The end for 'World's Largest Retailer'?
Excerpt:
The former holder of the title 'World's Largest Retailer' lost $132 million, or $1.25 per share. Revenues fell 6.6% to $9.47 billion. The average analyst estimate was for a loss of 86-cents, in line with what Sears called the "adjusted loss per share".
... Sears is selling off more than 1,100 Hometown and Outlet Stores in a move that could generate up to $500 million. According to streetinsider.com, Lampert is shopping Sears' Kenmore, Craftsman and DieHard brands and has already moved the assets into a separate unit of the company.
Sears shares are strong today because the company is making progress on its liquidation and taking step away from bankruptcy in the process. Lampert isn't telling anyone his larger plan but it seems to involve keeping the stores alive long enough to sell off the company's other assets.
Lampert isn't competing with Wal-Mart. He's competing with the banks and the bears. Whatever finish line he has in mind it would seem he's the winning the race.Comment: When was the last time you shopped at Sears? I used to use the Sears auto and tire store but that was more than a decade ago. Appliances? Not Sears! Batteries? Not Sears! Tires? Ditto. Clothing? Not Sears. It used to be "the place" for those items.
We have a Sears appliance store in our town, so we have made some purchases there, but more because there are not competitors like you would have in larger cities. They have had the lowest local prices when we shopped for an oven, food disposal, and television set. But again, we have limited options...
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