Sears Losing Money, Will Close More Stores

[Purveyor]

HOFFMAN ESTATES - Retail giant Sears says it lost $146 million in the third quarter of this year.

The company blames the weak economy for sluggish sales at its Sears and K-Mart locations. The retailer also says it will post a $21 million pretax charge for previously announced closings of eight underperforming stores in the fourth quarter.

Just one year ago Sears posted a profit of $4 million in the third quarter.

MORE...

WREX: http://www.wrex.com/Global/story.asp?S=9443558

[BR_Parkway]

1. This is more like a Tsunamai, getting bigger every moment right before

it sweeps over us

[ChairmanAgnostic]

2. say, didn't they say that just 4, 8, and 12 yrs ago?

[tjwash]

3. Shouldn't have let Kmart buy them out.

Kmart fucked them all up. I used to love Craftsman tools, because if you had a Craftsman wrench and it broke 5 years after you bought it, you could just walk in to any Sears store and they would hand you a new one; no questions asked.

After kmart bought them out, they started with pushing the bullshit extended warranties, and huge hassles to exchange / return tools. I haven't gone into a sears since.

Maybe Macy's will buy them out next.

[napi21]

4. Sears has been operated poorly for years! Other than my husband

buying a tool once in a while, we don't ever bother to enter their stores! They have items in their ad but no stock in the store! Heaven help you if you want to find a clerk, and when/if you do, they don't know a damn thing! I can't blame their inefficiencies on Kmart. They've been bad for a LONG TIME!

[hlthe2b]

5. I always wondered about the decision to close catalogue

sales.... While, I'm sure that piece needed to be revamped, it seemed like the glue that held Sears together... Yes, I know the impact of WalMart on them and I'm not qualified to judge whether or not the KMart merger made sense... Perhaps, Perhaps, not.

But, then again I remember when they hired many professional salespeople for their "big ticket" departments, who COULD answer authoritatively on their products and Kenmore was a respected brand that lasted and was made in the US...

I really hate the impact on these venerable stores... Frankly, I would hate for Sears to go away. WalMart? Not so much....

[hlthe2b]

6. Then again, maybe it's bad luck brought from losing "Roebuck"

from their name...:evilgrin:


I heard his relatives put a hex on the company after that....;)

[OhioChick]

7. Soon, all we'll have are Walmarts. n/t

[TwilightGardener]

8. That's a shame. My Kenmore washer and dryer are still going strong after 13 years--

I plan to replace them with...Kenmores (when they die).