Sears: "Yeah, we're pretty much effed"

http://wwmt.com/news/nation-world/sears-has-substantial-doubt-about-its-future-03-22-2017-155318670

Only took them 10+ years to admit.

I've read that they may declare bankruptcy near July. They have several loans coming due that they won't have any money to make payments on them.

interestingly the mall might go with it. not sure that's been factored into the stock market yet. tons of commercial retail real estate will be made available

Blanch32 wrote:interestingly the mall might go with it. not sure that's been factored into the stock market yet. tons of commercial retail real estate will be made available

Sears owns a lot of that real estate, too. They might close their stores, but could have a second life as real estate investors.

I bought a $50 humidifier from Sears one time for $5. The guy helping me looked up the price in 3 different spots and saw it was $5 everywhere he checked, then gladly sold it to me for $5. Might be the best $5 I've ever spent.

Their store in EL/Lansing is basically a giant parking lot.

Death Roe wrote:

Blanch32 wrote:interestingly the mall might go with it. not sure that's been factored into the stock market yet. tons of commercial retail real estate will be made available

Sears owns a lot of that real estate, too. They might close their stores, but could have a second life as real estate investors.

This was Eddie Lampert's reasoning for buying them out in the first place, the real estate was supposedly worth more than the business. Unfortunately he bought at the height of the real estate bubble and then realized he didn't know a thing about retail. They've been flailing ever since.

One article I read said that they might not have enough money to stock their stores in the near future. Sorry to see it happen, because a lot of people will be losing their jobs, but I can't say that I'm surprised.

Didn't they just sell off the Craftsman name? That's supposed to be worth a nice pile of cash.

Jake from State Farm wrote:Didn't they just sell off the Craftsman name? That's supposed to be worth a nice pile of cash.

Yes, to Black & Decker for $900 mill in January, that's how they can last until summer.
Lampert has loaned money as well, he may have separated the retail from the business, but hemorrhaging cash is an understatement.
http://www.businessinsider.com/sears-is-borrowing-another-500-million-from-its-ceo-2017-1

Those fuckers were Amazon before Amazon and then made a conscious decision to phase out their catalog just as the Internet was taking off.

I.B. Fine wrote:

Death Roe wrote:

Sears owns a lot of that real estate, too. They might close their stores, but could have a second life as real estate investors.

This was Eddie Lampert's reasoning for buying them out in the first place, the real estate was supposedly worth more than the business. Unfortunately he bought at the height of the real estate bubble and then realized he didn't know a thing about retail. They've been flailing ever since.

No, he still has yet to admit he knows nothing about retail

DWags wrote:Sears stock sky rocketing. Anybody buy before last week?

Maybe the parts are worth more than the whole.

DWags wrote:

NigelUno wrote:

Maybe the parts are worth more than the whole.

I hear it's the top stock holders who were buying the shit up last week. I think it's doubled. I'm sure we'll have tTy or some other ballers who insist they bought bought bought, and maybe they did, but I wouldn't have touched it with someone game be 10K and said, here Buy some sears stock.

I wouldn't touch it. It may have been undervalued given break up value of different parts. Maybe the big stock holders had options that made it worthwhile.

Four Michigan Sears stores to shut down as part of nationwide closures

Looks like the anchors at Lakeside and Fairlane are going down. Can we just implode all enclosed malls while we're at it and reclaim the space?

Floyd Robertson wrote:Four Michigan Sears stores to shut down as part of nationwide closures

Looks like the anchors at Lakeside and Fairlane are going down. Can we just implode all enclosed malls while we're at it and reclaim the space?

I can't remember the last time I was at Lakeside, although, I haven't lived on that side of the state in over a decade. Although, I've been to Partridge Creek a couple of times.

MAGA

Senior Dickfist wrote:

Floyd Robertson wrote:Four Michigan Sears stores to shut down as part of nationwide closures

Looks like the anchors at Lakeside and Fairlane are going down. Can we just implode all enclosed malls while we're at it and reclaim the space?

