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Sears/Kmart

Started by Tuxedo Mark, September 12, 2016, 12:50:04 pm

Previous topic - Next topic

Tuxedo Mark

Back on the old forum, I often talked about my experiences working for Kmart (which merged with Sears in 2005, the merger being the brainchild of chairman Eddie Lampert, a Wall Street hedge fund manager with no previous retail experience that, after one person after another vacated the CEO position, decided to become the CEO himself), the pressure from management to sign customers up for the Sears credit card and the all-important Shop Your Way Rewards card, and other crap, and I supplemented these personal accounts with info from news articles about the company at large, which was doing poorly.

A lot of people, even back then, expected the company to go out of business soon. Well, it's still around but probably not for much longer (for real, this time). This pair of articles illustrates just how far that the company and the individual stores have fallen:

From the workers: http://www.msn.com/en-us/money/topstories/sears-workers-reveal-why-the-company-is-bleeding-cash/ar-AAiaq4S?li=BBnbfcL&ocid=UP97DHP

From the customers: http://www.msn.com/en-us/money/companies/it-was-a-ghost-town-shoppers-reveal-why-theyve-abandoned-sears-and-kmart/ar-AAiKhLa?li=BBnbfcL&ocid=UP97DHP
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Riverdale Reviewed
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SAGG

September 12, 2016, 04:21:34 pm #1 Last Edit: September 12, 2016, 04:28:54 pm by SAGG
Quote from: Tuxedo Mark on September 12, 2016, 12:50:04 pm
Back on the old forum, I often talked about my experiences working for Kmart (which merged with Sears in 2005, the merger being the brainchild of chairman Eddie Lampert, a Wall Street hedge fund manager with no previous retail experience that, after one person after another vacated the CEO position, decided to become the CEO himself), the pressure from management to sign customers up for the Sears credit card and the all-important Shop Your Way Rewards card, and other crap, and I supplemented these personal accounts with info from news articles about the company at large, which was doing poorly.

A lot of people, even back then, expected the company to go out of business soon. Well, it's still around but probably not for much longer (for real, this time). This pair of articles illustrates just how far that the company and the individual stores have fallen:

From the workers: http://www.msn.com/en-us/money/topstories/sears-workers-reveal-why-the-company-is-bleeding-cash/ar-AAiaq4S?li=BBnbfcL&ocid=UP97DHP

From the customers: http://www.msn.com/en-us/money/companies/it-was-a-ghost-town-shoppers-reveal-why-theyve-abandoned-sears-and-kmart/ar-AAiKhLa?li=BBnbfcL&ocid=UP97DHP
Sigh--how the mighty have fallen. :(  Wal-Mart's really wiped out a lot of iconic name retail stores, and is still in the process of doing so. Sears screwed itself up when they ditched their catalog business.

Quick fact: I didn't know Sam Walton worked once for Kmart! :o They dissed him by not listening to his ideas to improve the business, he went rogue by starting his own business, and he more than got his revenge...

Cosmo

Sears /K-Mart are on life support, but the prognosis for pulling through is kind of grim. Before the big box era Sears was king. I can still remember the annual toy catalog. It was the ultimate source for that list to Santa. Heck I think Santa Claus put it out.

Anyone remember Murphy Mart from the sixties and seventies? I worked at the one that opened in Bethel Park, PA in the late sixties. It seems primitive now, but it was cutting edge retail back in the day.

steveinthecity

I miss the old "Complain about work" thread which was a pretty cool journal of Tuxedo Mark's day to day and weekly experiences as a retail sales associate.

And Cosmo, I remember Murphy's Mart.  It was an anchor along with Sears at my local mall.  I remember getting t-shirts printed there and they had a big selection of pop culture posters we'd always check out.  They had a lunch counter as well as the typical "five & dime" stuff ala K-Mart.
Comics!

