AuthorTopic: Official Death of Retail Thread: Life Without Walmart  (Read 20936 times)

Offline azozeo

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Death of Retail Thread: 40M "TON" Grain Loss Projected for 2019
« Reply #180 on: June 28, 2018, 11:49:46 AM »
Page 8 Lines 2 & 3

https://www.usda.gov/oce/commodity/wasde/latest.pdf
I know exactly what you mean. Let me tell you why you’re here. You’re here because you know something. What you know you can’t explain, but you feel it. You’ve felt it your entire life, that there’s something wrong with the world.
You don’t know what it is but its there, like a splinter in your mind

Offline azozeo

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Death of Retail Thread: And then there was ONE....
« Reply #181 on: July 15, 2018, 01:40:22 PM »
The last two Blockbuster stores in Alaska are shutting their doors for good next week according to the Anchorage Daily News, which means there is just one remaining relic of the video rental giant still up and operating in the entire United States.

The final Blockbuster storefront standing is located in Bend, Oregon.


https://gizmodo.com/there-is-now-just-one-blockbuster-left-in-the-us-1827563382
I know exactly what you mean. Let me tell you why you’re here. You’re here because you know something. What you know you can’t explain, but you feel it. You’ve felt it your entire life, that there’s something wrong with the world.
You don’t know what it is but its there, like a splinter in your mind

Offline azozeo

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Re: Death of Retail Thread: And then there was ONE....
« Reply #182 on: July 15, 2018, 02:34:08 PM »
The last two Blockbuster stores in Alaska are shutting their doors for good next week according to the Anchorage Daily News, which means there is just one remaining relic of the video rental giant still up and operating in the entire United States.

The final Blockbuster storefront standing is located in Bend, Oregon.


https://gizmodo.com/there-is-now-just-one-blockbuster-left-in-the-us-1827563382

It just came to my mind that "a generation" (the millennials) were conceived because of places
like blockbuster. video, Hastings & the like. Teenagers back in the recent old school days (the 90's) hooked up there &
made families.
I know exactly what you mean. Let me tell you why you’re here. You’re here because you know something. What you know you can’t explain, but you feel it. You’ve felt it your entire life, that there’s something wrong with the world.
You don’t know what it is but its there, like a splinter in your mind

Offline RE

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Re: Death of Retail Thread: And then there was ONE....
« Reply #183 on: July 16, 2018, 03:40:56 AM »
The last two Blockbuster stores in Alaska are shutting their doors for good next week according to the Anchorage Daily News

We have Ganja stores opening up though!  :icon_sunny:



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Offline Eddie

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Re: Official Death of Retail Thread: Life Without Walmart
« Reply #184 on: July 16, 2018, 07:25:13 AM »
Speaking of which, I have to buy a new energy-hog electric clothes dryer. The missus wants a Kenmore (highly rated by her bible, Consumer Reports).

I need to get to Sears quickly before they shutter their last store.
What makes the desert beautiful is that somewhere it hides a well.

Offline azozeo

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Re: Official Death of Retail Thread: Life Without Walmart
« Reply #185 on: July 16, 2018, 09:53:07 AM »
Speaking of which, I have to buy a new energy-hog electric clothes dryer. The missus wants a Kenmore (highly rated by her bible, Consumer Reports).

I need to get to Sears quickly before they shutter their last store.

You, my friend are a shop-a-holic.

Better enjoy good ol' 3D & hedonism 101 while you still can.

Poofness lurks  :coffee:
I know exactly what you mean. Let me tell you why you’re here. You’re here because you know something. What you know you can’t explain, but you feel it. You’ve felt it your entire life, that there’s something wrong with the world.
You don’t know what it is but its there, like a splinter in your mind

Offline Surly1

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Re: Official Death of Retail Thread: Life Without Walmart
« Reply #186 on: July 16, 2018, 09:56:53 AM »
Speaking of which, I have to buy a new energy-hog electric clothes dryer. The missus wants a Kenmore (highly rated by her bible, Consumer Reports).

I need to get to Sears quickly before they shutter their last store.

Eddie Lampert is truly the poster boy for late-stage predatory capitalism. Imagine a Chief Executive entrusted with operational control of an enterprise, who runs said enterprise into the ground, sells off valuable assets for parts, and who directly profits from its failure. What would you call that?

Not sure, but he's having the #Treasonsummit today.

In another note, I wonder why Fast Eddie hasn't sold the Kenmore line/brand yet.
"It is difficult to write a paradiso when all the superficial indications are that you ought to write an apocalypse." -Ezra Pound

Offline Eddie

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Re: Official Death of Retail Thread: Life Without Walmart
« Reply #187 on: July 16, 2018, 10:01:54 AM »
Damn good question.  Stay tuned. Looks like it's on the block for the right price.

https://www.usatoday.com/story/money/2018/04/24/can-sale-kenmore-save-sears-stores/543186002/
What makes the desert beautiful is that somewhere it hides a well.