I can't remember the last time I was at Lakeside, although, I haven't lived on that side of the state in over a decade.  Although, I've been to Partridge Creek a couple of times.

I live 10-15 minutes from Lakeside and PC. I haven't been in Lakeside since August 5, 2013.  It took me a few years after PC opened to go there, but once I did I realized it's a much better shopping experience even in the dead of winter. I mean, hello, shopping with dogs is awesome.

Shocked Lansing hasnt been shuttered.

I really only went there because I could take my dog. That mall is making America great again, right Bob...lol

I haven't been to the Lansing mall in 20 some years and seemed to be dying then.

Hate malls. Haven't been to Lakeside in 20 years. Surprisingly, the Sears at Oakland Mall is still open. Had a Diehard battery installed there a couple years ago. I don't consider the auto department being at the mall.

DWags wrote:Implode. Then, urban farms.

Sounds good to me. I read not long ago that Sterling Hts is commissioning a $50K study to figure out what to do with Lakeside after it implodes. Maybe that's what the study will conclude.?

We can hope, anyway.

If (When) Sears in Frandor closes, we can be assured the Corr family, which owns the mall property, will somehow find a way to screw things up even worse.

Floyd Robertson wrote:

DWags wrote:Implode. Then, urban farms.

Sounds good to me. I read not long ago that Sterling Hts is commissioning a $50K study to figure out what to do with Lakeside after it implodes.  Maybe that's what the study will conclude.?

We can hope, anyway.

Was told a couple weeks ago our company will be moving to a brand new building in Sterling Enterprise Park next year...the acreage that use to be Sunnybrook golf course (54 holes), massive bowling alley, and ultra shitty hotel.   According to stories that site will be the largest development in SH since Lakeside was built in the mid 70's.

The Pantry wrote:

Floyd Robertson wrote:

Sounds good to me. I read not long ago that Sterling Hts is commissioning a $50K study to figure out what to do with Lakeside after it implodes.  Maybe that's what the study will conclude.?

We can hope, anyway.

Was told a couple weeks ago our company will be moving to a brand new building in Sterling Enterprise Park next year...the acreage that use to be Sunnybrook golf course (54 holes), massive bowling alley, and ultra shitty hotel.   According to stories that site will be the largest development in SH since Lakeside was built in the mid 70's.

I bet those stories are right. Aside from widening Mound & Schoenherr 25 years ago there's been nothing.

After almost 40 years on Mound, we're getting the hell out and moving on up to Shelby.

Just because women don’t approach you in malls doesn’t mean malls suck. It just means you’re ugly

Bill Cain wrote:Just because women don’t approach you in malls doesn’t mean malls suck. It just means you’re ugly

This would have been a sick burn in the 90's.

I get approached every time I go in public. Pretty typical evening for me

The Proactiv vending machine doesn't count.

Jehovah's Witnesses?

Tinder...have a girl that wants in to my pants but she’s not the most attractive girl. Experience trumps all right?

Probably has a great personality




and a dick

Bill Cain wrote:I get approached every time I go in public. Pretty typical evening for me

Mall security doesn't count.

Jake from State Farm wrote:

Bill Cain wrote:I get approached every time I go in public. Pretty typical evening for me

Mall security doesn't count.

Jake from State Farm wrote:

Bill Cain wrote:I get approached every time I go in public. Pretty typical evening for me

Mall security doesn't count.

Jake from State Farm wins the Swill MVP for today.

Floyd Robertson wrote:

Senior Dickfist wrote:

I can't remember the last time I was at Lakeside, although, I haven't lived on that side of the state in over a decade.  Although, I've been to Partridge Creek a couple of times.

I live 10-15 minutes from Lakeside and PC. I haven't been in Lakeside since August 5, 2013.  It took me a few years after PC opened to go there, but once I did I realized it's a much better shopping experience even in the dead of winter. I mean, hello, shopping with dogs is awesome.

That’s pretty much why we go there. I can bring my dog and get errands done at the same time.