That will leave just 182 Sears and Kmart stores still operating11/08/2019 | ConsumerAffairs
Sears, the retail brand now owned by Transformco, continues to get smaller. The company has announced it’s closing another 96 stores after securing $250 million in funding.
Transformco, headed by former Sears CEO Eddie Lampert, acquired the assets of Sears Holdings for $5.2 billion early this year. It took over 450 remaining Sears and Kmart stores.
Lampert’s offer was viewed by some as a way to keep Sears in business while saving at least 45,000 jobs. But not everyone was...
About a quarter of the stores purchased by Eddie Lampert have closed or will reportedly close this year10/14/2019 | ConsumerAffairs
Roughly a year after filing for bankruptcy, Sears is still having to shutter some of its remaining stores due to disappointing performance.
Citing sources familiar with the matter, the Wall Street Journal reports that about a quarter of the 425 Sears and Kmart stores purchased by former CEO Eddie Lampert have closed already or are slated to close later this year.
Sears said in August when announcing additional store closures that even more closings were possible in the fu...
Craftsman tools use parts from many countries, suit charges12/08/2004 | ConsumerAffairs
By Unknown Author
A class action lawsuit against Sears, Roebuck and Co alleges that Sears conducted false advertising and consumer fraud by advertising that its Craftsman tool line is "Made in the USA."
The suit alleges that promotions in ads, the website, on signs and labels claiming that Craftsman is "Made in the USA" led consumers to purchase the tools out of a sense of patriotism. Consumers were also led to believe that Craftsman is of high quality because it is "Made in the USA."
By Unknown Author
WW, a former Sears employee, writes: Next time you're in Sears or another store buying appliances or electronics, watch out when you hear: "This product is also eligible for our 3 year Maintenance Agreement program which covers repairs and replacements for any damages due to wear and tear, and includes an annual preventive maintenance check all of which will save you the expensive cost of repairs and give you peace of mind....."
You will often hear this during a sales pre...
It's probably cheaper to pay for repairs yourself10/29/2013 | ConsumerAffairs
By Jennifer Abel
There’s always been wide disagreement about whether consumers who buy major appliances should also pay extra for “extended warranties,” “maintenance agreements” and similar insurance-ish policies.
The argument against it usually boils down to, “A good appliance shouldn’t need protection beyond the standard warranty and return policy anyway.” The arguments in favor are similar to any pro-insurance attitude: “Better to spend a little money now, just in case something expe...
The retailer is closing more stores to cope with mounting losses12/09/2016 | ConsumerAffairs
Sears Holdings, which operates both Sears and Kmart department stores, reported third quarter earnings that were a disappointment to just about everyone, including Sears Holdings executives.
The company reports a net loss in the third quarter of $748 million. In the third quarter of 2015, the company lost $454 million.
While all brick-and-mortar retailers have struggled with the changing consumer landscape, Sears appears to have had a particularly hard time coping.
The company is reportedly struggling to secure needed financing11/09/2018 | ConsumerAffairs
Sears Holdings, the parent company of Sears and Kmart stores, continues to get smaller.
The company has announced it is closing an additional 40 stores by early 2019. That's in addition to the 142 unprofitable stores it expects to close before the end of this year.
The venerable retailer filed for bankruptcy protection last month after shrinking its footprint to just 700 stores. The footprint will get smaller, however, as the company desperately seeks additional capital t...
The company continues its 'transformation' effort to return to profitability08/25/2017 | ConsumerAffairs
It’s been a year full of downsizing and cost cutting for Sears Holdings. In January, the company announced that it would be closing 150 Sears and Kmart locations. A couple months later, officials said in an SEC filing that there was “substantial doubt” that the business could continue unless it found a way to raise additional capital.
Only one month later, Sears opted to close another 50 auto center locations and 92 Kmart pharmacy operations, with CEO Edward S. Lampert s...
The company continues to downsize in an effort to cut costs and return to profitability04/24/2017 | ConsumerAffairs
Sears Holdings has been in a downward spiral for some time now. On numerous occasions, we’ve reported on the company’s downsizing efforts.
