Sears and K-Mart Closing 79 (up to 120) stores

None near me yet either. I wouldn't be surprised to see the Kmart in Chambersburg (PA) die off. Not sure how busy they are since I haven't lived there for a few years, but it seems like that stretch off of Wayne Ave is dying off. Blockbuster and Staples among the big names, but some small stores too iirc.
 
Haven't had any near me the last few places I've lived. There were a few around (maybe still are) around my parents, but they were all dirty shitholes so I rarely every shopped there anyway.

Sucks for people who work there though, and from posts here it seems like they've had some good game deals recently.
 
Damn, I thought they were at least doing alright, maybe they are worse than they were leading on. 120 nation wide isnt that much but still, in this economy hearing more stores closing and more people out of the job is not good.
 
Have 4 near me. One is closing. The one in St. John,IN. Pity because that was the best one of the four when it came to electronics. I hardly go to K-Mart that much anymore but it kinda sucks to see them close.
 
The worst thing about this is that they're still a very profitable company. The only reason why they're doing this is to increase profit margins to help their quarterlies.
 
its not surprising their prices cant compete with the deals other stores offer . theyll end up like hills in a few years though i wonder if kmart could do better as a mostly or completely online entity.
 
[quote name='dohdough']The worst thing about this is that they're still a very profitable company. The only reason why they're doing this is to increase profit margins to help their quarterlies.[/QUOTE]

lol wut?

They're hardly "very profitable." In fact, one could even say they are up shit creek. They have a MINUS 4.4% profit margin. They're last in the business among big department stores. They have a revenue growth of -1.17%.

These are not signs of a profitable company.
 
lamo all the kmarts are staying in Illinois. I hope the coupon train continues from Kmart this year, but can't say I'm suprised. Between the rude/stupid employees and filthy stores, I almost ask myself why I bother.
 
[quote name='bigpimpin24']Have 4 near me. One is closing. The one in St. John,IN. Pity because that was the best one of the four when it came to electronics. I hardly go to K-Mart that much anymore but it kinda sucks to see them close.[/QUOTE]

Local news site just reported that Portage was closing, too.
 
[quote name='mtxbass1']lol wut?

They're hardly "very profitable." In fact, one could even say they are up shit creek. They have a MINUS 4.4% profit margin. They're last in the business among big department stores. They have a revenue growth of -1.17%.

These are not signs of a profitable company.[/QUOTE]
http://cgi.money.cnn.com/tools/fortune/compare_2011.jsp?id=2292

You need to re-check your facts and understand your sources better. Drop in revenue of 4.4% does not equal net loss of 4.4%. They have an operating net profit of $133,000,000. That might not sound like a lot of money for a Fortune 500 corporation(Sears is #57), but that money isn't lowering prices or paying their store employees more. Profit is what happens after everything's paid for and this is after $43,326,000,000 in actual revenue. Sears Holding Corp isn't exactly operating in a non-profit manner.

With a hedge fund manager running the corporation, I'd be willing to bet that he'll wring as much profit form the chain for another few years and then gut it like fish while crying all the way to the bank.
 
[quote name='Regian']Local news site just reported that Portage was closing, too.[/QUOTE]

Forgot there was a K-Mart in Portage! Never actually been to that one.
 
[quote name='dohdough']http://cgi.money.cnn.com/tools/fortune/compare_2011.jsp?id=2292

You need to re-check your facts and understand your sources better. Drop in revenue of 4.4% does not equal net loss of 4.4%. They have an operating net profit of $133,000,000. That might not sound like a lot of money for a Fortune 500 corporation(Sears is #57), but that money isn't lowering prices or paying their store employees more. Profit is what happens after everything's paid for and this is after $43,326,000,000 in actual revenue. Sears Holding Corp isn't exactly operating in a non-profit manner.

With a hedge fund manager running the corporation, I'd be willing to bet that he'll wring as much profit form the chain for another few years and then gut it like fish while crying all the way to the bank.[/QUOTE]

I'm not saying its a loss at all. It should be concerning though that they have a drop in revenue as well as a negative EPS for the year. A profit of 133 mil is pretty awful for over 2000+ stores. They are nearly dead last in a lot of the industry and these store closures are just a tip of the iceberg. You can bet in less than 6 months, there will be another round of closings.
 
[quote name='mtxbass1']I'm not saying its a loss at all. It should be concerning though that they have a drop in revenue as well as a negative EPS for the year. A profit of 133 mil is pretty awful for over 2000+ stores. They are nearly dead last in a lot of the industry and these store closures are just a tip of the iceberg. You can bet in less than 6 months, there will be another round of closings.[/QUOTE]
We have a problem when companies are gauged by EPS rather than the $43,326,000,000 in actual revenue. That $133,000,000 might sound like dick, but that also represents 2660 years worth of income based on the average household income of $50,000, and this is after all the private jets and executive packages. That can sustain 60 families of 4 for about 45 years.

But, I agree that there'll be more closings in 6 months. It wouldn't surprise me if they were all liquidated in less than 3 years either because "there wasn't enough profit."

Increasing EPS might be good for a lot of people, but it all pales in comparison to executive compensation, so it's no surprise when they would rather torpedo the company and cash out instead of trying to improve quality and service. fuck them all.
 
Thanks for the link.

None of the stores are closing by me. It reminds me that I have a GC to Sears to use.

Wouldn't surprise me if all the stores close in the next few years.

I feel sorry for all the people who lost their jobs.
 
Yeah its not good to hear any company going out of business. On the other hand I'm halfway stunned that K-Mart lasted this long. I have wished for K-Mart to get with the times but sadly that's like expecting them to turn chicken crap into chicken salad. Not happening.
 
Sears was never good, especially for video games. They were like Virgin Megastore in which games were never on sale and always MSRP, even old ass games and games that were marked down everywhere else.

Since they were so bad on that front, I went elsewhere for my tools.
 
I'm very surprised to see my city's K-Mart survived the cut again. Practically everything within a 2 mile radius of it has shut down. It sits in the same lot with a shell of a former Albertson's grocery store and the only thing operating around it is a Dollar Tree next to a shell of Grocery Outlet.
 
[quote name='slickkill77']People actually shop at Kmart? I can't believe they outlasted Circuit City frankly[/QUOTE]

K-Mart positioned themselves to last longer then CC just by managing to buy up Sears. Circuit City on the other hand really didn't do much to stay alive. Too many short term band aid ideas but nothing at all long term to really get the company positioned to last.
 
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