KTLA: Sears Stock Falls Below $1 For The First Time in Company’s History
Bloomberg: Lampert’s plan to ‘save’ Sears-Kmart will make him $1-billion!
Barron’s: Crashing retailers, like Sears, bringing down consumer products maker Newell Brands
Big Sears Shareholder Slashes Stake
Washington Post: Last minute plan to save Sears, sell everything!
PR Newswire: Lampert proposes increased sales of properties to avoid imminent bankruptcy!
Here’s more proof the demise of Sears/Kmart is not about online shopping: How Sears inspired Warby Parker’s move from online to offline retail
Forbes: 382 stores shutdown since 2nd Quarter 2017!
CNN: Lampert blames retirees for losses!
MarketWatch: More stores to close!
TheStreet: Sears Stock Just Crashed
California: Sears Holdings issued a shutdown WARN (Worker Adjustment Retraining Notice) for its Pinole Kmart, 67 jobs gone by December. Sears Holdings created REIT Seritage Growth Properties Announces Construction Underway to Transform the Former Sears Site in Santa Monica into The Mark 302TM
Florida: Sears Holdings’ REIT spin-off Seritage Growth Properties announced it will redevelop the still active Sears store at the at the Westland Mall, in Hialeah, turning the building into an open-air-plaza (which probably means the store will shutdown). The Sears store and Auto Center in Ocala‘s Paddock Mall listed for sale a week after those locations listed below, local news media said Sears Holdings might keep the store open through a ‘lease-back’. It’s been discovered that Sears Holdings is attempting to sell-off several properties in Florida, including its still active Sears store in the Volusia Mall (Daytona Beach), still active Sears store and Auto Center in Tampa, still active Sears store in Port Richey, and still active Kmart distribution center in Ocala (the largest building in Marion County)! 86 jobs lost in Doral as the Sears store and Auto Center shuts down in time for Thanksgiving.
Sears sues Gardens Mall owner and city of Palm Beach Gardens, saying the mall owner and the city are blocking efforts to sublease store space to another retailer.
Idaho: The taxpayer funded project to turn the vacant Pine Ridge Mall Sears (in Chubbuck) into a charter school got a little more complicated and expensive. Newly revealed plans show the west side mall parking lot being turned into a playground, add to that the Sears’ south side parking will be used for the school, this means if mall business ever returns to its late 1990s levels then there’s going to be a major problem with parking!
Illinois: “Taxpayers in Hoffman Estates are seeing a significant portion of their tax dollars subsidize Sears Centre Arena…” (note the evil British empire way of spelling center), $87.6-million USD down the drain since 2009!
Michigan: Sears still closing in Jackson, but auto center is spared
Nevada: Federal and state taxpayers being forced to spend $26-million USD helping a developer turn the vacant Reno Kmart into affordable housing. Apparently Reno is experiencing a population explosion caused by Californians trying to escape the outrageously high housing prices in the liberal-left-wing not-so Golden State.
New York: Sears Holdings issued a shutdown WARN (Worker Adjustment Retraining Notice) for its Poughkeepsie Kmart, 71 jobs eliminated just days before Xmas. Sears Holdings also issued a WARN for its Eastview Mall Sears store and Auto Center, in Victor, 51 jobs gone by Thanksgiving. Taxpayers about to foot the bill for turning a former Irondequoit Sears store into housing for old people, local news reports said the developer “…is working to get state funding and tax credits for the project.” The still active Sears store in the Eastern Hills Mall (Clarence/Williamsville) suddenly sold-off to property developers for $6.8-million USD. And it’s now official, the manager of Eastern Hills Mall said the Sears store will shutdown after Xmas (despite claims the store is hiring), however, Sears Holdings issued a WARN saying 40 jobs will be eliminated the week before Xmas.
Ohio: The Sears store in the Belden Village Mall, in Jackson, is being reduced in size (possible even shutdown) and the space will be split-up to allow at least five new retail/entertainment venues to move in. The Sears store in the Mall at Fairfield Commons, in Beavercreek, shutting down at an undisclosed time, local news reports say the space will be filled by two smaller operations.
South Dakota: In Rapid City the Northgate Shopping Center was sold in July, it’s home to a still active Big Kmart. The new owners of the shopping center are about to spend $10-million USD redeveloping it, affecting all the current tenants. The Big Kmart is currently operating on a four years lease, but active leases hasn’t stopped Sears Holdings from shutting stores down, and even the shopping center’s new owners said “If they decide to move on, then we’ll work with them on it.”
Texas: More proof it’s not about lack of retail sales as the recently vacated Portland Kmart property can’t be sold because Sears Holdings is still paying rent on a lease that has three years to go. Portland city officials explained that even with Sears Holdings paying rent to the property owner for three more years, the city itself is losing about $2-thousand USD per year in sales taxes! The Sears Hometown Store located in the Heartland Mall, in Brown County, shutdown due to what the owners called “difficult circumstances”. The Sears store and Auto Center at the Broadway Square Mall, in Tyler, shutting down right before Xmas. Despite the city of Tyler approving plans to tear down the Sears store, back in May, the shutdown announcement is still a surprise because Sears Holdings told local news media the lease was good for several years and they weren’t going anywhere. Taxpayers in the city of Longview on the hook for $1.4-million to pay for the re-development of the vacant Kmart; it’s being turned into a city bus terminal.
West Virginia: The Sears store in Grand Central Mall, in Vienna, shutting down by Xmas, local news media reported that the town mayor was unaware of the shutdown. It’s been revealed that the taxpayer ‘marketed’ vacant Bluefield Kmart is still making money for the property owner as Sears Holdings is still paying rent on the space! Local news media thinks the Kmart lease ends this November, Sears Holdings shutdown the Kmart in 2016 and has been paying rent since then. City officials in charge of trying to rent out the space say so far there’s been no interested parties.
U.S. Sears-Kmart death spiral, August 2018: “A BIG RISK.”