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Author Topic: More Kmart stores closing  (Read 81905 times)

LM117

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More Kmart stores closing
« on: September 19, 2016, 06:00:32 PM »

http://www.businessinsider.com/kmart-is-closing-64-stores-full-list-2016-9

Quote
Kmart is closing 64 stores across 28 states.

Sears Holdings, which owns Sears and Kmart, informed Kmart employees of the closures on Friday, according to several local news reports and multiple employees who spoke with Business Insider.

The stores that are closing will begin liquidation sales on September 22 and close by mid-December, employees said.

Sears did not respond to Business Insider's request for comment.

Separately on Friday, Seritage Growth Properties, a real-estate investment trust that owns 235 Sears and Kmart stores, revealed in a filing that Sears had decided to terminate leases on 17 stores, meaning it would close those stores.

According to RBC Capital Markets analysts, all 17 closures are Kmart stores and they will close by January.

Quote
Here's a full list of stores that will close in December, according to employees:

Kmart #3044: Lawton, OK
Kmart #3180: Merrillville, IN
Kmart #3241: Springfield, IL
Kmart #3320: Houma, LA
Kmart #3328: New Lenox, IL
Kmart #3355: Panama City, FL
Kmart #3359: Gardendale, AL
Kmart #3521: Binghamton, NY
Kmart #3556: Elkhart, IN
Kmart #3594: Chicago, IL
Kmart #3644: Nashville, TN
Kmart #3695: Sierra Vista, AZ
Kmart #3706: Wytheville, VA
Kmart #3754: Martinsville, VA
Kmart #3814: Kearney, NE
Kmart #4066: Jackson, MI
Kmart #4095: Joliet, IL
Kmart #4135: Augusta, GA
Kmart #4162: Salt Lake City, UT
Kmart #4175: Canton, OH
Kmart #4176: Cheektowaga, NY
Kmart #4439: Yakima, WA
Kmart #4700: Fenton, MI
Kmart #4717: Oak Ridge, TN
Kmart #4739: Clarksville, TN
Kmart #4772: Burnham, PA
Kmart #4781: Macomb, IL
Kmart #4837: Riverton, WY
Kmart #4845: Manistee, MI
Kmart #4851: Byron Center, MI
Kmart #4910: Mentor, OH
Kmart #4917: Thornton, CO
Kmart #4961: Burlington, NC
Kmart #4970: Memphis, TN
Kmart #4972: Lubbock, TX
Kmart #4984: Tinley Park, IL
Kmart #7024: Scottsbluff, NE
Kmart #7061: New Iberia, LA
Kmart #7077: Harlingen, TX
Kmart #7174: Pikeville, KY
Kmart #7205: Grand Rapids, MI
Kmart #7216: Moorhead, MN
Kmart #7306: Sioux Falls, SD
Kmart #7356: Jonesboro, AR
Kmart #7412: West Valley City, UT
Kmart #7478: Waipahu, HI
Kmart #7551: Indio, CA
Kmart #7560: Craig, CO
Kmart #7587: Fontana, CA
Kmart #7625: Los Angeles, CA
Kmart #7642: Natchez, MS
Kmart #7718: Hixson, TN
Kmart #7733: Alpena, MI
Kmart #7755: Deming, NM
Kmart #7775: Lafayette, IN
Kmart #7795: Abilene, TX
Kmart #9129: Mount Airy, NC
Kmart #9146: Great Barrington, MA
Kmart #9397: West Saint Paul, MN
Kmart #9571: Cullman, AL
Kmart #9586: Sault Saint Marie, MI
Kmart #9623: Springdale, AR
Kmart #9728: Smyrna, TN
Kmart #9751: Cody, WY

Eddie Lampert killed Kmart, IMO.
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jeffandnicole

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Re: More Kmart stores closing
« Reply #1 on: September 19, 2016, 07:30:38 PM »

64 stores closing.

