“The stores are creepy,” said shopper Chris Angelos, with few customers, a limited selection and whole sections closed off in the cavernous location near her home in Gurnee, Ill. The 69-year-old said she shops there anyway because it lets her avoid crowds and park near the front door. Articles about the impending death of Sears Holdings(SHLD) are beyond… Read More »
Walgreens(WAG) announced today that it has reached an agreement to acquire prescription files and inventory from 33 Kmart pharmacies in 16 states from Sears Holdings(SHLD). A quick look at the locations reveals that these are the Kmart locations scheduled to be closed in the next few months. The first transition already happened 3 days ago, though Sears has… Read More »
Earlier this week, Sears Holdings(SHLD) announced plans to shutter 100-120 stores. Today, the company released a pdf listing 79 stores to be closed, with more to be announced. I’ve converted this to a spreadsheet and mapped them View Sears Holdings 12/29/2011 Closings in a full screen map Of the stores closing 38 are Kmarts, and 14 are Sears… Read More »
It looks like Edward Lampert has lost another round in his great experiment with retail. Neither of the two major brands that comprise Sears Holdings(SHLD) were in good shape when he purchased them. He famously purchased Kmart in bankruptcy, buying debt for pennies on the dollar and emerging from bankruptcy with a controlling stake(despite the small distraction of… Read More »
Perrenial value trap Sears Holdings(SHLD) is the subject of an excellent article at Bloomberg Businessweek. After Eddie Lampert’s initial success buying Kmart bonds in bankruptcy, hoped were high that through its merger with Sears, he would be able to monetize undervalued real estate and invest the proceeds elsewhere. Aside from some muddling with credit default swaps several years… Read More »