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Treasured Social Butterfly

Re: Sears and Macy's to Close 114 More Stores

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Message 1 of 28

Sears was an icon.


Sears used to be my go-to store when I was looking for decent quality, reasonably priced goods and an excellent return policy. Remember how they stood by their Craftsmen and Kenmore products?
K-Mart prices were cheaper and the quality less than Sears, but K-Mart was located walking distance from my home, so I'd shop there, too.


But in 2005 K-Mart and Sears merged. Some say K-Mart bought Sears. After the merger I noticed the quality of Sears goods dropped. They said they were going to sell Sears quality at K-Mart prices. BS.


I bought a carpet cleaner (a Kenmore) at Sears years before the merger. It finally broke. When I went to Sears to have it repaired, they said they couldn't fix it. So, I bought a new one, a brand name at the Sears store. The carpet cleaner worked very well for about 15 minutes, then a plastic piece broke off the roller. On my old Kenmore that piece was made of metal. The new one plastic.


Naturally I went back to return it. The sales person said they would "fix it" for me. I said "No" and asked for a cash refund. They returned my money.


After the K-Mart / Sears merger I also bought a Kenmore washing machine. It lasted about 10 years. I guess that's average.


I also bought a nice looking shirt at Sears, even tough I thought it was a bit overpriced. After one washing the shirt collar shriveled up. I wore it a few more times but it continued looking worse after each washing. Cheap material. I didn't know if I should give it to Goodwill or just toss it into the garbage.
Since those experiences, I've never gone back to Sears. Not even to browse.


I've stopped going to K-Mart because all the K-Mart stores within driving distance have shut down.
Around that same time, my favorite store for reasonably priced, quality goods was Service Merchandice, but they went bankrupt.


Now I choose JC Penny as my go-to store, although not everything they sell is good quality. Target's fine, too. I go to Home Depot for outdoor and home repair, and local big box discount stores for other items.


The end is near for both Sears and K-Mart.

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Valued Social Butterfly

Re: Sears and Macy's to Close 114 More Stores

332 Views
Message 2 of 28

Sears is dying for the same reason the Railroads and GM died and had to be resurrected by the taxpayers - the senior management had no idea how to run the business and make a profit.

 

GOPers keep trying to blame Unions, and mystical forces of Nature like Globgalization or Automation,  but Union members only do what they're told to do, and do it very well indeed, and the irrefutable proof is the constant increase in worker productivity even while the company hits the skids.

 

The ones who told them what to do are responsible for the results - that is why they claim they deserve huge salaries and bonuses when they loose less money than they did the year before or would have lost had it not been for their wise leadership.

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Gold Conversationalist

Re: Sears and Macy's to Close 114 More Stores

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Message 3 of 28

Mlseker, unfortunately the stink you smell is real.  This quote was published last August in the online version of Pensions and Investments magazine:

 

“As of Jan. 28, Sears' U.S. pension assets totaled $3.57 billion and projected benefit obligations, $5.17 billion, for a funding ratio of 69.1%,”

 

Now, there are only 2 ways any pension plan meets its liabilities to current and future retirees.  The plan sponsor, Sears, continues their minimum funding as required by law.  The second is the gain on the assets in the plan.

 

Of course, 2 things can go wrong with the above.  First, what is the probability that Sears will make those contributions given the current state of their business affairs?  Next, what goes up usually goes down.  I can tell you with much certainty what the stock market will do on Monday.  It will either go up or down.

 

Planning for retirement, whether you are a pension fund or individual requires the answers to these two questions; how much do you need and when do you need it?  Let’s consider the second question first.  If Sears ceases to exist on Monday, then whatever the amount doesn’t really matter.  That amount is needed on Monday.  Now for the first question.  That answer, according to P&I last August, is roughly $0.30 for each dollar of liability (i.e. Ol Uncle Bob’s pension check).

 

There is always hope.  If the pension is tossed to the side there is a government agency called the Pension Benefit Guaranty Corporation (PBGC) to catch it.  But the PBGC is running out of money.  Sears is not an isolated circumstance.  The numbers are quite staggering.

