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Sears Files for Bankruptcy


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Well, Sears has filed for bankruptcy:

http://www.msn.com/en-us/money/companies/sears-files-for-bankruptcy-mired-in-debt-and-deserted-by-shoppers/ar-BBOonxR?ocid=ientp

 

I know we've been forecasting this for quite some time, but Sears may be gone sooner rather than later.  According to what I've read, there are still some who are cautious optimistic that Sears will stick around, but others think it will only last as we know it through the holiday season.

 

The nostalgic side of me is saddened by the thought of a store my family shopped at for decades simply ceasing to exist, but then again this isn't the first time such an instance will have occurred.  Montgomery Ward preceded Sears' decline, while more specialty big boxes also no longer exist.  Thirty years ago, Circuit City and Toys R'Us were juggernauts in the electronic and toy retail sectors (respectively), and the retail landscape was vastly different prior to the internet becoming so omnipresent. 

 

So, what does this mean for us?  Almost nothing, really.  When was the last time anyone here even stepped foot inside a Sears?  For me, it was probably last year, when I visited the Columbus, GA Sears prior to it closing.  I picked up some discontinued DeWalt safety footwear for cheap (the fact that it seems to have been discontinued for a couple of years at that time yet was still in stock speaks volumes about the store's sales) and walked through the tool section, feeling melancholy as I realized it might be the last time.  Let's face it, though, those of us who frequent home improvement stores, supply houses, online retailers, or myriad other sources for tools and supplies are unlikely to even notice if Sears ceases to exist.

 

 

 

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Sears at one time was the Walmart or Amazon of it’s era. They failed to develop and support their web site to replace their once top dog status in the mail order business, ceding it to a relatively unknown mom and pop book store! They also went the direction of Walmart in killing retail by selling cheap (quality) goods but didn’t have the distribution and pricing power of Walmart so they got creamed there too. Once quality was tossed out the window their pricing power on tools, appliances, clothing, and electronics went with it.

Sears was the quintessential marriage of mail order and retail before that was a “thing” then killed it by trying to be me too and not holding onto their market differentiations. So once we didn’t look at their web site (catalog), stopped shopping for tools and appliances, then what’s left? No surprises here.



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I have heard rumors that Best Buy and JCPenny aren't looking too good either not near as bad as Sears/Kmart though. I wouldn't be surprised if Walmart kills off Target too. Walmart is basically becoming a monopoly of sorts. Killing off the stores who can't compete. Successful stores are getting less and less with behemoths like Walmart and Amazon around.

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3 hours ago, Jronman said:

I have heard rumors that Best Buy and JCPenny aren't looking too good either not near as bad as Sears/Kmart though. I wouldn't be surprised if Walmart kills off Target too. Walmart is basically becoming a monopoly of sorts. Killing off the stores who can't compete. Successful stores are getting less and less with behemoths like Walmart and Amazon around.

 

I find it hard to believe Target will close. There's a rather large group of people that practically worship Target. Target is a bit more expensive but it's a MUCH nicer environment. KMart's problem was that it was exactly like Walmart but worse in every way...well that and they've been owned by a guy making money off of selling high interest loans to KMart/Sears to bleed money out of them.

 

What Target needs to do is expand their wine selection and add free 2-day shipping while using a marketplace like Walmart/Amazon(third-party sellers, expanded selection). They're killing it with their app and by having Starbucks in their stores.

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On ‎10‎/‎15‎/‎2018 at 6:28 PM, Jronman said:

I have heard rumors that Best Buy and JCPenny aren't looking too good either not near as bad as Sears/Kmart though. I wouldn't be surprised if Walmart kills off Target too. Walmart is basically becoming a monopoly of sorts. Killing off the stores who can't compete. Successful stores are getting less and less with behemoths like Walmart and Amazon around.

 

I don't exactly stay abreast of the latest business news, but based on a few sources, it seems that Best Buy is considered to have had a revival of sorts.  A few years ago they were in dire straits but have reversed and are actually pulling a profit again.  JC Penney was mentioned in a few articles, but the consensus seems to be that they will gain from Sears' current situation.  They are, after all, one of the few national mall anchors left.

 

 

 

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  • 10 months later...
God help us all when Walmart becomes the only game in town.


It is virtually impossible to have a monopoly in the US without government intervention. As soon as one gets close another knocks them down. As #2 you simply target the best customers not the whole market. The biggest has to eat the worst customers to stay the biggest. So Walmart will fall eventually just as Sears and K-Mart have.


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  • 1 year later...

I feel really bad for Sears and Kmart actually. I mean, during the last year they had to close more than 100 stores actually, which is kind of insane. I really hope that they would be able to get out of this ... pit. Let's be honest, the last year has actually been terrific for a lot of great companies, and Sears were already in a bad situation. I really hope that they would not have to liquidate the company, as i know how tough is that. I have had the experience to liquidate my own company and I called for the services of https://www.antonybatty.com/company-liquidation/ as they are probably the best in this field.

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Sears was a Chicago-based behemoth in its day, one that etched fond memories in the minds of many Americans at its retail store height.  It's hard to believe that the stores I bought my tools in as a young naive mechanic in, and the stores I found my first tool deals (to include my first Milwaukee [corded, since stolen] tools) in, are now vacant anchors at dying or deal malls.

 

As Eric stated, Sears failed to change with the times.  In an alternate timeline they might be the juggernaut Amazon is nowadays. 

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