Oops....
Sears Holdings Corp. said it expects to close roughly 100 stores in a bid to revitalize its business and reduce expenses, while also reporting continued sales struggles in the latest quarter.
A cautious consumer mood has only compounded headaches for the retailer lately, which has seen sales drift lower as its namesake department stores and the Kmart discount chain lose market share to rivals. For the latest quarter, the company Tuesday reported same-store sales are down 5.2% so far for the period, including a 6% sales decline so far at domestic namestake stores.
But but but but..... we were told Black Friday was awesome and sales were doing great at retailers! That wasn't a lie, was it?
Hmmmm.... if you remember Sears / K-Mart today is basically a big REIT after playing the consolidate, go broke, emerge and be happy game a few years ago. Now it appears that strategy didn't do anything for the general suck level of the company itself, and we're right back where we began.
Home appliance sales and electronics (both big ticket items) were in the trashcan over the holiday season. Gee, you don't think that might have something to do with the general state of the consumer and their spending power, do you? Naw.....
If you like Craftsman tools (never mind that most are now made in China) I'd suggest buying them soon -- just in case, you know, the company implodes and ceases to exist over the next year or so.
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