I feel bad for the 17 employees losing their jobs.
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Re: More Kmart stores closing
« Reply #2 on: September 19, 2016, 08:58:27 PM »

I had a Kmart down the road from me that closed when I was like 5. I think there's one last Kmart in greater Baltimore, along Belair Road in Fullerton, but I don't even know if that one is still open. It's across the street from a former Sears Outlet.
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Re: More Kmart stores closing
« Reply #3 on: September 19, 2016, 09:38:41 PM »

There was a rumor going around that Sears can't afford to pay bump their people up to $10 dollars an hour if there was a minimum wage hike.  Basically the death spiral is all but certain now, the company doesn't have any money to reinvest into crumbling and outdated stores, and pretty much has been bleeding through cash reserves asides from the gains made by splitting out a real estate division.  So basically the real question is how long will it take before the bottom falls out for good and there is no more Sears Holding at all?  The Kmart brand will likely go extinct but the Sears brand would likely live on with franchise stores.  The worst thing that Sears could have let happen was let themselves get in bed with Eddie Lampert and having Kmart buy them out.  Eddie Lampert has turned out to be one of the biggest baffoons in the history of modern retail while Kmart was only profitable due to bankruptcy.  Sears Holding even tried to phase out the Kmart name with Sears Grand/Essentials but people weren't fooled.  Even Target and Wal-Mart are suffering from online retail, Sears Holding really never stood a chance once the course was set post merger. 

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Re: More Kmart stores closing
« Reply #4 on: September 19, 2016, 10:25:44 PM »

K-Mart is the ghetto of the big chain stores.
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Max Rockatansky

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Re: More Kmart stores closing
« Reply #5 on: September 19, 2016, 10:38:48 PM »

K-Mart is the ghetto of the big chain stores.

At least I think they are still doing pre-employment drug test.  Wal-Mart stopping doing though to make your shopping experience more meth-tastic.

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Re: More Kmart stores closing
« Reply #6 on: September 19, 2016, 11:34:33 PM »

Fort Smith closed 6-8 years ago. Springdale and Jonesboro appear to be on the chopping block. Russellville seems to be in the clear, right now.

BTW: Springdale is the last store in NW Arkansas. It was built around the same time as the two stores in Fayetteville which both bombed spectacularly since they were across from Wal-Marts. Another was built in Rogers, and it bombed after Wal-Mart moved in across the street.
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Re: More Kmart stores closing
« Reply #7 on: September 20, 2016, 11:53:30 AM »

There was a rumor going around that Sears can't afford to pay bump their people up to $10 dollars an hour if there was a minimum wage hike.  Basically the death spiral is all but certain now, the company doesn't have any money to reinvest into crumbling and outdated stores, and pretty much has been bleeding through cash reserves asides from the gains made by splitting out a real estate division.  So basically the real question is how long will it take before the bottom falls out for good and there is no more Sears Holding at all?  The Kmart brand will likely go extinct but the Sears brand would likely live on with franchise stores.  The worst thing that Sears could have let happen was let themselves get in bed with Eddie Lampert and having Kmart buy them out.  Eddie Lampert has turned out to be one of the biggest baffoons in the history of modern retail while Kmart was only profitable due to bankruptcy.  Sears Holding even tried to phase out the Kmart name with Sears Grand/Essentials but people weren't fooled.  Even Target and Wal-Mart are suffering from online retail, Sears Holding really never stood a chance once the course was set post merger. 

I read some time ago that Lampert loaned the company some amount of $$$ to keep up cash flow or some other financial reason.  Either way, the transaction was set up so that whatever happens to Sears/Kmart corporately, Lampert gets to be the first in line for $$$ left over, before any other party/creditor.  So he'll get his back and won't care whether others do or not in the end (what a surprise).
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Re: More Kmart stores closing
« Reply #8 on: September 20, 2016, 11:57:46 AM »

http://www.businessinsider.com/kmart-is-closing-64-stores-full-list-2016-9

Quote
Kmart is closing 64 stores across 28 states.

Sears Holdings, which owns Sears and Kmart, informed Kmart employees of the closures on Friday, according to several local news reports and multiple employees who spoke with Business Insider.

The stores that are closing will begin liquidation sales on September 22 and close by mid-December, employees said.

Sears did not respond to Business Insider's request for comment.

Separately on Friday, Seritage Growth Properties, a real-estate investment trust that owns 235 Sears and Kmart stores, revealed in a filing that Sears had decided to terminate leases on 17 stores, meaning it would close those stores.

According to RBC Capital Markets analysts, all 17 closures are Kmart stores and they will close by January.

