General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsSears is teetering on the edge of bankruptcy and Kmart could be its first casualty
Sears' sales are down 45% since early 2013, its debt load has spiked to over $4 billion, and the company is losing well over $1 billion annually.
To meet its obligations, Sears has been selling off valuable brands and properties.
Now its pool of assets is dwindling, increasing the risk of a bankruptcy, analysts say.
Kmart, in particular, is at risk of shutting down, as it loses market share fast.
http://www.businessinsider.com/sears-kmart-bankruptcy-talk-resurfaces-as-year-ends-2017-12
Vinnie From Indy
(10,820 posts)Their management appears to have made strategic mistakes by not more fully embracing online sales. It may be too late.
hlthe2b
(102,286 posts)though, so I suspect it is too late. I will be very sad to see Sears go under.
http://articles.latimes.com/2012/feb/24/business/la-fi-mo-money-minute-20120224
--snip--
But it wasn't for Roebuck. Just two years after the Sears and Roebuck catalog debuted, he asked his partner to buy him out for $20,000. Roebuck just wasn't interested in the workaday world of making a business grow.
--snip--
And Roebuck? He took his windfall and moved to Florida. In 1934, he was asked by a Sears store manager to make a public appearance, and enjoyed the gig so much he made similar appearances throughout the country. Roebuck then signed on as the company's corporate historian.
Sears died in 1914 at the age of 50.
Many years later, Roebuck was asked if he regretted not having made as much money as his former partner. He reportedly replied, "He's dead. Me? I never felt better."
Roebuck died in 1948 at the age of 84.
kwassa
(23,340 posts)He made a fortune, devoted much of it to philanthropy, including building thousands of schools for black children across the US.
http://www.philanthropyroundtable.org/almanac/hall_of_fame/julius_rosenwald
Richard Sears, a gifted advertising writer but chronically disorganized entrepreneur, had a tiger by the tail as he struggled to fill mail orders at his booming new company Sears, Roebuck. Julius got a chance to buy a quarter of the company, and soon he was imposing order on the shipping-room chaos.
Sears was the Amazon.com of its day, and Rosenwald had to take extraordinary measures to keep up with its growth. He put 7,000 laborers to work day and night building a huge warehouse. Special machines were made that could open letters at the rate of 27,000 per hour. A system of conveyor belts, pneumatic tubes, and color-coded tags shunted merchandise through the vast new plant. Henry Ford reportedly visited and absorbed ideas for his future assembly line. Management expert Peter Drucker later characterized Rosenwald as the father . . . of the distribution revolution which has changed the world economy in the twentieth century and which is so vital a factor in economic growth.
When the dust settled around the end of 1908, Sears was one of the most popular enterprises in the country, with millions of customers and tens of thousands of employees, and Rosenwald was its president and a multimillionaire. With the company on an even keel, his attention turned rapidly toward philanthropy. Soon he was giving away money with at least as much gusto as he poured into earning it.
Rosenwald School
From Wikipedia, the free encyclopedia
For Individual schools named Rosenwald School, see List of Rosenwald schools.
In informal usage, a Rosenwald School was any of the over five thousand schools, shops, and teachers' homes in the United States which were built primarily for the education of African-American children in the South in the early 20th century. The project was the product of the partnership of Julius Rosenwald, a Jewish American clothier who became part-owner and president of Sears, Roebuck and Company and the African American leader Booker T. Washington.[1]
The need arose from the chronic underfunding of public education for African-American children in the South, as black people had been disenfranchised at the turn of the century and excluded from the political system in that region. Children were required to attend racially segregated schools.
Rosenwald was the founder of The Rosenwald Fund. He contributed seed money for many of the schools and other philanthropic causes, requiring local communities to raise matching funds to increase their commitment to these projects.
To promote collaboration between white and black citizens, Rosenwald required communities to commit public funds and/or labor to the schools, as well as to contribute additional cash donations. White school boards had to agree to operate and maintain the schools, and millions of dollars were raised by African-American rural communities across the South to fund better education for their children.
https://en.wikipedia.org/wiki/Rosenwald_School
KentuckyWoman
(6,685 posts)for "stealing" the catalog by picking one up in front of the cashier while paying for a new Craftsman drill. It was the first year Sears charged $5 for the catalog. My Dad was over 60 and always got one in the mail all his life.
When the security guy nabbed him 2 feet out the door into the mall Dad tried to either hand it back or pay for it. Sears prosecuted him the fullest extent of the law.
Cost my parents $250 for the lawyer.
marybourg
(12,631 posts)If there ever was a case for malicious prosecution . . .
femmocrat
(28,394 posts)F*ck them.
hlthe2b
(102,286 posts)Given the catalog WAS free for decades, that should have provided sufficient reason both not to charge him and to throw out any charges brought.
Only underscores the old adage: common sense can not be taught.
Kirk Lover
(3,608 posts)I do like going there for shoes and they have a petite dept as well...so I don't want Sears to go out of business. !!!
tavernier
(12,392 posts)Sadly, its our only all purpose store.
Oh well... maybe well get another dive shop or real estate firm.
democratisphere
(17,235 posts)Don't ever hear any updates on the recovery. Hope all is going well!
tavernier
(12,392 posts)between Big Pine and Key West.
Im still waiting on insurance for my home, three months later. Since its a fire risk, Im limited on a lot of things I can do until they finish their report and make their decision. My car was immediately totaled and replaced by Allstate, so that was good.
democratisphere
(17,235 posts)Great that your car was replaced so quickly. Thanks for the update on conditions along the Keys. Wishing you a happier and healthy Holiday Season and New Year!
democratisphere
(17,235 posts)Malls across America will be turned into flea markets and then those will eventually fail.
femmocrat
(28,394 posts)I used to really like their garden department. Unfortunately, I only shopped there in the spring! It was a nice store though, and they carried some of the same products as Sears.
Our Sears is just depressing. I only use it for a shortcut to the rest of the mall.
Initech
(100,079 posts)The biggest job crisis facing our country isn't in coal - it's at Kohl's!
themaguffin
(3,826 posts)Kmart seemed to make no effort to keep up with Walmart and Target, let alone the Internet. Their stores are like a step back to 1990 at best.