Offline azozeo

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Death of Retail Thread: Tim Hortons ain't what is used to be....
« Reply #188 on: July 17, 2018, 09:17:41 AM »
It’s your first time in Canada? Oh, you have to try Timmies,” a former colleague informed me, when I landed in Toronto for a business trip several years ago. There was a Tim Hortons next to us in arrivals and before I’d even exited the airport I had a red and white cup in my hand and knew exactly what a double-double was.


https://www.theguardian.com/world/2018/jul/09/tim-hortons-canada-coffee-brand-popularity-downfall
I know exactly what you mean. Let me tell you why you’re here. You’re here because you know something. What you know you can’t explain, but you feel it. You’ve felt it your entire life, that there’s something wrong with the world.
You don’t know what it is but its there, like a splinter in your mind

Offline RE

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📉 Dead Meat Walking: Sears Revenue & Store Count to Hit Zero by 2020
« Reply #189 on: September 16, 2018, 12:55:17 AM »
https://wolfstreet.com/2018/09/13/dead-meat-walking-sears-on-track-to-zero-revenues-zero-stores-by-2020/

Dead Meat Walking: Sears Revenue & Store Count to Hit Zero by 2020
by Wolf Richter • Sep 13, 2018 • 50 Comments   
Defying my dictum that nothing goes to hell in a straight line.

The headline said that shares of Sears Holding jumped “more than 7%” in late trading after it reported more losses and store closures and plunging revenues in its second quarter earnings report. By the time I checked it out, the stuff was up 22%, to a whopping $1.48, after having been down 9% during the day.

When it comes to revenues, Sears Holdings has become the most predictable corporate entity out there. Despite any rhetoric about lifesaving deals with Amazon, Uber, or whatnot, and despite its online “initiatives” and Hail-Mary passes du jour, its revenues have been on an astoundingly straight line to hell, for seven years, starting in 2012, defying my dictum that nothing goes to hell in a straight line:


The above chart shows revenues for Q2 of each year since 2011. The red parts are my estimates, based on past revenue declines. This type of near-perfection is not easy: No deviation, no uptick, just straight to hell, with the great-big “zero” revenues looming at the end of 2020 or early 2021. But it will not last that long. The show will end sooner.

Q2 revenues plunged 26% from the same quarter last year, to $3.18 billion. And the net loss more than doubled to $508 million, bringing its loss for the first half to $932 million.

“During the quarter, we continued to focus on improving profitability and generating additional liquidity,” CFO Rob Riecker said. How the phrase, “continued to focus on improving profitability,” made it into the statement remains inexplicable. I mean, “improve profitability?” You cannot improve something that hasn’t existed for years. “Focus on increasing losses,” that should have been the phrase.

“In addition to delivering improvement in our comparable stores sales trend in the second quarter compared to the first quarter, we achieved positive comparable store sales in several categories at both Kmart and Sears formats, including apparel, footwear and jewelry,” the press release said even more inexplicably.

These “comparable stores” sales numbers are a total joke and irrelevant because the company keeps shutting stores, and total sales keep plunging at a breath-taking pace.

At the end of Q2 2017, Sears Holdings had 1,250 stores. At the end of Q2 2018, count was down by 384 stores, to 866 stores. Over the 12-month period, it had shuttered nearly one-third of its stores! At this pace, it will run out of stores to close in Q3 2020, having reached a store count of “zero” to perfectly match its “zero” revenues by that time:


The copy-and-paste verbiage coming out of the company, ranging from meaningless to inexplicable, continues with a statement by CEO Edward Lampert, who clearly needs more time to strip the remaining assets out of the company:

    While we are encouraged by the improved comparable stores sales trend we experienced in the second quarter, and the positive comparable store sales of 3.0% and 2.5% achieved in the months of July and August, respectively, we have yet to achieve our goal of returning the Company to profitability.

    We continue to close unprofitable stores, and we are hopeful that we can stabilize our store base at a meaningful level in the near future. Our goal is to right-size our store footprint to a solid base from which we can operate and grow profitably, while leveraging our online and Shop Your Way platforms.”

The statement also lists the usual slew of “initiatives” to make it look like they’re trying to turn this fiasco around. “We believe these initiatives will help us to strengthen the Company, improve financial performance, and better position us for the future,” it concludes.

It’s all part of the show. The show is titled, “We’re trying to turn this company around in good faith.” It is supposed to provide cover. In reality, it’s just an asset-stripping operation dragging out for many years, having to pass many legal hurdles that take time to get over.

