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  #1  
Old 10-11-18, 01:22 PM
Yappi Yappi is offline
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Sears falls again on report that it stopped paying vendors

Quote:
Sears stock plunged on Thursday after reports that the retailer isn't paying companies for their products.

Three companies that sell items at Sears told Reuters that Sears had missed payments to them over the past few weeks. Sears stock fell another 18% Thursday. Sears did not respond to multiple requests for comment.

A bankruptcy could come very soon. Sears Holdings, the parent company of Sears and Kmart, faces a Monday deadline to pay $134 million in debt.
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https://www.cnn.com/2018/10/11/busin...ors/index.html
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  #2  
Old 10-11-18, 01:32 PM
clarkgriswold clarkgriswold is offline
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JC Penney will be next...
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Old 10-11-18, 01:35 PM
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Old news. I use to sell Sear's and 2 years ago the bank who handles our accounts receivables put them on hold and would not carry the paper. Anyone who currently gives Sear's open terms has baked into their pricing model this was going to happen.
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Old 10-11-18, 01:45 PM
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Originally Posted by clarkgriswold View Post
JC Penney will be next...
Another Company that I sell. Our bank is still approving them for Q4 receipts because unlike Sears who has already sold off their prime real estate holdings they still have some strong properties that should cover their current obligations. But we are also being advised that may not be the case in 2019 as they close stores and sell the properties even though they hired a new merchandise focused CEO away from Jo-Ann Stores. Their on line platform and sales stink so I give them at best a year or two before they shut all their doors.
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Old 10-11-18, 01:47 PM
ronnie mund ronnie mund is offline
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Adapt or die.
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Old 10-11-18, 02:19 PM
Zunardo Zunardo is offline
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Was watching "Margin Call" this morning. Interesting movie.
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Old 10-11-18, 02:25 PM
ronnie mund ronnie mund is offline
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I'm curious as to how Sears botched this so badly. Was it merely stubbornness? Lack of foresight? They seemed to have already had the infrastructure in place to be what Amazon is today.
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Old 10-11-18, 02:47 PM
OhioBobcatFan06 OhioBobcatFan06 is offline
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Adapt or die.
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Old 10-11-18, 03:08 PM
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I'm curious as to how Sears botched this so badly. Was it merely stubbornness? Lack of foresight? They seemed to have already had the infrastructure in place to be what Amazon is today.
I can give a dissertation length explanation from a vendors perspective but a couple key things happened:

1) Because of changes in logistics technology in the early '90s retail consolidated and expended so that you had big national brands that flipped the script on their vendors. Instead of massive Levis having numerous regional Department and Specialty stores like McCalpin's, Lazarus, Higbees, to sell they all of sudden you have just as big Federated Stores with the Macy's brand dictating terms to Levis. Also at the same time Walmart moved from a Regional mass merchant to a national player with everything available under one roof. JCP, Kohl's, Target also increased exponentially in the late '90s. This made the retailers feel like they were the boss and could do anything they wanted to both the vendors and more importantly the consumers. Then...

2) In the early 2000s because of changes again in technology the last few miles of the retail buying experience changed dramatically. No longer did you have to get in a car to buy a book at a local store but the consumer could go to a web site called Amazon and have the best seller shipped to their front door for the same price and to top things off in those days it was tax free. Retail giants did't think this model could translate to a variety of categories and put their head in the sand and blamed eroding sales on first their vendors, then their personnel, and then finally in '08 the economy all the while Amazon kept expanding their on line categories proving that basically anything could be purchased on line. Add in the fact that giant retailers became complacent in their store experience so the consumer that wanted an experience while shopping would pay for it at a REI.

Now there are healthy brick & mortar retailers out there and most of them have been able to figure out how to incorporate the on line platform into a store experience, (there is a reason that Amazon purchased Whole Foods and is looking for additional pick up locations for need now purchases.) Sears and JCP were left in the dust because they just didn't think they needed to move in this direction. Also keep an eye on stupid stand alone stores that offer nothing in the way of shopping experience like GNC to close shortly.
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Old 10-12-18, 09:36 AM
irish_buffalo irish_buffalo is offline
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^ - Great analysis. I knew Sears was in trouble when they merged with Kmart. And to your point when I started going there only to find what I could find cheaper online. When they closed a couple years back I poached a bunch of their appliances and other things for dirt cheap. Still, from a nostalgia standpoint, sad to see all these places go away. You used to be able to get ANYTHING at Sears including buying a house (and a haircut ).
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Old 10-12-18, 09:53 AM
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Was never a big fan of Sears, they were arrogant merchants that had no clue when it came to soft goods. Now when it came to hard goods they were solid but again arrogant and would not change with the times.
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Old 10-15-18, 08:06 AM
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Sears officially declares bankruptcy: https://www.cnn.com/2018/10/15/busin...tcy/index.html
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Old 10-15-18, 12:59 PM
EastYoungstown EastYoungstown is offline
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Quote:
Originally Posted by irish_buffalo View Post
^ - Great analysis. I knew Sears was in trouble when they merged with Kmart. And to your point when I started going there only to find what I could find cheaper online. When they closed a couple years back I poached a bunch of their appliances and other things for dirt cheap. Still, from a nostalgia standpoint, sad to see all these places go away. You used to be able to get ANYTHING at Sears including buying a house (and a haircut ).
I found a reprint of the catalog my house was built from. Pretty neat stuff.

You bought everything from them including the machine that made the bricks for the foundation.
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Old 10-15-18, 01:45 PM
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Sears officially declares bankruptcy: https://www.cnn.com/2018/10/15/busin...tcy/index.html
Maybe Eddie Lampert can finally buy all the assets that he's been trying to sell himself now.



For those people that still shop at Sears and/or Kmart:

Ohio store closings

15891 State Rt 170 East Liverpool, OH 43920-9633

17840 Bagley Rd Middleburg Heights, OH 44130-3401
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