Buddy Kurzweil, the owner of Buddy’s Sports Corner at Paramus Park mall, has been in business for 44 years and has had stores in every Bergen County mall. He has seen many department store chains die over the years, and he is pretty sure he can spot one that is terminal. Kurzweil fears Sears, his next-door neighbor at the mall, doesn’t have long to live.“If they make it through to the end of the year, it will be a surprise,” he said.Retail and financial analysts have been predicting for more than two years that Sears’ days are numbered. They say that bankruptcy of the parent company, or liquidation of all of the stores, is a question of when, not if. On Wednesday, Sears Holding Corp., the Illinois-based parent company of Sears and Kmart stores, said in its financial report for the 2016 fiscal year that there is “substantial doubt” about its ability to “continue as a going concern.”Sears said it … [Read more...] about Sears, Kmart stores on borrowed time
No one should celebrate the slow-motion demise of once-venerable retailer Sears Holdings, but it's been a long time since the department store was where America shopped.And because Sears and its sister company Kmart are merely shells of their former selves after they destroyed so much value over the years for employees, customers, and investors, there may be a group of stakeholders secretly hoping the end comes soon: shopping malls.Store closings: Macy's is closing these 68 stores Is your local Sears or Kmart among 150 stores to be axed? See the list What happens when Kmart and Macy's close?Anchor stores were once the lifeblood of the shopping mall, drawing both customers and other tenants. But retail and the malls have changed a lot since then, and anchor stores today exist more in name only. Consumers are more likely to shop the smaller retailers in the mall than stop in at the big department stores.The chains themselves realize this, which is why they're closing down hundreds of … [Read more...] about Are malls secretly hoping Sears goes bankrupt?
In a surprise move, Sears confirmed Friday it will close its store and auto center at Foothills Mall in late September but will not reopen a new, smaller location until 2015, leaving 67 workers without jobs.Sears spokesman Howard Riefs said eligible Fort Collins employees will receive severance and can apply for open jobs at Kmart or other Sears stores. Kmart has a store about 5 minutes from the mall at 2535 S. College Ave. The nearest Sears is at the Greeley Mall.The closure is part of the $313 million redevelopment of Foothills Mall, but the store was expected to stay open until the new, smaller Sears on College Avenue was ready to go.As part of an agreement last year that kept Sears on mall property, developer Alberta Development Partners said the new 10,000-square-foot Sears would be built before the existing store was closed and razed, ensuring the store's continuous operation. The goal was to have the new location ready by the end of the year.Alberta officials were not … [Read more...] about Sears plans to leave mall before new store is ready
Here is the list of the latest 20 stores Sears Holdings plans to close as it tries to find its footing amid a crisis for department stores. Sears Holdings declined to provide the list, but USA TODAY confirmed these locations are closing with calls to each store. California• 4575 La Jolla Village Drive, San Diego Florida• 8201 S. Tamiami Trail, Sarasota Illinois• 1601 N. Harlem Ave., Chicago Kansas• 9701 Metcalf Ave., Overland Park, Kan. Louisiana• 5715 Johnston St., Lafayette Maryland• 126 Shawan Road, Cockeysville• 17318 Valley Mall Road, Hagerstown Michigan• 32123 Gratiot Ave., Roseville Minnesota• 14250 Buck Hill Road, Burnsville New Jersey• 1640 Route 22, Watchung, N.J. New York• 1425 Central Ave., … [Read more...] about 20 more Sears stores closing: see the list
The Sears store in Green Tree Mall in Clarksville, Indiana, is set to close, according to the company's website. USA TODAY reported that 35 Kmart and eight Sears locations will close by early October, including the store in Clarksville. The closings reflect the continuing decline of long-time retail industry stalwarts such as Sears, whose outlets continue to suffer under the heavy competition from on-line retailers.The Green Tree Mall Sears store is one of three department stores anchoring the large shopping center at 747 Lewis & Clark Parkway on the north side of the Hoosier community. Green Tree Mall spokesperson Stacey Keating said she views the closure as an opportunity that will have a positive impact on the mall property. Keating said such closures allow the mall to take underperforming space and convert it into more productive retailing.In a statement, Sears CEO Eddie Lampert said that the closures are part of a strategy to … [Read more...] about Sears to close longtime store in Clarksville’s Green Tree Mall
