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| Economy |
| Sears to close 43 more stores to cut costs |
| 2017-07-08 |
| [REUTERS] Sears Holdings Corp (SHLD.O) is closing eight of its namesake department stores and 35 Kmart locations to cut costs and square footage in an effort to return to profitability, Chief Executive Officer Eddie Lampert said on Friday. Close stores = increased profits. The store closings are in addition to 150 the company announced in January. Once the largest U.S. retailer, Sears has struggled with years of losses and declining sales as shoppers have shifted from the mall to the web. The company said in February it would cut costs this year by at least $1 billion. Zero stores = infinite profits Shares of Sears fell as much as 4.8 percent in afternoon trading. Just ask Montgomery Ward. "This is part of a strategy both to address losses from unprofitable stores and to reduce the square footage of other stores because many of them are simply too big for our current needs," Lampert wrote in a blog post. (bit.ly/2u03gDc) A Sears spokesman declined to say how many jobs would be lost from these store closures. He said employees who are eligible would receive severance and be able to apply for open positions at area Sears or Kmart stores. Lampert added that Sears expects to open more smaller-format stores while shrinking its large, less-competitive ones. He said Sears was on track to meet its cost-cutting targets. |
| Posted by:Fred |
| #14 Sears no longer owns Craftsman. It's now 'controlled' by Stanley Black & Decker. Craftsman Tools Since Stanley Black & Decker now |
| Posted by: Seeking cure for ignorance 2017-07-08 23:30 |
| #13 til they offshore'd them |
| Posted by: Frank G 2017-07-08 23:23 |
| #12 I always thought their craftsman tools were pretty good. |
| Posted by: CrazyFool 2017-07-08 22:26 |
| #11 I talked to an old friend lately about some problems he had with Sears. I basically eventually wound up at "If all you can get there is Chinese crap, why not go to Harbor Freight where it's at least priced more appropriately?" |
| Posted by: Thing From Snowy Mountain 2017-07-08 17:26 |
| #10 Gee, just like Obamacare insurance exchanges. Wonder what's behind it all? /rhet question |
| Posted by: Procopius2k 2017-07-08 16:11 |
| #9 RiV you ever met a math-competent economist? |
| Posted by: g(r)omgoru 2017-07-08 15:35 |
| #8 ...I remember a briefing at one job where they outlined our goals for 'lean manufacturing' - a 10% reduction in costs and workforce every year for the next ten years, with a 10% yearly INCREASE in production. (That's exactly how they explained it, BTW) I did the math, and pointed out that meant in 10 years we would be making 100% more product every year at no cost and with no one working there. For some reason, I was no longer employed there not long thereafter. Mike |
| Posted by: Mike Kozlowski 2017-07-08 15:31 |
| #7 Al, actually, while x/0 is infinity for x not = 0, 0/0 is indeterminate- in other words, an accountants dream - it can be anything you want it to be. |
| Posted by: Rambler in Virginia 2017-07-08 15:25 |
| #6 Sears was doomed when they stopped sending out the catalogues with the hole in the corner to hang it on a nail in the outhouse... |
| Posted by: M. Murcek 2017-07-08 15:24 |
| #5 Zero stores = infinite profits Not true. Zero stores = Zero profit. However, Zero stores = infinite profit per store. Zero stores = infinite profit per worker. Just ask Enron. |
| Posted by: Frozen Al 2017-07-08 13:08 |
| #4 I can remember the sporting goods section of a Montgomery Wards having a barrel with Mauser rifles sticking out of it for sale. Times, they have changed. |
| Posted by: Besoeker 2017-07-08 12:36 |
| #3 ...And yet somehow, the KMart right around the corner from us has survived the axe once again. At the rate things are going, I expect one of these days they'll rebrand as Highlander Mart. Mike |
| Posted by: Mike Kozlowski 2017-07-08 12:29 |
| #2 i remember paging through the Sears Wish Book looking at all the stuff we could never afford to get when I was a kid. |
| Posted by: CrazyFool 2017-07-08 12:20 |
| #1 60 years ago, I enjoyed going to the local Sears. It was a multi-floor that had everything except the car service in one building. It was fun to roam around. |
| Posted by: AlmostAnonymous5839 2017-07-08 10:37 |