14 November 2012, Sears Holdings reports it has completed it’s sell off of about 44% of its stocks in Sears Canada. According to reports Sears Holdings issued the shares of Sears Canada only to those investors who were Sears Holdings stock holders. Sears Holdings/Hoffman Estates still controls 51% of Sears Canada.
This comes as Sears Canada reports a loss for the most recent quarter, $21.9 million! Same store sales dropped 5.7% compared to the same time last year (and last year was down as well). CEO, Calvin McDonald, took it as good news, kinda: “Although we made progress in the quarter, we can and must do more. Our plan is working, however our pace of execution has not met our expectations.”
The U.S. Court of Appeals now says Sears can face class action lawsuit over its Kenmore/Whirlpool washing machines. People are complaining that the front loading environmentally friendly washing machines do not clean themselves properly, leading to mold build up and stinky clothing (say, I was tricked into getting one of those things, and they’re right [you do have to run a bleach wash every month and leave the door open after every load]! Not only that but the darn thing doesn’t even hold 3/4s the amount of clothes my old cheap top loader could hold). Legal complaints have already been filed in California, Indiana, Illinois, Kentucky, Minnesota and Texas.
The Los Angeles Times challenged the cast of Million Dollar Decorators to find items at Kmart that would satisfy their decorator tastes. Of course they went for items with celebrity names on them. Anyone who’s shopped at Kmart, or even Walmart, and bought anything endorsed by a celebrity should know it’s still a piece-o-crap! Most everything sold at the ‘discount’ retailers have been dumbed down at the factory in order to meet the lower profit margin of those stores. Even Mary McDonald admitted you can’t make shit shine (actually the cast of Myth Busters discovered a way to make shit shine): “If you try to make something fancy inexpensively, it often looks cheap.”