By the time they get through with it, all the good assets – mostly real estate and also a few brands – will have been pulled out in different ways, such as by pledging them as collateral for loans that Lampert’s hedge fund entities made to Sears (in bankruptcy court, Lampert’s entities will be awarded that collateral).

Or they were sold in sweetheart deals, some of them on a lease-back basis, to affiliated parties such as Seritage. Seritage was then spun off from Sears via a rights offering in July 2015. Aggrieved investors filed suit, and in 2017, Sears Holdings and Lampert settled for $40 million. Lampert is still chairman of Seritage.

Over the years, there were numerous such deals. None of them pass the smell test, but it’s been going on for so long, and with such regularity, that everyone has just come to accept that it’s how it is, and if Lampert needs a little extra time to get this done, fine.
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Offline Surly1

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Re: Official Death of Retail Thread: Life Without Walmart
« Reply #190 on: September 16, 2018, 04:29:31 AM »
Diners have noted the antics of Fast Eddie for some years now.

The nut of it:
Quote
It’s all part of the show. The show is titled, “We’re trying to turn this company around in good faith.” It is supposed to provide cover. In reality, it’s just an asset-stripping operation dragging out for many years, having to pass many legal hurdles that take time to get over.

Heads, Eddie wins; tails, Eddie wins.

Wonder how much of a bonus he'll pay himself?
"It is difficult to write a paradiso when all the superficial indications are that you ought to write an apocalypse." -Ezra Pound

Offline azozeo

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Death of Retail - Bezos Opens Trendy Retail Store in SOHO, N.Y.S.
« Reply #191 on: September 30, 2018, 02:48:20 PM »
Oh, & by the way he also ponied up with Boeing & Lockheed for more space toyz....


Amazon opens new concept '4-star' retail store in New York

http://www.spacedaily.com/reports/Jeff_Bezos_space_project_lands_big_rocket_partnership_999.html
I know exactly what you mean. Let me tell you why you’re here. You’re here because you know something. What you know you can’t explain, but you feel it. You’ve felt it your entire life, that there’s something wrong with the world.
You don’t know what it is but its there, like a splinter in your mind

Offline RE

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🛏️ Mattress Firm files for Chapter 11 bankruptcy protection
« Reply #192 on: October 05, 2018, 06:17:02 AM »
https://www.usatoday.com/story/money/2018/10/05/mattress-firm-chapter-11-bankruptcy/1532218002/

Mattress Firm files for Chapter 11 bankruptcy protection, will close up to 700 stores
Nathan Bomey, USA TODAY Published 8:24 a.m. ET Oct. 5, 2018 | Updated 9:07 a.m. ET Oct. 5, 2018

The mattress manufacturing and retail industry is having its share of nightmares over upheaval from online-based retail disruptors, and scandal within an industry giant. USA TODAY
XXX JM987303040017.JPG A FIN USA IL

(Photo: Scott Olson, Getty Images)


Mattress Firm, which has been grappling with declining sales amid an overexpansion and a scandal at its parent company, filed for Chapter 11 bankruptcy protection Friday.

The Houston-based retailer has been ailing amid a surge of bed-in-a-box online retailers, too many physical stores and an accounting mess at its parent company, Steinhoff International.

Mattress Firm, which had more than 3,300 stores as of March 31, plans to close as many as 700 stores.

Those stores are "in certain markets where we have too many locations in close proximity to each other," Mattress Firm CEO Steve Stagner said in a statement.

About 200 locations will close within days.

"We intend to use the additional liquidity from these actions to improve our product offering, provide greater value to our customers, open new stores in new markets, and strategically expand in existing markets where we see the greatest opportunities to serve our customers," he said.

In Chapter 11 bankruptcy, retailers typically try to get out of expensive leases and slash debt to have a better chance of surviving profitably.

The retailer ballooned in size in recent years through a series of acquisitions – Mattress Giant in 2012, Sleep Train in 2014 and Sleepy’s in 2016.

It was too much, too fast.

The company has since closed hundreds of locations, seeking stability amid upheaval in the mattress market.

   More: There's a fierce battle over your bed: Industry goes to the mattresses

More: Mattress Firm is 'conspiring' to sell bogus mattresses, Tempur-Pedic alleges in lawsuit

More: With Mattress Firm reeling, Serta Simmons merges with bed-in-a-box company Tuft & Needle

Overexpansion is at the heart of the industry’s troubles. There are now more places to buy a mattress in the U.S. than places to buy a Big Mac.

Representatives for Mattress Firm and Steinhoff International did not immediately respond to requests seeking comment beyond a press release.

The chain filed for bankruptcy in a federal court in Delaware. The company said it had secured enough support from secured lenders to stay in business, but a federal judge must approve with the company's restructuring plan, which is not guaranteed.

