Sears publically admits they're circling the drain

[TX_92_Notch]

http://money.cnn.com/2017/03/22/news...ure/index.html

After years of huge losses and store closings, the future is officially in doubt for Sears and Kmart.

Sears Holdings (SHLD), the holding company for the two iconic retail brands, warned investors late Tuesday that it can't promise it will stay in business.

It included the language in its annual report while insisting it might still turn things around.

"Our historical operating results indicate substantial doubt exists related to the company's ability to continue as a going concern," said the statement.
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While its recent history has been written in red ink, Sears was once one of the nation's most powerful companies, both the Walmart and Amazon of its time. But its once-proud brands have mostly been forgotten by the modern American shopper.

I was unaware of this:

Sears sells Craftsman to Stanley Black & Decker

http://money.cnn.com/2017/01/05/inve...ex.html?iid=EL

It's the end of an era for Sears. The struggling retailer is selling its iconic Craftsman brand to tool maker Stanley Black & Decker.

But for those of you who still shop at Sears and love the Craftsman brand, fear not. Sears will continue to sell Craftsman tools in its stores.

Sears will get $525 million from Stanley Black & Decker (SWK) once the deal closes, another $250 million at the end of the third year and a percentage of annual payments of new Craftsman sales for the next 15 years.

[LANTIRN]

I am surprised cnn was able to find anyone who worked at sears to get a comment from.

[TX_92_Notch]

I am surprised cnn was able to find anyone who worked at sears to get a comment from.

They probably made it up.

[GhostTX]

Buh bye. Their customer service is horrid. I gave up on them years ago when they wanted to charge me $13 in store for a dryer fuse that was on their website for $7 and they-wouldn't-match-the-price-of-their-own-web-site. I found TWO for $5 on Amazon and ordered via Prime. When I wrote an email how they lost me as a customer, explaining how they wouldn't match their own site's price, their reply was "here's a 10% off coupon on your next visit."

As much as I don't like the idea of iconic company going away, it's being/been run by morons and I don't feel sorry for them at all.

[TX_92_Notch]

Buh bye. Their customer service is horrid. I gave up on them years ago when they wanted to charge me $13 in store for a dryer fuse that was on their website for $7 and they-wouldn't-match-the-price-of-their-own-web-site. I found TWO for $5 on Amazon and ordered via Prime. When I wrote an email how they lost me as a customer, explaining how they wouldn't match their own site's price, their reply was "here's a 10% off coupon on your next visit."

As much as I don't like the idea of iconic company going away, it's being/been run by morons and I don't feel sorry for them at all.

It seems as though they've tried to hold onto their business model for too long. The retail world is changing - companies like Sears, Best Buy, etc. are being phased out by Amazon. Change your business model or go the way of Blockbuster and Radio Shack...

[ceyko]

It seems as though they've tried to hold onto their business model for too long. The retail world is changing - companies like Sears, Best Buy, etc. are being phased out by Amazon. Change your business model or go the way of Blockbuster and Radio Shack...

Ya, unfortunately a lot of US based retail companies are feeling the pinch but are not adjusting. I don't really have an answer for them, but internal deficiencies are a huge part of it as well.

[A_A_G]

It seems as though they've tried to hold onto their business model for too long. The retail world is changing - companies like Sears, Best Buy, etc. are being phased out by Amazon. Change your business model or go the way of Blockbuster and Radio Shack...

Man I hope Best Buy doesn't go under. They have been killing it for me on prices for quite some time now. I've actually been shopping them much more than Amazon (prices fluctuate like crazy).

[slow99]

Lmao at SHLD ... haven't thought of that ticker in years.

[zachary]

Craftsman is only worth just under a billion? I know several people who only use those and go to sears just to get them...thought it would be more.

[SS Junk]

Craftsman is only worth just under a billion? I know several people who only use those and go to sears just to get them...thought it would be more.

Wondering if B&D will continue to honor the lifetime guarantee Craftsman had.

[Juiced4v]

Damn...didn't even know Sears was still around

[Gasser64]

Survival of the fittest, glad to watch 'em burn. Or not, if they'd shaped up. But they didn't and won't.

That said, I'll believe in a sears death when I see it. And not until then. When I was a kid they were talking about how sears was dead/dying/bankrupt. They've been talking about it for years. There is still one right here in my town.

Its like Conns only with tools.

[BP]

Man I hope Best Buy doesn't go under. They have been killing it for me on prices for quite some time now. I've actually been shopping them much more than Amazon (prices fluctuate like crazy).

Their stock price has nearly quadrupled since 2012. As long as Hubert Joly is running things they aren't going out of business.

[mardyn]

I'd close down most of the failing mall locations and go to a 90% on-line format.

Sears is in serious need of a reboot with some new leadership thrown in for good measure.

It's sad to see an American icon circling the bowl, but they've had at least 10 years to change directions and they seem to only now to realize there is a problem?

mardyn

[BP]

Craftsman is only worth just under a billion? I know several people who only use those and go to sears just to get them...thought it would be more.

It's more complex than that. They sold them the right to manufacture and sell the Craftsman brand of hand tools. Not exclusive rights either, Sears can still make and sell the Craftsman brand in house and they'll get royalties from any sales outside. I think eventually Sears loses their rights to the brand name but they'll be long gone by then.