JIM KRAMER ON SEARS 6-21-07

Comments

[Joel]

"Sears Holdings is closing another 46 stores this year. The department store chain, battling declining sales and a heavy debt load, will shut 33 Sears stores and 13 Kmart stores in November." --CNBCAug 23, 2018

Sears and KMart had 3500 stores combined when they merged in 2005. At the end of Q2 2018, the company had a total of 506 stores including those that will be shuttered in November. Included in the stores scheduled for closing are the KMart in Gresham, and the Vancouver and Clackamas Town Center Sears stores.

[Joel]

Update: It's looking like the end of the road for Sears.

Sears has a $134 million note coming due on Monday and no funds to pay it. It also owes salary to employees and payments to vendors. Three vendors say Sears has recently missed payments for goods on its shelves.

Rumor is that the company has been shopping for consultants to help it enter Chapter 11 bankruptcy in an attempt to reorganize. That's more often than not just a delay of the inevitable.

[Stumpie]

The billionaire who bought it knew the model was broken, but got all that real estate under separate LLC. They even own the pads at malls like Washington Square in Tigard