This could finally be Sears' and Kmart's last holiday shopping season

[left-of-center2012]

New York (CNN Business)This Black Friday could very likely be the start of the final holiday shopping season for Sears and Kmart, two brands that once proudly dominated the US retail landscape.

The two chains are only a shell of what they were when the holding company that owns both emerged from bankruptcy less than three years ago.

At the time, the holding company — given the overly optimistic name Transformco — still had 223 Sears and 202 Kmart stores nationwide. That was already down 87% from the 3,500 stores between the two brands when they merged together in 2005 to form Sears Holdings. But the percentage drop in stores since the company emerged from bankruptcy in February of 2019 has been even steeper.

Today there are only 21 full-line Sears stores left in the mainland United States, and two more in Puerto Rico, according to the store locator on the Sears website, once recent closings are eliminated. Another seven stores listed on the site are limited to selling appliances, and in some cases, mattresses, rather than the full range of offerings that once was a hallmark of both chains.
And by the end of the year there will be only six Kmarts left in the mainland United States, along with six more in Puerto Rico, Guam and the Virgin Islands.

https://www.cnn.com/2021/11/25/business/sears-kmart-last-holiday-shopping-season/index.html

[hlthe2b]

1. To hell with K-Mart, but I will miss Sears. More than two decades of determined mismanagement and

dismantling of a once-great institution. Damn...

[keithbvadu2]

2. Sears was the Amazon of the 1800s and 1900s.

Sears was the Amazon of the 1800s and 1900s.

Their catalog and rail/mail was their internet.

[Aristus]

3. I would hope this would be a learning experience for the corporate captains.

Not to hire spectacularly incompetent CEO's. And if you do, not to write golden parachutes into their contracts.

But I doubt it will be.

At my level, I could never imagine that, even if I failed badly enough to get fired, I would expect to get millions of dollars on my way out the door.

But that's just me. I obviously don't think the same as rich people.

[Doremus]

4. The Sears logo should be the emblem for predatory capitalism circa 2000

Bought by a hedge fund for the sole purpose of dividing and selling off the iconic stores piece by profitable piece. The looting continued until all that was left were unwanted valueless hulks, then bankruptcy to screw over any remaining debtors.

Sears in many ways was American culture. That rich history and thousands of employees, once able to support their families with their wages from selling appliances or shoes or tools, were thrown out like so much trash. It's both heartbreaking and horrifying.

[slightlv]

5. And before them,

Montgomery Wards...

They were actually more popular than Sears around here...

[48656c6c6f20]

6. What is this about the 10th year that

This is the end of those two? Reminds me of the guy with the world is ending sign.

[left-of-center2012]

7. In the linked article ...

"To me it always felt like a liquidation. This has been going on for years," said Reshmi Basu, an expert in retail bankruptcies at Debtwire.

[bucolic_frolic]

8. Kmart was THE store in my little town 30 years ago

And I once visited a Kmart in a little New Engand town that was a converted Woolworth or WT Grant. It had wooden floors, poles supporting the roof, and not a lot of merchandise. Seemed like they matched the displays to the weekly sales flyer.

Kmart had a brief run when Floyd Hall was CEO, then an engineered bankruptcy around 2001 when Eddie Lampert bought it in bankruptcy court. Kmart once owned other branded stores - Builders Square, Walden Books, and Sports Authority. It also owned Kresge, Jupiter, and Kmart Auto Centers. They had exclusives with Kathy Ireland, Martha Stewart, Jaclyn Smith, Lauren Hutton. Around 1990 they were the second largest US retailer - behind Sears. You could even get a Kmart Credit Card. Wall Street consultants insisted they sell the branded stores to concentrate on ... Kmart! Doesn't seem like they got very good advice.

And let's not forget what led to the original Kmart demise:

"2002–2009: Collapse and merger with Sears
Kmart's lime green logo that was used only at five prototype locations in 2002.

On January 22, 2002, Kmart filed for Chapter 11 bankruptcy protection under the leadership of its then-chairman Charles Conaway and president Mark Schwartz.[59][60] Conaway, who successfully expanded CVS Corporation, accepted an offer to take the helm at Kmart along with a loan of $5 million (equivalent to $7.19 million in 2021). In a scandal similar to that involving Enron, Conaway and Schwartz were accused of misleading shareholders and other company officials about the company's financial crisis while making millions and allegedly spending the company's money on airplanes, houses, boats and other luxuries. At a conference for Kmart employees on January 22, Conaway accepted "full blame" for the financial disaster. As Kmart emerged from bankruptcy, Conaway was forced to step down, and was asked to pay back all the loans he had taken. "

https://en.wikipedia.org/wiki/Kmart

Conaway hired a marketer from Walmart, as I recall reading, and they launched a sticker war with Walmart. 5 months later they were bankrupt.

Conaway was a former CEO of CVS, of Rhode Island. Eddie Lampert operated from Connecticut. Always wondered if there was a connection.

[SammyWinstonJack]

9. Tell 'em Ray, Kmart sucks.

[Sympthsical]

10. There's a Sears by us

It isn't closed. It just feels like it is. No one in the thing. I went with a buddy not too long ago, because he was looking for a fridge. I was shocked the store still existed.

Their hours are only 11a-6p, so I'm not really sure what the point is.

My parents used to be Sears devotees. My father especially because of their tools and the replacement policy for them. We used to get this Wish book around the holidays I used to check out for hours as a kid.

Ah well. As I write this I have Amazon open in another tab. No explanation really needed for this.

[Raine]

11. Neither are left in my area, very sad. My father worked for Sears until he retired

I really feel bad about what happened to them.

[Maeve]

12. Both were killed by bad management

I miss them both, but as they haven't been for a long time.

[left-of-center2012]

13. Montgomery wards went out of business 20 years ago n/t

[electric_blue68]

14. Damn. As someone with a low income K-Mart has been...

my go to store for clothing, and foot ware. 😮 Gotten good items there for 25+ years.

This is upsetting!
Targets more expensive.

Maaaybe there's a decent chain I don't about but ...

Expletives!!!!!!