“Our historical operating results indicate substantial doubt exists related to the company’s ability to continue as a going concern.”-Sears Holdings, 2017 annual 10-K report
“We have a valuable real estate portfolio, which at the end of the fourth quarter comprised 1,050 leases with significant optionality, as well as 380 owned stores, many in prominent locations. We will continue to assess opportunities to right-size our store footprint and inventory levels aligned to our ongoing transformation to an asset-light integrated retail model.“- Jason Hollar, Sears cfo explaining how they plan to generate more liquidity
Sears Canada took-on a $300-million CAD loan from KKR Capital. It’ll be split over time in two issues, however, it is dependent upon viable assets presented to cover the loan. It’s for ‘general’ corporate use.
Sears Holdings hinted at more plans to sell-off more stores and eliminate more jobs, and the investors loved it (they showed their approval by driving up the stock price, only to realize days later that it was hopeless and drove it down again).
Forbes: “…declines at Kmart were driven by declines in consumer electronics, grocery & household, apparel and toys categories. Meanwhile comps decline at Sears was driven by declines in home appliances, apparel, consumer electronics and tools categories.”
Eurweb.com: KMART DISCONTINUES RAPPER’S CLOTHING LINE
In February, Sears Holdings announced they were laying off 130 corporate employees as part of a plan to “create a more nimble operating structure capable of driving the company’s strategic transformation forward.”
In California, WARN filings revealed the Sears Hometown store in San Leandro shutdown at the end of December 2016, and the historic Santa Monica Sears is shutting down, 80 jobs lost by April. Local news reports say the Santa Monica Sears building is being redeveloped. In North Hollywood, local news media reporting that a very profitable Sears store suddenly began a ‘remodeling’ project by ripping up the flooring. Loyal, and apparently plentiful, customers were afraid the store was being shutdown. But Sears reps told the local press that they are making improvements as the store because “This store is a very successful store for Sears. We are very busy and very profitable.”
In Florida, evil Sears Holdings spawn Seritage Growth Properties notified local government administrators that it plans to shutdown a Kmart near North Miami, and chop it up into smaller retail spaces.
In Hawaii, local news media reporting that the only Kmart on Maui (in Kahului) is shutting down by mid-June.
In Michigan, local news media reported that the Livonia Kmart was shutting down by mid-April.
In Pennsylvania, local news media reporting that the Bald Eagle Township (Mill Hall) Kmart is shutting down by mid-June, when the lease expires.
JANUARY 2017, SEARS KMART SELF-DESTRUCT: MORE CRIMES, AS CUSTOMERS STILL OBLIVIOUS TO MASS SHUTDOWNS!