At the beginning of the year, the company closed 150 Sears and Kmart locations and spun off its Craftsman Tools line. Recently, company officials stated in an SEC filing that there was “substantial doubt” that the franchise could continue on unless it found a way to raise additional capital.
Now, the company has announced that it will ...
The company’s CEO says the retailer has been ‘fighting to survive’07/03/2018 | ConsumerAffairs
At the end of May, Sears announced that it would be closing 63 stores from a total of 100 underperforming stores. Now, the retailer has added ten more Sears and Kmart stores to its list of locations slated to shut down in September.
Sears Holdings said it told employees last week that it would be closing an additional nine Sears stores and one Kmart in late September. Liquidation is set to begin as early as July 13.
In total, 62 Sears and 16 Kmart locations were identifie...
The company will close another 142 stores10/15/2018 | ConsumerAffairs
With a huge debt payment just hours away, Sears Holdings -- the company that operates Sears and Kmart stores -- filed for Chapter 11 bankruptcy protection early Monday.
The company said the move was made possible by an agreement among its lenders who are owed billions of dollars to give the venerable retailer one last chance to become solvent. Later today, Sears Holdings was scheduled to make a $134 million dollar debt payment. Bankruptcy protection will allow Sears to r...
Creditors claim Lampert is to blame for the retailer’s demise01/18/2019 | ConsumerAffairs
If the television networks ever run out of material for soap operas, maybe they can just televise the Sears bankruptcy saga, which has so far been filled with plot twists.
Former Sears Holdings CEO Eddie Lampert and the hedge fund he controls, ESL Investments, finally prevailed with a $5 billion offer to take over what’s left of the company and keep 400 Sears and Kmart stores open.
But not everyone is happy. The unsecured creditors who are still owed money have filed a mo...
Sears’ former CEO will bid to keep stores operating but will have to compete with others who only want its assets01/11/2019 | ConsumerAffairs
It’s likely to be an anxious weekend for as many as 68,000 Sears and Kmart employees as their jobs continue to hang in the balance. But late week events make their prospects appear a little brighter.
After all, at mid-week, their company Sears Holdings petitioned a bankruptcy judge to let it close its remaining stores and liquidate its assets, saying former CEO Eddie Lampert’s $4.4 billion offer to buy the remaining assets wasn’t good enough.
But Lampert has raised his bi...
The long Sears saga continues in court04/19/2019 | ConsumerAffairs
Long before Sears declared bankruptcy and was eventually sold at auction, some stakeholders were eyeing its chairman and CEO, Eddie Lampert, with an increasing amount of skepticism.
Now, some of them are suing Lampert, charging the executive took actions that hastened the retailer’s demise. Lampert, and his hedge fund ESL Investments, purchased the remaining Sears assets for $5.2 billion at a bankruptcy auction in February.
The suit was filed by the Sears Holdings’ team t...
The beleaguered company is still struggling post-bankruptcy08/07/2019 | ConsumerAffairs
It’s a storyline that consumers have become all too used to over the past few years: Sears and Kmart are closing more store locations.
After being snatched up by former CEO Eddie Lampert earlier this year for $5.2 billion, Sears has continued to struggle financially. On Wednesday, new parent company Transform Co. said that it would be closing 21 Sears locations and 5 Kmart locations that have been unable to meet sustainable productivity levels.
“Our goal remains to retu...
The retailer says it has identified 100 more unprofitable locations05/31/2018 | ConsumerAffairs
Sears announced Thursday that it will be closing another 63 stores “in the near future.”
More closures could be on the way, as the retailer indicated that the 63 stores it plans to close are among a list of 100 unprofitable locations.
In January, the retailer announced that it would be shuttering 150 unprofitable Sears and Kmart locations. A few months later, the company said in an SEC filing that there was “substantial doubt” that it could continue operating unless it...
The retailer will live to fight another day12/31/2018 | ConsumerAffairs
At the very last minute, former Sears CEO Eddie Lampert made his $4.6 billion bid official, saving the long-time retailer from liquidation. It ended a suspenseful Friday when it appeared likely that Sears was at the end of its rope.
Terms of the offer were not made public and it must still be ratified by the Sears Holdings board of directors in January.
The offer comes from an affiliate of Lampert’s hedge fund and is only for 425 of the remaining Sears and Kmart stores. T...