants from wallyworld are my go to Summer work pants.
Winter I go with Wrangler Riggs Workwear cargo pants for work. First pair I bought at a Tractor Supply store to check fit and I've ordered a few pair off amazon since then.
I did splurge and pick up a couple pair of Duluth Trading Fire Hose Cargo Work Pants. I like them, they're comfortable and almost live up to the hype. Not sure yet if I'd buy more. I'll have to see how they stand up to firewood cutting season.
If ye love wealth better than liberty, the tranquility of servitude better than the animating contest of freedom, go home from us in peace. We ask not your counsels or your arms. Crouch down and lick the hands which feed you. May your chains set lightly upon you, and may posterity forget that you were our countrymen.

Samuel Adams

lee n. field

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Re: Sears isn't dead yet?
« Reply #23 on: January 21, 2019, 07:06:16 PM »

I did splurge and pick up a couple pair of Duluth Trading Fire Hose Cargo Work Pants. I like them, they're comfortable and almost live up to the hype. Not sure yet if I'd buy more. I'll have to see how they stand up to firewood cutting season.

Are the front pockets suitable for pocket carrying a snubby .38?   Wide and deep enough, with a wide enough mouth?
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dogmush

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Re: Sears isn't dead yet?
« Reply #24 on: January 21, 2019, 08:07:07 PM »
Are the front pockets suitable for pocket carrying a snubby .38?   Wide and deep enough, with a wide enough mouth?

Mine are.  Hell I can pocket carry a G19 with optic in my Duluth Tradeing pants.