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Four famous stores that may not survive because of coronavirus
Posted by: p8712
Date: April 07, 2020 05:56PM
Hmm

Quote

Sears, JCPenney (JCP), Neiman Marcus and J. Crew were some of the most distressed companies prior to the outbreak, according to analysts. Many were forced to close stores in the face of declining sales even as unemployment reached a 50-year low.
Now with a record number of Americans filing for jobless benefits, unemployment is likely to be elevated for months if not years to come, further cutting into Americans' appetite and ability to shop. Sears filed for bankruptcy in 2018 and its future has been in doubt ever since.
JCPenney, Neiman Marcus and J. Crew are burdened by crushing debt loads. They're also at risk from declining market share, too many stores, limited online sales and a focus on selling discretionary items, analysts say.
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Re: Four famous stores that may not survive because of coronavirus
Posted by: archipirata
Date: April 07, 2020 06:38PM
If Sears doesn't survive it isn't from the caronavirus. That might be the last straw but that camels back has been broken for the last decade and more.



Athens, OH
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Re: Four famous stores that may not survive because of coronavirus
Posted by: Zoidberg
Date: April 07, 2020 07:08PM
It's going to happen everywhere; a regional restaurant chain, Logan's Steakhouse (which filed Chapter 11 back on March 3, has shuttered all 261 locations and "furloughed" (see also; actually, fired) its approximate 18,000 employees. [katv.com]

I've read online that department store Dillard's is doing the same, but I cannot find the article anywhere.



(BTW, it's spelled < y'all >.)
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Re: Four famous stores that may not survive because of coronavirus
Posted by: Sarcany
Date: April 07, 2020 07:26PM
Quote
archipirata
If Sears doesn't survive it isn't from the caronavirus. That might be the last straw but that camels back has been broken for the last decade and more.

I don't get what the people in charge are doing with Sears. They've sold pretty much every property that Sears owned. Every trademark/brand. The stores were cordoned off with yellow tape to keep people from wandering into sections that had no inventory.

Yet, I still have a Sears nearby that was in business right up until late March.

There's a giant "we're still open" sign outside of the store.

They're closed.



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Re: Four famous stores that may not survive because of coronavirus
Posted by: AllGold
Date: April 07, 2020 07:32PM
Quote
Sarcany
I don't get what the people in charge are doing with Sears.

They're bleeding every dollar out of the carcass they possibly can.



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Re: Four famous stores that may not survive because of coronavirus
Posted by: NewtonMP2100
Date: April 07, 2020 07:41PM
....they are milking Sears dry........



_____________________________________

I reject your reality and substitute my own!
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Re: Four famous stores that may not survive because of coronavirus
Posted by: Michael
Date: April 07, 2020 07:42PM
Quote
Zoidberg
I've read online that department store Dillard's is doing the same, but I cannot find the article anywhere.

Dillard's is closing 200 or 285 stores in response to COVID-19, according to this article: [armoneyandpolitics.com]
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Re: Four famous stores that may not survive because of coronavirus
Posted by: pRICE cUBE
Date: April 07, 2020 10:36PM
Quote
Sarcany
Quote
archipirata
If Sears doesn't survive it isn't from the caronavirus. That might be the last straw but that camels back has been broken for the last decade and more.

I don't get what the people in charge are doing with Sears. They've sold pretty much every property that Sears owned. Every trademark/brand. The stores were cordoned off with yellow tape to keep people from wandering into sections that had no inventory.

Yet, I still have a Sears nearby that was in business right up until late March.

There's a giant "we're still open" sign outside of the store.

They're closed.



It probably goes something like this. Buy the brand, take out huge loans to “improve” things while paying themselves and selling off assets. Then declare bankruptcy. Show judge all the “improvements” that were made that just didn’t work out. Money was made on using the loan knowing it won’t be paid back. Institution that gave the business loan has insurance on default so they are willing to loan the money.



Ways to improve web conference image and sound quality. [forums.macresource.com]


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Re: Four famous stores that may not survive because of coronavirus
Posted by: RgrF
Date: April 08, 2020 12:32AM
Quote
AllGold
Quote
Sarcany
I don't get what the people in charge are doing with Sears.

They're bleeding every dollar out of the carcass they possibly can.

They were taken over by a hedge fund (ESL Investments) after bankruptcy last year, couldn't actually liquidate until the retirement funds were full looted.
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Re: Four famous stores that may not survive because of coronavirus
Posted by: ADent
Date: April 08, 2020 01:37AM
Quote
pRICE cUBE
It probably goes something like this. Buy the brand, take out huge loans to “improve” things while paying themselves and selling off assets. Then declare bankruptcy. Show judge all the “improvements” that were made that just didn’t work out. Money was made on using the loan knowing it won’t be paid back. Institution that gave the business loan has insurance on default so they are willing to loan the money.

They have done this at least twice. Kmart went bankrupt. Then bought Sears and changed their name to Sears. Then they went bankrupt again (as noted above, last year).

I guess there are stores around - two Kmarts and Sears each in our state - though it was announced the Kmarts were designated to close earlier in the year. There were 9 Sears stores in 2018 and and 16 in 2009.
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Re: Four famous stores that may not survive because of coronavirus
Posted by: raz
Date: April 08, 2020 08:41AM
The saga of the Vulture who bought Sears and KMart is long and sordid. Suffice to say that his 'genius' likely improved his bottom line, but destroyed both companies.



--------------

Embarassing myself on the Internet since 1978.
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Re: Four famous stores that may not survive because of coronavirus
Posted by: rjmacs
Date: April 08, 2020 11:08AM
Quote
pRICE cUBE

It probably goes something like this. Buy the brand, take out huge loans to “improve” things while paying themselves and selling off assets. Then declare bankruptcy. Show judge all the “improvements” that were made that just didn’t work out. Money was made on using the loan knowing it won’t be paid back. Institution that gave the business loan has insurance on default so they are willing to loan the money.

It's a little more complicated with Sears because of their massive real estate holdings in pricy suburbs, but yeah - that's basically the story.



rj
AKA
Vreemac, Moth of the Future
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Re: Four famous stores that may not survive because of coronavirus
Posted by: AllGold
Date: April 08, 2020 12:45PM
And I have to say I think it's a damn shame what they did to Sears.



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