 

According to the PBGC website, in 2016 the agency paid nearly $5.6 billion to nearly 861,000 current retirees.  Another 532,000 people will have their pension paid by PBGC when they retire.  The PBGC is funded by insurance premiums paid by private pension plans.  As more and more companies go the way of Sears a death spiral starts, and the only alternative for PBGC is to go to Congress.

 

Do you know who Eddie Lambert’s good friend is?  Steve Mnuchin.  Good luck Uncle Bob.

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Valued Social Butterfly

Re: Sears and Macy's to Close 114 More Stores

348 Views
Message 4 of 28

NOTHAPPENING wrote:

Such paranoia from the left.


Speaking of paranoia. You better start with the President who has mental problems which includes paranoia.

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Valued Social Butterfly

Re: Sears and Macy's to Close 114 More Stores

366 Views
Message 5 of 28

mandm84 wrote:

Brilliant response fang , you sound like your leader. So much substance !!!


Thanks for the compliment. Glad you liked it!!

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Valued Social Butterfly

Re: Sears and Macy's to Close 114 More Stores

388 Views
Message 6 of 28

fangoh45 wrote:

ChasKy53 wrote:

Maybe Trump can order Sears not to close it's stores and stop all of this !  Oh ........ wait a minute ......... he's too busy making America great again !  ROFLMAO !!!!!


SEAR'S, you referring to the company that has been going "gangbusters" for years and years and years. Yea, they've been breaking all kinds of sales and profit records during the Obama presidency. Now, because of Trump, they're (Sears) in the toilet. Get Real

Libs-A group of narrow-minded individuals who will turn over tons of gold to find a speck of coal.

How's the market, black unemployment, home ownership, food stamp applications, reduction of bloated government jobs, reduction of ridiculous regulations, and on and on?


I brought up nothing about any of the bunk you replied to me with.

 

It's a joke, too bad shallow minds can't comprehend that. Trump tried to take credit for Carrier staying here after he talked with them and then they moved anyway. Trump can't control what sears or anyone else does, it was a joke about how Trump tries to think that he can.

 

Try and actually focus.


"The only thing man learns from history is man learns nothing from history"
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Treasured Social Butterfly

Re: Sears and Macy's to Close 114 More Stores

398 Views
Message 7 of 28

NOTHAPPENING wrote:

Such paranoia from the left.


What paranoia are you talking about?  Every retail marketing publication for the last 5 years has been talking about how Sears CEO Eddie Lampert has been a disaster for the business. Lampert will make a fortune because he got in early and Sears owns the, very valuable, real estate where the stores are located.  Somebody pointed out Trump cannot save these stores and I don't think you can argue with that either. 

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Valued Social Butterfly

Re: Sears and Macy's to Close 114 More Stores

408 Views
Message 8 of 28

Such paranoia from the left.

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Valued Social Butterfly

Re: Sears and Macy's to Close 114 More Stores

416 Views
Message 9 of 28

Brilliant response fang , you sound like your leader. So much substance !!!

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Valued Social Butterfly

Re: Sears and Macy's to Close 114 More Stores

429 Views
Message 10 of 28

Olderscout66 wrote:

Another casualty to the Internet would be State and Local Governments. Unless you live near an Amazon warehouse, you don't pay sales tax on anything you buy from them.No tax paid, none collected.

 

That, plus Reagan killing Revenue Sharing and GOPers voting down every tax they can, the services our parents and Grandparents took for granted will no longer be there for our kids. Not only municipal power, sewer, water and trash pickup will have to be privatized, but education and eventually police and fire as well.

 

Isn't unregulated Capitalism WONDERFUL?


Sorry to burst your bubble, but Amazon is and has been collecting state sales tax in every state having a tax since April 1, 2017-Yes, 2017!

You forgot to mention, "They'll be dying in the streets (Women, children, cute lil dogs, kittens, etc.)

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