Sears or JCP who will die first?

[bchris02]

Looks like the end actual is near for Sears. They could restructure but I doubt there is anything worth salvaging. (Its all been sold off already). The lenders want them to shut it all down.


https://www.cnn.com/2018/10/12/busin...tcy/index.html

Surprised it has taken this long. Sears has been dying a slow death since some point in the 1990s. Wal-Mart hurt them initially and then Amazon finished the job. Sad thing is, with a little innovation and forward thinking, Sears' could have easily survived. They were Amazon before Amazon existed.

[catch22]

I have a Sears credit card (backed by Citi). I wonder what will happen to it? I hope Citi gives me the option of keeping the account open somehow, even under a different brand. I’d hate to lose that credit history.

[rezman]

I have a Sears Citibank Mastercard as well. It can still be used anywhere Mastercard is honored.

[catch22]

I have a Sears Citibank Mastercard as well. It can still be used anywhere Mastercard is honored.

I know that. I mean what happens if Sears shuts down, will citi close the accounts or just find a different brand and keep the account the same?

[mugofbeer]

I'm sure they will just issue new cards if they shut the chain down. CITI doesn't want to lose the business.

[stile99]

I'm sure they will just issue new cards if they shut the chain down. CITI doesn't want to lose the business.

Exactly this. EXACTLY. Citibank doesn't care at all what happens to Sears, why would they throw you away? I had a TiVo credit card way back when they did that. I still have it, although obviously the bank sent me one with a different logo, and the bank has changed twice since.

[bluedogok]

Surprised it has taken this long. Sears has been dying a slow death since some point in the 1990s. Wal-Mart hurt them initially and then Amazon finished the job. Sad thing is, with a little innovation and forward thinking, Sears' could have easily survived. They were Amazon before Amazon existed.

They were property rich for a long time, they owned a majority of the buildings/lots they had stores on. They have been selling those off as they close stores. The Denver Cherry Creek North store was closed a few years ago and there has been a vertical building boom going on there for a number of years. Lenders are pushing because they want to cash out of the property they still have before management burns what is left.

[Laramie]

Sad and disappointed to hear about the Sears situation. Have very fond memories about what was our N.W. OKC Sears. Hope they can salvage what's left of the brand. Sears & JCP; only wish the best forward for both of these establishments.

[stile99]

Hope they can salvage what's left of the brand.

Sorry to be the bearer of bad news, but there is literally nothing left of the Sears brand.

[Soonerman]

Last two Sears stores in Oklahoma are on the chopping block, Norman and Tulsa are part of the 142 stores on the closing list.

[ChargerAg]

Last two Sears stores in Oklahoma are on the chopping block, Norman and Tulsa are part of the 142 stores on the closing list.

Went in the Norman store about a week ago. The electronics department had been replaced with mattresses. Browsed around and found them selling pingpong paddles and nets. Selection just seemed so odd.

[d-usa]

Sounds like the "random crap we got left in the area" selection.

[Jersey Boss]

None in Oklahoma yet.
Lowe's is closing 51 stores in the US and Canada - CNN
https://www.cnn.com/2018/11/05/busin...res/index.html

[Pete]

Store in Sooner Mall (Norman) in the process of closing:

[stile99]

We may finally have the answer to this question today. Close contest, Penney's stock is now a penny stock, but Sears has until 3pm Central today, then the life support machines are turned off.

[Jeepnokc]

https://www.cnbc.com/2018/12/27/sear...-tomorrow.html

[stile99]

The thing that amazes me is a hedge fund manager buys a company that has been mismanaged, mismanages the hell out of it, makes as part of his final offer a demand for release from potential lawsuits over his past mismanagement, and yet somehow people are still going to say it's Amazon's fault.

[mugofbeer]

Well, Amazon was the last nail in a pretty much closed coffin.

[emtefury]

This is a neat story for anyone interested in Sears history. I didn’t know Sears sold mail order homes. The home came in a kit. The buyer had to find their own plumbing, electric, land and builder. I saw this is the newspaper of the area I grew up in. I read the news from there.


https://www.mcall.com/business/reale...120-story.html

[jompster]

This is a neat story for anyone interested in Sears history. I didn’t know Sears sold mail order homes. The home came in a kit. The buyer had to find their own plumbing, electric, land and builder. I saw this is the newspaper of the area I grew up in. I read the news from there.


https://www.mcall.com/business/reale...120-story.html

There were a couple still standing in Bristow when I lived there. One was on the southeast corner of 3rd St and Poplar, and I can't remember where the other is. The second may have been a kit from another company. They would ship them in by train and the pieces each had a number on them.

[TheTravellers]

We lived in Downers Grove, IL for 12 years, and they had tons of Sears homes, quite a few still standing, they're well known for how many are there, it was pretty cool driving around looking at them.

https://www.chicagotribune.com/news/...312-story.html

http://www.downers.us/public/docs/hi...AL%20PROOF.pdf

[Dob Hooligan]

The thing that amazes me is a hedge fund manager buys a company that has been mismanaged, mismanages the hell out of it, makes as part of his final offer a demand for release from potential lawsuits over his past mismanagement, and yet somehow people are still going to say it's Amazon's fault.

I read a story a few months ago that said the land was the reason for the purchase. Some were owned outright and many were long term leases (99 year at origination). Gives him low cost to control property, potential high revenue after repurposing. The people who have claims at liquidation aren't in a strong position to gain much at settlement, but could make it harder for him to maximize his $$$.

[ShadowStrings]

This is a neat story for anyone interested in Sears history. I didn’t know Sears sold mail order homes. The home came in a kit. The buyer had to find their own plumbing, electric, land and builder. I saw this is the newspaper of the area I grew up in. I read the news from there.


https://www.mcall.com/business/reale...120-story.html

99% Invisible did an episode about this, if anyone is interested in listening:

https://99percentinvisible.org/episo...e-in-the-mail/

[rezman]

I remember years ago reading an article about Sears homes here in OKC. IIRC there were a couple homes somewhere in an area roughly east of May and south of 23rd +\- and to the east towards downtown. That’s a large swath, but I don’t remember what streets they where on.

[Jersey Boss]

And the winner is SEARS.
Sears plans to shutter business as Chairman Eddie Lampert's bid fails
https://www.cnbc.com/2019/01/06/sear...iquidate-.html