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Sears going out of business? - Cooler - 03-22-2017
I recently bought a highly rated Kenmore washing machine from Sears. Now Sears says it is going to go out of business. Kenmore is owned by Sears. If Sears goes bust my warranty goes bust too.
http://www.chainstoreage.com/article/sears-issues-dire-warning-about-its-ability-survive?tp=i-H43-Q5S-31Y-4ng9y-1u-HIy-1c-4nqov-2FMBJY&utm_campaign=BreakNew&utm_source=Experian&utm_medium=email&cid=11628&mid=70945482
The long-struggling retailer said on Tuesday that there was “substantial doubt” that it could stay in business.
“Our historical operating results indicate substantial doubt exists related to the company's ability to continue as a going concern," Sears said in a filing with the Securities and Exchange Commission. In the filing, its annual report for the period ended January 28, 2017, Sears reported a $2.2 billion loss for the year. Its long-term debt as of January totaled nearly $4.2 billion,
RE: Sears going out of business? - Phil Thien - 03-22-2017
Yes, they're near the end of the line, they are burning cash like I burn scraps.
They will sell the brands to someone else, likely your warranty will be okay.
RE: Sears going out of business? - Cub_Cadet_GT - 03-22-2017
Sears has been going out of business for quite some time. I can't see how anyone would be surprised by this.
I haven't even stepped foot into a Sears in probably 5+ years.
RE: Sears going out of business? - Robert Adams - 03-22-2017
They have been for many years but it's nearing the end. I have been reaping the rewards though. They have been giving away $ like candy and I have gotten lots of free stuff in re last year. Just spent $22 they gave me for free. Along with another $4 yesterday for a $9 sprinkler that ended up free but I actually made 80 cents on because I buy through ebates and got 8% back in cash... Those that haven't been shopping there have been loosing out on very good deals. I'm about to order another bostich nail gun and get 50% back in points to spend along with the 8% back and free surprise points.
Kenmore isn't anything more than just a name put on other products weather it be whirlpool, Electrolux etc.
RE: Sears going out of business? - Stwood_ - 03-22-2017
It's been a planned shutdown for several years now.
RE: Sears going out of business? - Cooler - 03-22-2017
I know that some people have told me that their local Sears looks like a ghost town with no sales help and not much inventory.
However our local Sears appears to be thriving. They have abundant merchandise and plenty of sales people and it is clean and well-maintained.
So it is hard to reconcile the busy and well-stocked local store with the company as a whole.
RE: Sears going out of business? - Ravenswood Chicago - 03-22-2017
My local Sears did well also. But the real estate it was sitting on was just too valuable. Sears opted to close the store and sell the building about 1 year ago.
That is proof the end is near.
RE: Sears going out of business? - Phil Thien - 03-22-2017
(03-22-2017, 11:36 AM)Ravenswood Chicago Wrote: My local Sears did well also. But the real estate it was sitting on was just too valuable. Sears opted to close the store and sell the building about 1 year ago.
That is proof the end is near.
This was the plan back in 2004 when he bought Sears, noting the underlying real estate was extremely valuable.
A lot had changed since 2004.
Retail is not thriving.
RE: Sears going out of business? - Cooler - 03-22-2017
My brother's in-laws own the property that the Sears in Rockville, Maryland is built on. They have a 99 year lease with probably 60 years remaining. I wonder what happens with something like that?
RE: Sears going out of business? - Stwood_ - 03-22-2017
(03-22-2017, 01:47 PM)Cooler Wrote: My brother's in-laws own the property that the Sears in Rockville, Maryland is built on. They have a 99 year lease with probably 60 years remaining. I wonder what happens with something like that?
There's probably a clause in the contract that covers that. A big fine type payment will be due.