Quote
Here's a full list of stores that will close in December, according to employees:

Kmart #3044: Lawton, OK
Kmart #3180: Merrillville, IN
Kmart #3241: Springfield, IL
Kmart #3320: Houma, LA
Kmart #3328: New Lenox, IL
Kmart #3355: Panama City, FL
Kmart #3359: Gardendale, AL
Kmart #3521: Binghamton, NY
Kmart #3556: Elkhart, IN
Kmart #3594: Chicago, IL
Kmart #3644: Nashville, TN
Kmart #3695: Sierra Vista, AZ
Kmart #3706: Wytheville, VA
Kmart #3754: Martinsville, VA
Kmart #3814: Kearney, NE
Kmart #4066: Jackson, MI
Kmart #4095: Joliet, IL
Kmart #4135: Augusta, GA
Kmart #4162: Salt Lake City, UT
Kmart #4175: Canton, OH
Kmart #4176: Cheektowaga, NY
Kmart #4439: Yakima, WA
Kmart #4700: Fenton, MI
Kmart #4717: Oak Ridge, TN
Kmart #4739: Clarksville, TN
Kmart #4772: Burnham, PA
Kmart #4781: Macomb, IL
Kmart #4837: Riverton, WY
Kmart #4845: Manistee, MI
Kmart #4851: Byron Center, MI
Kmart #4910: Mentor, OH
Kmart #4917: Thornton, CO
Kmart #4961: Burlington, NC
Kmart #4970: Memphis, TN
Kmart #4972: Lubbock, TX
Kmart #4984: Tinley Park, IL
Kmart #7024: Scottsbluff, NE
Kmart #7061: New Iberia, LA
Kmart #7077: Harlingen, TX
Kmart #7174: Pikeville, KY
Kmart #7205: Grand Rapids, MI
Kmart #7216: Moorhead, MN
Kmart #7306: Sioux Falls, SD
Kmart #7356: Jonesboro, AR
Kmart #7412: West Valley City, UT
Kmart #7478: Waipahu, HI
Kmart #7551: Indio, CA
Kmart #7560: Craig, CO
Kmart #7587: Fontana, CA
Kmart #7625: Los Angeles, CA
Kmart #7642: Natchez, MS
Kmart #7718: Hixson, TN
Kmart #7733: Alpena, MI
Kmart #7755: Deming, NM
Kmart #7775: Lafayette, IN
Kmart #7795: Abilene, TX
Kmart #9129: Mount Airy, NC
Kmart #9146: Great Barrington, MA
Kmart #9397: West Saint Paul, MN
Kmart #9571: Cullman, AL
Kmart #9586: Sault Saint Marie, MI
Kmart #9623: Springdale, AR
Kmart #9728: Smyrna, TN
Kmart #9751: Cody, WY

Eddie Lampert killed Kmart, IMO.

I didn't know there were any locations left in TX.  The stores in Amarillo, north TX, and east TX have been closed for yeeeaars.  The closest I've seen an open Kmart since was in Shreveport.
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US71

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Re: More Kmart stores closing
« Reply #9 on: September 20, 2016, 12:00:15 PM »


I read some time ago that Lampert loaned the company some amount of $$$ to keep up cash flow or some other financial reason.  Either way, the transaction was set up so that whatever happens to Sears/Kmart corporately, Lampert gets to be the first in line for $$$ left over, before any other party/creditor.  So he'll get his back and won't care whether others do or not in the end (what a surprise).

Probably get a big tax write-off, too.

Unconfirmed rumor says the last K-mart will close in 2017, but Sears may hang on for a little while longer than that.
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Re: More Kmart stores closing
« Reply #10 on: September 20, 2016, 12:33:36 PM »

The K-Mart - Sears merger was two sick companies joining together to make a larger sick company.

Sears seemed to get out of the mail order business about 30 seconds before the internet was invented and with it revitalized the mail order business.  It, along with the now dead Wards and a few others, had a huge special place in the lives of rural Americans and it gave that all up. 

As to its stores, Sears and K-Mart both should be looked at more as real estate companies than stores, because it owns many of its stores.  Especially in malls, where Sears would "make" a mall by demanding ownership of its space and then the mall would make its money from the inside stores. 

K-Mart stores have no purpose unless you live in some situation where Wal-Mart is not present.  Sears stores now sell a weird combination of things that are better sold in non-mall "big box" stores which are more convinent for most people, such as paint, tools, and electonics; and things that are sold 100 other places, like clothes.

What it is doing now is trying to live by selling off real estate and fixtures.  Eventually you run out of stuff to sell and the bill keep coming in. 