Sears will close its department store at 7630 Pershing Blvd. in Kenosha in early October as the troubled retailer continues to trim its nationwide portfolio.In the latest in a series of store-closing announcements, Sears Holdings Corp. said Friday that it will shut the doors at 43 more locations, including 35 Kmarts and eight Sears stores. RELATED: See the list: Sears, Kmart to close another 43 stores RELATED: Sears to close its store at Southridge Mall “This is part of a strategy both to address losses from unprofitable stores and to reduce the square footage of other stores because many of them are simply too big for our current needs,” Sears Holdings chairman and CEO Eddie Lampert said in a blog post.The company now has announced more than 300 store closings this year. It still has more than 1,000 locations.Among the casualties is the large Sears department store at Southridge Mall in Greendale, which will close in mid-September.Also being shuttered … [Read more...] about Sears will close its department store in Kenosha
Is 2017 the death of retail as we know it?Each day, it seems another beloved shopping icon is issuing bad news as retailers continue to face a challenging environment.Brick-and-mortar stores are struggling to change and adapt fast enough in the highly competitive digital age and retailers are closing under-performing stores, shedding workers and launching new initiatives in an attempt to cut costs and stay relevant.Here is a look at the top retailers that have announced store closings in 2017:J.C. Penney announced it was closing 138 stores and offering buyouts to 6,000 workers as it attempts to cut costs and shrink its retail footprint. That represents about 14% of its locations as Penney will continue to operate nearly 900 stores.The department store chain will introduce new goods and services aimed at the shifting preferences of its customer base as it attempts to "raise the overall brand standard of J.C. Penney" and invest in remaining stores, according to … [Read more...] about Sears, J.C. Penney, Kmart, Macy’s: These retailers are closing stores in 2017
Sears, an iconic department store chain whose name is as steeped in Americana as apple pie and Levi's jeans warned that it might be going the way of the blue light special, uncertain that it can survive more than another year in the midst of the upheaval that has disrupted the retail industry.But despite the death watch that has taken root around a brand that was once a lifeline for the American shopper, Sears Holdings which also operates Kmart stores, still has cash to invest, assets to sell, and a plan to move forward that some experts say signals that its demise is not imminent.Investors were shocked on Tuesday when the company that operates Sears said in a filing with the Securities and Exchange Commission that it had "substantial doubt" about its ability to stay in business unless it can borrow more and tap cash from assets. Its stock plunged 12.3% to $7.98 by the time markets closed on Wednesday."Our historical operating results indicate … [Read more...] about Sears and Kmart might not have enough money to stock their shelves
Sears Holdings, which wasn't shy when it announced at the start of the year that it is closing 150 underperforming stores, has quietly added at least 30 more to the list.Another 12 Sears stores and 18 Kmarts are among the locations that are closing, from Carson, Calif., to Hialeah, Fla., with most scheduled to shut their doors in July, based on calls to the stores, malls and confirmation in local media.At the start of the year, the retailer pinpointed the 150 stores it said it would close. But it declined this week to provide a list of additional locations that are slated to shut since then, saying that it update store counts each quarter.A spokesman for the troubled chain has made no secret of its plans to close additional stores.Store closings: Macy's is closing these 68 stores Is your local Sears or Kmart among 150 stores to be axed? See the list What happens when Kmart and Macy's close?“At the beginning of the year we said we would continue to … [Read more...] about Sears is closing 30 more stores — is yours on the list?
The cost-cutting strategy continues at Sears with another 63 stores targeted for closure early next year.Emblematic of the struggle facing U.S. department stores, Sears Holdings has already closed more than 350 Sears and Kmart stores this year. An additional 45 Kmart stores and 18 Sears stores will be closing in late January 2018, the company said Thursday.“Sears Holdings continues its strategic assessment of the productivity of our Kmart and Sears store base and will continue to right size our store footprint in number and size," the company said in a statement. "In the process, as previously announced we will continue to close some unprofitable stores as we transform our business model so that our physical store footprint and our digital capabilities match the needs and preferences of our members." More: Is Sears circling the drain? Not yet, Wall Street says The 63 stores will remain open during the holiday season and employees at the closing stores will get … [Read more...] about Another 60-plus Sears, Kmart stores set to close in January 2018; see the list