Sears stores; Sandusky, OH. Steubenville, OH. Scranton, PA. MONTGOMERY, AL. Bloomington, IN. Kmart stores; Englewood and Lancaster, Ohio. Canton, IL. Chula Vista, CA. Spring Valley, CA. San Ysidro, CA. Sears Hometown Stores; Osoyoos, and Vernon, Canada. And there will be others to follow.
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If your store has value then it has probably been "fenced in" by the pension agrement which means that it is held to pay the pension deficit. If you have a lease then when the lease is up you will probably be gone. This company will not last past year end or maybe past Christmas. The debt is too large and the vendors are getting nervious about getting paid. That is one reason KMart will go to selling liquidated stock from bankrupt companies as a business model and SYW will now just be "Thank-you" points.
Nothing has worked and no one wants to do business with them.
Start looking for a new job and be glad you got out early.
My guess 6-9 months at the most
Does most Sears associates think that upper management wants Sears to be an on-line retailer instead of having real stores? Our store is in such a declined condition no improvements in years,but we are not on the closing list for July,which I must admit shocks me. But it is true we run the store with only 6 to 10 associates working, I don't know if the stores that are closing needed larger staffs to keep open. The large A stores must of had more personnel . I keep reading that the associates being laid off can apply to other Sears stores, in our store there are no hours given to as least one third of the associates already working there,so I wonder how we would hire people from the closing stores,especially full timers.
The Wlked- Barre store might stay open so Sears still has a presence in that market. B stores do have cheaper rents, so it is less of a risk to keep one open. However, they just announced the June closings, and your store very well may be closed. Especially if your rent is up. Most Sears stores unfortunately aren't worth keeping open.
Seritage is the Real Estate Investment Trust (REIT) that was created by Eddie Lampert (and owned mostly by him) that stripped the company of its best real estate assets in exchange for cash to keep SHC afloat for a few more years. Seritage is a seperate, publically traded company, and so in order for the deal to work Seritage had to get the best real estate otherwise nobody would invest in it.
What is Seritage? Is it owned by Sears? Are the B stores also going to be closing in the future? I work in a B store in Wilkes Barre,pa. Our staff has been cut to the bone, our sales are down but the A store in Scranton is closing. Sometimes we wonder how our store sells enough go keep it open, also we are hearing the mall lease is up this July so we thought our store would close,but now with Scranton closing that really leaves only our store in the area,plus an outlet store.Does anyone know if Sears is planning to close all mall locations in the future?
They gave most of the "A" stores to Seritage, because those are in desirable malls and are actually worth something. Apparently all of the now rented stores will be slowly closed down as Seritage finds new tenants. That's why some of the large profitable stores are closing--Seritage is ending the rent agreements to find better tenants. The B stores were mostly kept with SHC, and they don't have to pay rent on those stores so most will remain open. The B stores are smaller and in second tier malls, so they don't bring in much revenue. Basically the company is in controlled liquidation.
The Sears store in Scranton,Pa., is one of the largest stores in the district, also one of the stores that has the most money put into it for updates. It is a shock that they would close one of the best stores in the area in one of the busiest malls.
Some of these stores were announced in Feb. 2016