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| Economy | |
| Sears Posts Worst Report Of a Bad Lot In Retailing | |
| 2014-05-23 | |
| [NY Times] The slide continued on Thursday for the deeply troubled Sears Holdings, whose dismal earnings report not only lacked signs of improvement but also laid bare how few options the company had left. Other retailers also reported mostly disappointing earnings, reflecting a poor year's start under prolonged inclement weather; the strains of stagnant incomes, especially among lower- and middle-income consumers; and a sagging consumer electronics market. But Sears Holdings, owner of Sears and Kmart stores, was once again the bleakest of the lackluster reports. It announced that it would close at least 80 stores this year, a downsizing move it has made in previous years without significant results. And, the company posted a loss of $402 million in its first fiscal quarter, significantly worse than its loss of $279 million a year earlier. Revenue fell 6.8 percent. "We are watching the slow liquidation of Sears Holdings," said Brian Sozzi, chief executive of Belus Capital Advisors.
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| Posted by:Fred |
| #21 Indeed Kenmore and Craftsman are Gold. |
| Posted by: Shipman 2014-05-23 18:53 |
| #20 We had a Kenmore chest freezer, sat in the garage through the heat of Summer and the cold of Winter, for 35 years. Never needed servicing. It died one evening in an electrical storm. Its replacement is a Kenmore. Snap-On wrenches suck! Too bloody thin. |
| Posted by: Secret Asian Man 2014-05-23 17:18 |
| #19 One thing the B&M have that A doesn't often is local presence. I don't know how often Mrs. Fool bought something from Costco on line, didn't like it and returned it to the retail store. Returning something to A means getting a Return Authorization, packing it up, taking it to UPS or wherever, etc... And I think Kenmore is a pretty good brand. The refrigerator we bought about 10 years ago is still going strong - the icemaker even still works. (I think it is more of a whirlpool under the Kenmore badge). |
| Posted by: CrazyFool 2014-05-23 16:12 |
| #18 So I sense there's not a lot of concern over Sears going down in flames? According to Consumer Reports, some of the Kenmore stuff is still competitive. I almost bought a Kenmore refrigerator a few months ago. |
| Posted by: Bobby 2014-05-23 15:46 |
| #17 And don't forget Sears bought and then drove into the ground Land's End. Even after selling it off, L.E. stuff is still sub-pre-Sears (ie crap) |
| Posted by: USN, Ret. 2014-05-23 15:36 |
| #16 And Amazon is at that stage in their development where they can afford to charge and collect sales taxes. |
| Posted by: Pappy 2014-05-23 15:22 |
| #15 Alan, Amazon started collecting Florida sales tax May 6. They just opened a distribution center giving them a physical presence in the state. They are doing this in more and more states with an eye to same-day delivery in the future. |
| Posted by: Shipman 2014-05-23 13:46 |
| #14 We dealt with Sears twice. Bought some winter underwear on line. It never arrived. Booked a guy to come and measure for something- I forget what, it was a substantial job. I guess he forgot, too. |
| Posted by: Grunter 2014-05-23 13:33 |
| #13 Try Snap-On or MAC, Frank. |
| Posted by: Mullah Richard 2014-05-23 12:49 |
| #12 The problem with B&M vs. the "A" is the old bugaboo...TAX. You have to pay state sales taxes if there's a B&M regardless of your "online" activity. People will avoid paying taxes anyway they can. Government regulations, taxes, etc. drive much behavior that was never expected and ruins much of the economy. It won't change until the revolution if then. |
| Posted by: AlanC 2014-05-23 12:00 |
| #11 JCP could have done with some better quality merchandise. Sears pissed me off years ago with stupid things like saying "Cash or Sears charge" when I wanted to pay with a credit card, or when I'd find the same stuff at other stores for much lower prices that would take my card. One of my hub caps flew off into a ditch, never to be found, after I had my tires changed in their garage. Their "Customer Convenience" counter was a nightmare. Can't remember what I was trying to do in that line but I had to stand there long enough that I decided never to shop there again. Just bad management. |
| Posted by: Ebbang Uluque6305 2014-05-23 11:57 |
| #10 Craftsman tools are now being sold in places I never expected, such as other brand hardware stores. I expect that brand will continue after Sears goes away. |
| Posted by: Anguper Hupomosing9418 2014-05-23 11:34 |
| #9 ..cause unlike the 'A', they haven't convinced bloggers et al to put that little button on their pages with a micro-transaction payback for the referral. Of course having HQs or facilities in tax sucking state, you just know the state revenue department would start sending out tax notices to out state participants in any such program. |
| Posted by: Procopius2k 2014-05-23 09:40 |
| #8 JCP has undone most of what that idiot CEO did. The biggest stupidity was getting rid of coupons that people liked to use. But it may be too late. Mrs Fool has worked there for a number of years so we had a ringside seat to the festivities. Another thing killing the brick and mortar retail is the internet retail like amazon. Most of the B&M companies now have a internet site now but they are not perceived as a 'internet' company. |
| Posted by: CrazyFool 2014-05-23 09:19 |
| #7 Hey, but its Recovery Summer. Or was that last summer? Or the summer before that? |
| Posted by: Procopius2k 2014-05-23 09:11 |
| #6 Sears needs to spin off Kenmore and Craftsman while they can. J.C. Penney committed suicide when they brought in that dipstick from Apple, and then alienated their core customer base. |
| Posted by: Menhadden Jeatle4391 2014-05-23 08:45 |
| #5 What Frank G. said. |
| Posted by: Hupoque Snolurt8832 2014-05-23 08:43 |
| #4 I fear it's too late Mikey. Sears, JC Penny, and GM are swirling the bowl. Foreign competition, labor costs, home shopping, a poor economy, and high taxes are taking their toll. Too many wolves at the door. |
| Posted by: Besoeker 2014-05-23 03:19 |
| #3 Craftsman tools shopping only |
| Posted by: Frank G 2014-05-23 02:18 |
| #2 If your going to buy something over this memorial day weekend holiday, give Sears and/or JC Penny a shot at your business. It's good for America. And you probably will get a better than usual deal. |
| Posted by: Mikey Hunt 2014-05-23 01:45 |
| #1 I suspect there are some folks over at Generally Recalled Motors that would argue w/ Sears about who is having the 'worst' time right about now. |
| Posted by: Big Boy 4014 2014-05-23 00:17 |