The case could have significant collateral damage:

• Landlords that bet big on Mattress Firm's expansion will be left with empty stores.

• Mattress makers could face huge losses. Mattress Firm owes Serta Simmons alone more than $90 million, according to a court filing.

• Competitors could face a flood of cheap mattresses. If the company can't survive bankruptcy, enormous disruption would ensue.

If you're shopping for a new mattress, make sure to keep these 4 tips in mind. USA TODAY

On the other hand, online retailers could capitalize in the long run. Bed-in-a-box sellers like Casper and Leesa have surged in recent years, offering free trial periods, free delivery and easy ordering.

But online mattress makers are facing their own problems, including steep discounting, intense marketing and the threat of Amazon out-muscling them.

Follow USA TODAY reporter Nathan Bomey on Twitter @NathanBomey.
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Offline azozeo

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The Retail Apocalypto Express is picking up STEAM !
« Reply #193 on: October 06, 2018, 12:09:35 PM »
Retail Apocalypse Picks Up Speed: Sears, JCPenney, Brookstone, Mattress Firm Spiral Toward Bankruptcy

Over 20 major retailers have filed for bankruptcy since the beginning of last year, and in 2018 we may break the all-time record for annual store closings that was established just last year.  We are in the midst of the worst retail apocalypse in American history, and it appears to be picking up speed as retail giants such as Sears, JCPenney, Brookstone and Mattress Firm spiral toward bankruptcy.  We live at a time when the middle class is being systematically destroyed, and so the truth is that U.S. consumers simply do not have as much discretionary income as they once did.  Many large retailers believed that things would eventually turn around, and they have been fighting very hard to survive, but now time has run out for quite a few of them.

https://www.activistpost.com/2018/10/retail-apocalypse-sears-jcpenney-brookstone-mattress-firm-bankruptcy.html
I know exactly what you mean. Let me tell you why you’re here. You’re here because you know something. What you know you can’t explain, but you feel it. You’ve felt it your entire life, that there’s something wrong with the world.
You don’t know what it is but its there, like a splinter in your mind

Offline RE

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🏬 Sears likely to announce by this weekend that it will file for bankruptcy
« Reply #194 on: October 13, 2018, 03:38:54 AM »
https://www.usatoday.com/story/money/2018/10/12/sears-kmart-likely-filing-bankruptcy-soon-sunday/1614674002/

Sears likely to announce by this weekend that it will file for bankruptcy
Charisse Jones, USA TODAY Published 2:06 p.m. ET Oct. 12, 2018 | Updated 3:04 p.m. ET Oct. 12, 2018
sears-exterior_large.jpg

(Photo: Sears)


Sears is likely to announce as soon as Sunday that it will file for bankruptcy protection, with plans to push through the holiday season, then seek a buyer soon after, says a person familiar with the discussions but not authorized to speak about them.

The beleaguered retailer, which has stayed afloat by closing stores and borrowing hundreds of millions of dollars from a hedge fund helmed by its own CEO, is leaning toward a Chapter 11 filing, which would provide it protection to restructure versus having to immediately liquidate.

It is trying to secure $300 million to $500 million to continue functioning through the holidays, keeping a winnowed number of locations open, says the person familiar with what is being considered. As of an Aug. 4 public filing, Sears Holdings, the parent company of Sears and Kmart, still had 506 Sears stores and 360 Kmart locations.

If the bankruptcy filing occurs, it is likely the beginning of what has been the long, drawn-out ending to one of the most renowned sagas in retail.

Sears, once the nation's largest retailer, has been on the ropes for years, struggling to remain relevant amid a shopping landscape transformed by the rise of e-commerce competitors such as Amazon, big-box giants such as Walmart and specialized chains such as Best Buy, which offer similar products with a more appealing experience.

More Money: Sears is in trouble: What shoppers should do if the company files for bankruptcy

More Money: First Toys R Us, Now Sears? Holiday season may be minus yet another iconic retailer

More Money: Sears may file for bankruptcy as debt payment looms, reports say

Now, Sears is facing a critical Monday deadline to make a $134 million debt payment. Reports this week by the Wall Street Journal and CNBC said Sears had begun consulting with advisers to prepare a possible bankruptcy filing.

With Sears closing stores amid a mountain of debt, the end may be drawing near for the iconic American retailer, and many of us aren't ready. USA TODAY

Sears CEO Eddie Lampert said last month in a letter that the company "must act immediately'' on his most recent proposal to sell more assets and slash debt.

Lampert had offered to buy Sears' popular Kenmore appliance brand for $400 million.

Reports of the potential court filing seemed to please investors, with the company stock price spiking 18.09 percent – though that amounted to just 40 cents a share.
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