When it all get liquidated, individual local real estate will get snapped up if valuable based on local conditions and others will just be left to rot.  The trademark names like Sears, Kenmore, and especially Craftsman have some value.  Other than that there is nothing there.  Like the old TV brands, some huckster will sell "Craftsman" tools to oldster loyalists who will have no idea that they are cheap knockoffs.
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Re: More Kmart stores closing
« Reply #11 on: September 20, 2016, 12:46:22 PM »

The only reason I still shopped at Kmart up until a year or two ago was due to the Shop Your Way points that they just kept sending to my account.  I would always get these emails if you purchase this or add this to your accuont you get so many points.  I kept getting points and I think I would end up using more "unearned" points than earned points and cash.

I don't know how they made it by sending out so many unearned bonus points, oh wait they didn't make it.
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kkt

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Re: More Kmart stores closing
« Reply #12 on: September 20, 2016, 01:21:26 PM »

"I've been k-k-kidnapped by K-K-Kmart!"
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Re: More Kmart stores closing
« Reply #13 on: September 20, 2016, 10:52:01 PM »

The K-Mart - Sears merger was two sick companies joining together to make a larger sick company.

Sears seemed to get out of the mail order business about 30 seconds before the internet was invented and with it revitalized the mail order business.  It, along with the now dead Wards and a few others, had a huge special place in the lives of rural Americans and it gave that all up. 


Even more ironic, Sears had a huge stake in Prodigy Online in the mid-1980s until they pulled out in the late 1990s.  I remember watching a demonstration of online purchases on Regis and Kathy Lee sometime in the early 1990s via Prodigy.  Imagine where Sears might be if it managed to stick it out with online retail investments another 10 or so years.  For those don't know Prodigy was one of the bigger early "internet" service providers.  Granted it wasn't true internet since you had to connect to Prodigy controlled content....but you were in fact at least "online." 

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Re: More Kmart stores closing
« Reply #14 on: September 21, 2016, 09:05:01 AM »

Yeah, I had forgotten that and I was even a Prodigy customer.  Sears would put free floppy disks of the Prodigy software in the bag when you bought something.  I even think I ordered a few things, maybe not from Sears, but some outfit.

Sears had its own distribution system, which was "free".  It charged extra for UPS or USPS.  They had 10 or 12 huge warehouses across the country, my area was served by Greensboro, and then had 1000s of "catalog stores" which were just private package post offices with a few tools and other items on display.  You went to the counter and picked up your package.   If you take that infastructure and scale it up, you run rings around Amazon.  But Sears pissed it all away.

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catch22

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Re: More Kmart stores closing
« Reply #15 on: September 21, 2016, 10:22:41 AM »

There's a Kmart near me that keeps escaping closure, for reasons unknown.  There's never more than a handful of cars in the lot, and the last time I was in there a few months ago, the place was a mess.  This store had a full remodel back in the 1990s (expanding to take over the space of the dead supermarket next door), and there's been nothing done to it since.  When we first moved here, we shopped here a lot.  But in the last five years I've only been in it maybe a dozen times.

It's a little sad for me to see Kmart fade out.  It's only a matter of time before they all go.  I grew up about 1/2 mile from the first-ever Kmart in Garden City, Michigan. I rode my bike up there on its opening day.  The toy and sporting good sections were just the coolest things for a 10-year-old.  It got a lot of my allowance and paper route money during those years before college. It's still there, but probably not for much longer.
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Re: More Kmart stores closing
« Reply #16 on: September 21, 2016, 12:15:13 PM »

The K-Mart - Sears merger was two sick companies joining together to make a larger sick company.

Sears seemed to get out of the mail order business about 30 seconds before the internet was invented and with it revitalized the mail order business.  It, along with the now dead Wards and a few others, had a huge special place in the lives of rural Americans and it gave that all up. 


Even more ironic, Sears had a huge stake in Prodigy Online in the mid-1980s until they pulled out in the late 1990s.  I remember watching a demonstration of online purchases on Regis and Kathy Lee sometime in the early 1990s via Prodigy.  Imagine where Sears might be if it managed to stick it out with online retail investments another 10 or so years.  For those don't know Prodigy was one of the bigger early "internet" service providers.  Granted it wasn't true internet since you had to connect to Prodigy controlled content....but you were in fact at least "online."

