Sears files for bankruptcy

Discussion in 'Current Events' started by maflynn, Oct 15, 2018.

  1. maflynn Moderator

    maflynn

    Staff Member

    Joined:
    May 3, 2009
    Location:
    Boston
  2. Strider64 macrumors 6502a

    Strider64

    Joined:
    Dec 1, 2015
    Location:
    Suburb of Detroit
    #2
    We have a Shopping Mall that is on life support for they already closed Macy's and if Sears goes completely under I almost positive the Mall itself will close down. I read where other stores would pickup the slack, but not in this case. Other people outside of Sears are going to feel the pinch as well.
     
  3. maflynn thread starter Moderator

    maflynn

    Staff Member

    Joined:
    May 3, 2009
    Location:
    Boston
    #3
    Even if they don't go under completely right now, the store closures will be severe.

    Because many of the big box stores are having issues, malls in of themselves are under duress. I go to one of my local malls, and I see a lot of nail salons, and massage places. Gone are the toy stores, department stores, hobby stores.
     
  4. max.ine macrumors regular

    max.ine

    Joined:
    Aug 16, 2016
    #4
    Sad. I think Sears Canada closed here back in January or so, but seeing the rest of the chain go hurts. One of my favourite things to do as a kid was to look at the Sears Christmas catalogue every year.
     
  5. Scepticalscribe Contributor

    Scepticalscribe

    Joined:
    Jul 29, 2008
    Location:
    The Far Horizon
    #5
    Was reading about this in the Financial Times; very unfortunate.
     
  6. Chung123 macrumors regular

    Chung123

    Joined:
    Dec 5, 2013
    Location:
    NYC
    #6
    I remember when Sears sold computers and Apple Computers under the Performa label.
     
  7. furbzv1 macrumors 6502a

    furbzv1

    Joined:
    Sep 17, 2014
    #7
    Sad to hear but not surprised. If anything I think it was shocking it took this long. I feel like they just never kept up with the times in the last few years.
     
  8. vkd macrumors 6502a

    vkd

    Joined:
    Sep 10, 2012
    #8
    I wonder if little Englanders will mourn the demise of the Littlewoods catalogue in the same way?
     
  9. AllergyDoc macrumors 65816

    AllergyDoc

    Joined:
    Mar 17, 2013
    Location:
    Utah, USA
    #9
    I read an article a few weeks ago, in the News app, that said that the Kenmore brand was worth more than Sears stock, which wasn’t much anyway. K-Marts are rapidly disappearing around Lund here, too. On a different note, my wife and I still sleep on a mattress we bought from Montgomery Wards. (It has a memory foam topper.)
     
  10. apps1991 macrumors newbie

    apps1991

    Joined:
    Jan 10, 2012
    #10
    How is it that none of the news about Sears has mentioned Eddie Lampert’s horrible Hunger Games style management
     
  11. maflynn thread starter Moderator

    maflynn

    Staff Member

    Joined:
    May 3, 2009
    Location:
    Boston
    #11
    My very thoughts:
    Sears was 'toast' ever since its 2005 Kmart merger, says former Sears Canada CEO

    Back in 2005, Sears was hurting, no question, Kmart was hurting, yet executives at sears thought it was a good idea to buy another failing retail chain. While sear's failure may have been inevitable, the purchase of kmart sealed the deal and hasten their demise.
    People are:
    Yes, Blame Eddie Lampert For Sears' Bankruptcy, But Don't Forget These Other Contributors
     
  12. Arran macrumors 601

    Arran

    Joined:
    Mar 7, 2008
    Location:
    Atlanta, USA
    #12
    They sold good stuff back in the day. We bought our dishwasher, washer and dryer from them 20 years ago. The store demo models were hooked up to power and water so you could hear how quiet they were. I’m not sure any electrical retailers do that now.

    Dishwasher just died. RIP. The rest is still going strong. Maybe that’s the problem?
     
  13. someoldguy macrumors 68000

    Joined:
    Aug 2, 2009
    Location:
    usa
    #13
    I think just about everyone realized this was gonna happen when Eddie got his hedge fund fingers on Sears . Sell off assets and leave a bankrupt shell for the creditors . Too bad , I've got 2 roll arounds and a basement full of Craftsman Tools from the 60's , 70's , and early 80's . All good stuff , not professional quality , but sure good enough for a competent homeowner to do professional work . Also have a Kenmore fridge of indeterminate age (50?) in my kitchen that's still chugging along . There's one Sears left in my area , it's an old free standing store that still seems to do a pretty good business . Seems to serve a not particularly affluent clientele who have limited transportation options . Sad for them if it closes .
     
