8289 replies to this topic

[Mattjvd]

^ It is not that simple. I would suspect that many of the stores were probably 'operationally profitable' on a stand alone basis but servicing the debt loaded on the company by its hedge fund owners and paying out the special divdends to shareholders have bled that money out of the company over the years. 12,000 people lose their jobs, retail investors are busted out on their stock but the hedge funds and executives made out like bandits.

Welcome to capitalism.

Sears has not paid a divedend in 4 years.

[spanky123]

^Correct. Prior to that they spent $5.5B buying back company stock and paying a special dividend. The hedge fund bled the company dry instead of investing in modernizing the company stores.

[Jason-L]

http://www.businessi...-chances-2017-1

 

It doesn't help that their CEO was an interesting guy.

[VicHockeyFan]

Same-store sales for Nordstrom increased 1.7 percent year-over-year in its second quarter, which ended July 29. Over the same period, Nordstrom increased its overall store count by 25 locations. Nordstrom has been buying up retail leases from Sears Canada, which said earlier this month that it would shut down operations and leave 12,000 employees out of work.

 

https://www.nytimes....om-private.html

[VicHockeyFan]

Must be nice to have 500 redundant jobs just siting around to cut.

 

In British Columbia the company owns Shoppers Drug Mart as well as Real Canadian Superstore.

 

Canadian grocery chain Loblaw cuts 500 jobs; to reinvest in e-commerce

 

MORE: http://victoriabctod...-in-e-commerce/

[VicHockeyFan]

Sears has stated that only warranties purchased within the last 30 days will be refunded. 

Attempts to reach the department store have also been frustrating, said Clifford. Before the company announced its intentions regarding the warranties on Monday, Clifford tried to call Sears for information, and waited on hold for more than five hours with no answer.

A 'corporate Dunkirk'

That lack of response is not surprising, said Ken Whitehurst, the executive director of the Consumers Council of Canada. 

"The Sears situation is going to be like a corporate Dunkirk," he said. "There are going to be a lot of people feeling stranded on the beach, and hoping someone will come rescue them."

"It is a bankruptcy and a lot of the front end services that people expect are going to be affected," he continued. "Consumers' rights are low on the totem pole in a bankruptcy." 

 

http://www.cbc.ca/ne...ranty-1.4353966

 

Lol.

 

You'd think by now Sears would actually be announcing some deals for Thursday.  Nothing.

[PraiseKek]

It's almost like they're poorly managed or something

[sdwright.vic]

I think it has to do with Sears has no choice in anything anymore.

Once liquidation is approved a liqidator is assigned and things are sold by them to maximize profit.

[VicHockeyFan]

Oh ya, that could be.  No social media since the 9th.  

 

6-Mile Bakery is up for sale for $3.6M

 

Popular 6-Mile Bakery is listed for sale at $3,600,000

 

 

 

MORE:

 

http://victoriabctod...ale-at-3600000/

[Rob Randall]

Horror stories abound regarding the hedge fund that owned Sears and how they bled it dry. The funniest to me was how they pitted each department against each other in an effort to turn rivalry into more aggressive sales. It ended up with a lawnmower on the front page of that year's Mother's Day flier because that team out-muscled the rest of the departments that week.

[mbjj]

Who gardens anymore, and who has seed money to buy a business.

Selling watering cans can be tiring as it is difficult to rake in enough cash to take those can can lessons.

We garden, quite a lot. Many gardens in Fairfield are well-tended and planted. My daughter even gardens on her balcony and grows quite a lot of vegetables in tubs.

[VicHockeyFan]

"Customers upset that Sears is not bankrupter.  Several shopper disappointed they could not really gore the bull"

 

 http://www.cbc.ca/ne...sales-1.4362186

[lanforod]

20% off isn't a liquidation sale; but it is early. Give it some time. 

 

Someone shout if their Lego online goes on sale, please .

[spanky123]

Blue hairs were lined up 30 deep in Victoria at the cashier. 20% was obviously good enough for them.

Edited by spanky123, 19 October 2017 - 05:32 PM.

[mbjj]

Blue hairs were lined up 30 deep in Victoria at the cashier. 20% was obviously good enough for them.

Hey, I resent that, lol! That's a good enough discount for my socks and unmentionables. But I didn't go as I hate crowds.

[VicHockeyFan]

The bead shop at the conference centre has closed.  

[Bingo]

The bead shop at the conference centre has closed.  

 

I feel for you, but I hear macrame is making a comeback

[rjag]

The bead shop at the conference centre has closed.

Damn! There goes Christmas!!!

[VicHockeyFan]

The jeweller at View and Blanshard is closing.

[Mike K.]

I think it says “annual” close out sale. The annual is in a very small font.