Wait Sears had plans to be what Amazon app and eBay are today? Then how did eBay and Amazon managed to succeed in ideas that sears had in mind back in the 1980's and 1990's.
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Re: More Kmart stores closing
« Reply #17 on: September 21, 2016, 12:25:59 PM »

Technology and the penetration of computrized homes would likely have something to do with it.
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LM117

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Re: More Kmart stores closing
« Reply #18 on: September 21, 2016, 03:53:53 PM »

There's a Kmart near me that keeps escaping closure, for reasons unknown.  There's never more than a handful of cars in the lot, and the last time I was in there a few months ago, the place was a mess.

It's a little sad for me to see Kmart fade out.  It's only a matter of time before they all go.  I grew up about 1/2 mile from the first-ever Kmart in Garden City, Michigan. I rode my bike up there on its opening day.  The toy and sporting good sections were just the coolest things for a 10-year-old.  It got a lot of my allowance and paper route money during those years before college. It's still there, but probably not for much longer.

I'm surprised the store here in Danville is still open for the same reasons. It blows my mind.

I agree that it's kinda sad to see Kmart go down the drain. I grew up near Goldsboro, NC and I spent a LOT of time at the Kmart there on Berkeley Boulevard as a kid and a teenager. I always made a beeline for the toy, electronics, & sporting goods sections. They used to have a mini-cafe of sorts inside the store, but it shut down around 2002 and has since been used as a storage area. It was a pretty nice store.

I was in Goldsboro last week for a visit and I decided to drop by Kmart for old times' sake to kill some time and walk around the store since I hadn't set foot in there since 2009. I couldn't believe what I saw. The electronics section had been virtually eliminated. All that remained was a few TV's on display and some odds & ends. The checkout counter had been taken out completely and most of the shelves that were used for movies, games & music were given the heave-ho to make room for appliances, which up until then, weren't sold at that particular Kmart (except for microwaves). The sporting goods section was downsized. There also used to be a checkout counter there that also sold NC fishing licenses. That was taken out too. The toy section had also shrunk and there weren't as many customers as there once was. It used to be pretty busy. It was tough to see. I'll be shocked if the Goldsboro store is still open by the end of next year. I guess being within a stone's throw of Seymour Johnson Air Force Base helped keep it alive in recent years.
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kkt

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Re: More Kmart stores closing
« Reply #19 on: September 21, 2016, 04:08:33 PM »

Wait Sears had plans to be what Amazon app and eBay are today? Then how did eBay and Amazon managed to succeed in ideas that sears had in mind back in the 1980's and 1990's.

Well, Prodigy was a long, long way from Amazon.  Prodigy was basically an ISP in which members were in a walled garden.  So no access to the web in general.  Their model was users paid a monthly service charge and got content that Prodigy provided, and the content wasn't really all that great and you couldn't get out to see content that other companies or folks playing on the web put up.  It wasn't a place to buy physical items.
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LM117

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Re: More Kmart stores closing
« Reply #20 on: September 21, 2016, 04:15:14 PM »

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Re: More Kmart stores closing
« Reply #21 on: September 21, 2016, 06:01:05 PM »

I am surprised there is anything left of K Mart.
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Re: More Kmart stores closing
« Reply #22 on: September 21, 2016, 06:30:45 PM »

More articles:
http://www.businessinsider.com/kmart-employees-say-brand-is-failing-2016-7
http://www.businessinsider.com/moodys-report-sears-and-kmart-2016-9
http://www.inc.com/erik-sherman/sears-ceo-eddie-lampert-should-stop-reading-ayn-rand.html

My local K-Mart (Manistee) is among those being closed, which is no surprise at all considering how empty and dirty it is. Doesn't help that Meijer opened on the other side of town last year. I wouldn't be completely shocked if the entire K-Mart chain goes under within the next year or two.

Also another K-Mart I went to a few times (Byron Center) is on the closure list, and every time I was there almost nobody was shopping there. Didn't help that Meijer, Target, and Walmart are all two miles up US-131 from there.
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Re: More Kmart stores closing
« Reply #23 on: September 21, 2016, 07:23:58 PM »

Kmart's value now is the real estate, but their stores are pretty big for most commercial tenants, so they'd be hard to lease or sell.  Unless they did a remodel, which they probably couldn't afford.
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Re: More Kmart stores closing
« Reply #24 on: September 21, 2016, 08:07:57 PM »

Springdale, Arkansas formally announced today they are closing by December 11.

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And disregards the rest -- Simon & Garfunkel

 


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