  14. MacNut macrumors Core

    MacNut

    Joined:
    Jan 4, 2002
    Location:
    CT
    #14
    Sears started to decline in the late 90’s. Their website was awful and they shut down the catalog business. To think they were the original Amazon. If only they had the foresight to turn the catalog into a website.
     
  15. bradl macrumors 68040

    bradl

    Joined:
    Jun 16, 2008
    #15
    Young'un. :D

    I remember when Sears sold the Atari as the "Sears Video Arcade System" and the Intellivision as the "Sears Super Video Arcade System".

    What I really miss is that right behind the endcaps where they had those consoles displayed, were shelves of new amazing toys that they were trying their hardest to keep stocked...

    .. called Transformers. Bought my first two from there: Soundwave and Buzzsaw, and Thundercracker. They had some Robotech, all 3 Voltrons, and He-Man and She-Ra that they just couldn't keep stocked on the shelves...

    .. but they couldn't give their Go-Bots away!!

    Seriously now, this throws Black Friday into a huge disarray now, as they were going to be one of the last big toy catalogs for the kids.

    Hopefully they don't go the Full Monty and slip into Ch. 7. That would be the end.

    BL.
     
  16. Irishman macrumors 68030

    Joined:
    Nov 2, 2006
    #16

    I bought my first Mac from Sears back in those days!! :)
     
  17. maflynn thread starter Moderator

    maflynn

    Staff Member

    Joined:
    May 3, 2009
    Location:
    Boston
    #17
    This was the major factor imo in their demise. If only they saw the potential of online sales, they had a natural distribution network that could be leveraged for online. They could have been the major force with online retailing. I think what Steve Jobs is applicable to some degree (at the 40 second mark)
     
  18. ericgtr12 Suspended

    ericgtr12

    Joined:
    Mar 19, 2015
    #18
    It's an unfortunately result of the digital age, those like Walmart saw it coming and have established their place in the virtual world while many of the others either haven't made the investment or waited too long. The fact that some of the larger retailers who put mom and pop shops out of business back in the day are now facing the same fate is not without a bit of irony I suppose.

    Personally, I loved going into all the shops and big box stores at the mall and it's sad to see its decline. Progress, I guess.
     
  19. maflynn thread starter Moderator

    maflynn

    Staff Member

    Joined:
    May 3, 2009
    Location:
    Boston
    #19
    Definitely, in some ways I don't have too much sympathy, but then you think about it a bit more, and then you realize there are people who collected a paycheck and they're out of a job.
     
  20. AxiomaticRubric macrumors 6502

    AxiomaticRubric

    Joined:
    Sep 24, 2010
    Location:
    On Mars, Praising the Omnissiah
    #20
    Very ironic that this process is happening to his company as well. The product people no longer call the shots at Apple.
     
  21. ericgtr12 Suspended

    ericgtr12

    Joined:
    Mar 19, 2015
    #21
    In under 2 minutes you see why Apple was such a success under Jobs, I mean he really got it and had a clear understanding of what it took, who was involved and the reasons for success (and failures).
     
  22. maflynn thread starter Moderator

    maflynn

    Staff Member

    Joined:
    May 3, 2009
    Location:
    Boston
    #22
    Looks like the end may be approaching
    Sears, Kmart could be liquidated with no bid to save 2 retail icons

    68,000 jobs are on the line, though I suspect even if a lifeline is thrown to them, a heavy percentage of that 68,000 will still be laid off, i.e., store closings.

    The malls in my location which had your typical sears stores and even automotive center are all closed.

    I still find it odd, and sad, that a company that built it success on catalog/mail delivery sales failed to take advantage of online sales. They could have been the Amazon, but totally missed the seismic change in retailing.
     
  23. ericgtr12 Suspended

    ericgtr12

    Joined:
    Mar 19, 2015
    #23
    One still has to think that it's creating jobs in the shipping industry though, it's hard to say if it's as many but there's a whole new crop of drivers, planes and logistics coming from Amazon.
     
  24. MacNut macrumors Core

    MacNut

    Joined:
    Jan 4, 2002
    Location:
    CT
    #24
    Saw that story last night. I'm not surprised though. I figured it would happen in 2019 not this soon. The writing has been on the wall for years that the company was finished. It's been getting lifelines and cash infusions but that can't fix a failing company.
     
  25. MacNut macrumors Core

    MacNut

    Joined:
    Jan 4, 2002
    Location:
    CT
    #25
    Looks like Sears isn't dead yet.

    https://www.cnbc.com/2018/12/28/sears-chairman-eddie-lampert-submits-bit-for-company.html
     

Share This Page