and we didn't post every announcement either...
recurrent commentary: http://superkmart.blogspot.com/2010/12/nyt-tough-sell-at-sears.html
Example of a complete market exit:
and the pathetic remodeling effort:
This time the list is actually quite short, but this is a mid-year list, a random time to announce (not right after the holidays).
- Martinsburg, West Virginia Sears. 57 employees, open since 1991 in the Martinsburg Mall, this 68 thousand square foot one story store was on the small side for a full-line Sears. This mall houses a Wal-Mart, which when it turned into a Supercenter in the mid 2000's, closed off the interior entrances and thus basically very few people went into the actual mall. Now Mountain State University is planning on converting much of the retail space into student and learning areas.
- Royal Palm Beach, Florida Big Kmart at 10101 Southern Blvd. 59 employees, this 89.404 sq ft store will be replaced by Burlington Coat Factory.
Excerpt from an article, “Twin Titanics” or turnaround—which way are Sears and Kmart headed?, by Lauren Daniels:
The current performance of Sears is a barely recognizable to the Sears of the past. At its strongest, Sears was the nation’s most prominent retailer; accounting for 1 percent of the gross national product.
“Does Lampert really want to turn Sears around?,” questioned Lewis. “We have seen no investment into the core of the business, the retail sector.”
Lewis believes Lampert is deleveraging the brands for a soft landing instead of a quick collapse like Borders Group Inc. and Linens ‘n Things.
“The overarching strategy has been cash management, to gently lower the ‘Twin Titanics’ into the ocean,” argued Lewis. “The way to do that is to give the public and Wall Street the impression of action.”
full article here: