Quote from: Jabroniville on November 03, 2017, 08:41:40 AM
Update: Sears has shut down all of its stores in Canada. That was fast- they'd closed down "select stores" in Canada earlier in the year, and have just decided to close up shop right before Christmas! Every store is a madhouse, and it's proving to be a disaster for Canadian malls, because most of them had JUST figured out what they're doing with all their abandoned Target locations! One of the malls it town had just renovated their old Target to have different store-space (converting a department store into a hallways with stores in it), and the West Edmonton Mall store is only NOW about to be filled with a few different things.
People are thinking the malls are gonna have to allow gyms to move in in order to survive, now.
I think malls are just gonna die out, period. They're such an outdated concept. The mall in my county has seen all four of its anchor stores close (including, yes, Sears and the Kmart that I used to work at) and only one take its place. If it wasn't for the movie theater, it'd probably be in much worse shape. There was even mold in the old JC Penney location, and it had spread throughout the mall, because various employees had complained of illness.
Eddie Lampert, the billionare hedge fund manager that orchestrated the merger of Sears and Kmart over a decade ago and now serves as its CEO (because no one else wanted the job), loaned the company $200,000,000 from one of his other companies in order to get it through the holiday shopping season. That loan comes due in April. Aaaaaand...they've already burned through it:
http://host.madison.com/business/investment/markets-and-stocks/how-much-cash-does-sears-have-left/article_4fb820a8-9bda-5559-a06b-fc27e2c550b5.html
Here's a new list of store closings:
http://www.syracuse.com/business-news/index.ssf/2017/11/sears_kmart_stores_closing_list_locations.html