Tuxedo Mark

Ominous article posted today. Apparently, Sears Holdings will announce its third-quarter results on Thursday morning before the market opens, and a lot of people are expecting the news to be really bad this time - especially amid some high-profile departures from the company in the middle of the holiday shopping season. They probably don't wanna be on the ship when it sinks, possibly early next year:

https://www.thestreet.com/story/13914558/1/expect-the-absolute-worst-from-sears-results.html
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Riverdale Reviewed
http://riverdalereviewed.wordpress.com
Every episode of "Riverdale", "The New Archies", and "Archie's Weird Mysteries" reviewed.
My digital wish list
https://www.amazon.com/gp/registry/wishlist/14FS742SI1R5I

Tuxedo Mark

Net loss of $748,000,000 for the third quarter of this year. More store closings coming. Fast Eddie's still touting Shop Your Way as the savior of the company.
BV-kiss-small
Riverdale Reviewed
http://riverdalereviewed.wordpress.com
Every episode of "Riverdale", "The New Archies", and "Archie's Weird Mysteries" reviewed.
My digital wish list
https://www.amazon.com/gp/registry/wishlist/14FS742SI1R5I

DeCarlo Rules

December 08, 2016, 04:16:56 pm #6 Last Edit: December 08, 2016, 04:24:57 pm by DeCarlo Rules
There's always Walmart, I guess. But I don't know that I'd want to work there either. I guess you could look at it this way... just think of how much fodder you'd have for a complaint thread!

Tuxedo Mark

Front page of today's paper: the Kmart that I used to work at (in the mall) is finally closing (in April). The liquidation sale begins in January.
BV-kiss-small
Riverdale Reviewed
http://riverdalereviewed.wordpress.com
Every episode of "Riverdale", "The New Archies", and "Archie's Weird Mysteries" reviewed.
My digital wish list
https://www.amazon.com/gp/registry/wishlist/14FS742SI1R5I

SAGG

I wish Sears would just die already, the same for Kmart. Put the suffering creature out of its misery....  :'(

Captain Jetpack

Sears just got a $200,000,000 injection of capital.
Can it save the business?
Pie is my favorite Vitamin.

SAGG


Quote from: Captain Jetpack on December 30, 2016, 06:31:46 pm
Sears just got a $200,000,000 injection of capital.
Can it save the business?



Money down the hole. It's extremely rare for a floundering business to recover to prosperity. I'm sure there's an example or two, but I don't remember right off....

Tuxedo Mark

Quote from: Captain Jetpack on December 30, 2016, 06:31:46 pm
Sears just got a $200,000,000 injection of capital.


Probably from Fast Eddie. He keeps loaning the company money, so he'll be the first creditor to collect once he inevitably runs the company into the ground.

Quote from: Captain Jetpack on December 30, 2016, 06:31:46 pm
Can it save the business?


Hahahahahaha...no.
BV-kiss-small
Riverdale Reviewed
http://riverdalereviewed.wordpress.com
Every episode of "Riverdale", "The New Archies", and "Archie's Weird Mysteries" reviewed.
My digital wish list
https://www.amazon.com/gp/registry/wishlist/14FS742SI1R5I

BettyReggie

I hate Sears. A couple of years ago. I went to the optical department there. I did the eye exam & picked out eyeglasses. And when we went to pick them up. The lady behind the counter said they were able picked up. Someone stole my eyeglasses. I never went back there because of that.

Archiecomicxfan215

Sears near me was 2 floors, now only one. The 2nd floor is gonna be another store and i might be working at but not sure yet.

Ottawagrant

It is rare for a business going under to recover. There are a few famous one's. A very big one is Chrysler. Back in the 80's they were about to go under, but came back big with the K-car. K-Mart is long gone in Canada. They were bought out by Zeller's, which became Target (Canada) - which was a disaster! for Target. They thought they were going to sell overpriced stuff. Didn't work. The killer for target was not bringing in any of the products sold at Target USA, which is what everyone wanted.


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