Finally, a mainstream news media source realizes that the excuse of blaming brick-n-mortar store shutdowns on internet competition might be bullshit, blame “the poverty rate”.
Canadian creditors demand to know what Eddie Lampert did with huge sums of money he got right before Sears Canada went bankrupt!
Yet again, Sears Holdings borrowed money from it’s leader, Eddie Lampert; $210-million USD this time.
Arizona: The Show Low Kmart shutting down its pharmacy operations by the 12th of February, as part of the plan to shutdown the Show Low Kmart by April.
California: In Redding, the owner of Mount Shasta Mall (Rouse Properties) got approval from the city council to shutdown the Sears store (which is also owned by Rouse Properties) and split it up into six smaller store spaces.
Florida: An Ocala Kmart employee was caught stealing $6-thousand USD in cash over several months. She said she did it to feed her child. The judge must’ve had sympathy because her bond was set lower than the amount of cash she stole, cops say she had a grand total of 70-dollars in her possession.
Idaho: It was revealed to me that Sears Holdings was still paying rent on its vacant (shutdown at the end of 2014) Pine Ridge Mall location, in Chubbuck. However, the lease finally expired at the end of 2017 and now the mall owners are renting the huge space as a temporary storage unit for Walmart’s store remodeling ops taking place across eastern idaho.
Illinois: Despite never ending shutdowns and layoffs, Sears Holdings claims it is still eligible for $14.8-million USD in state taxpayer credits. A fine example of corporate welfare! As Catholic schools across the U.S. continue to be shutdown, the Catholic Church is doing something radical; they’re moving one of their existing schools inside a vacant Waukegan Kmart! The Catholic school was slated to shutdown due to not being able to repair its crumbling building, but a local fundraiser generated $17-million USD to pay to move the school into the Kmart building. To show you how miraculous that is, the residents of Waukegan make up 75% of Lake County’s poverty level population!
Indiana: The planned re-opening of the Kokomo Sears Auto Center is now canceled, local news media reported that no reason was given.
Nevada: In Reno, Sears Holdings spin-off Seritage Growth Properties has submitted a plan to city administrators to have the existing Meadowood Mall Sears store shutdown and split-up into three smaller store spaces. The only reason given for the impending shutdown of the Sears store is that it is “monotonous”!
Sears Kmart death spiral, January 2018: 103+ NEW STORE SHUTDOWNS ANNOUNCED!