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Yep. Over 5 billion in debt load killed them not the internet.
They were bought out by equity firms that saddled the company with debt, and then extracted all of the valuable bits to put in their own pockets. The company is now an empty shell. The equity firms declare bankruptcy and walk away with pockets full of cash. It should be illegal but it's all to common in the current environment. Sears and Kmart are very slowly following the same designed to failure model.
I keep seeing that it was online retailers and wal mart putting them out of business. I say it was the people in charge. I worked there in the late 90s and it was a decent job. They also had decent staff and stock. Then they had that buyout in '05. I worked a few months there again in 2009 and it was awful. They had one cashier. One floor person and one person in the back. The shelves were always empty, the store was a mess, and all the higher ups cared about was selling credit cards and warranties. They killed themselves.
Exactly. Everyone just wants to blame Amazon or Walmart and call it day. Toys R Us shot themselves in the foot just like Blockbuster and AOL did. I'm a 90's kid and Toys R Us was the place to beg your parents to take you to to get toys.
Now they've fallen behind Walmart, Target, Best Buy, Gamestop, Amazon, pretty much everybody. They lost their niche and kids today don't see the magic of Toys R Us, they probably don't even recognize Geoffrey. Toys R Us like most failed companies, had poor leadership and vision.
Quote:
Originally Posted by WhitewaterVol
Sears and Kmart are very slowly following the same designed to failure model.
Every December people say next year will be the end of Kmart and Sears. Even with all the closures, they're not going anywhere anytime soon. They're stupid and smart at the same time.
Every December people say next year will be the end of Kmart and Sears. Even with all the closures, they're not going anywhere anytime soon. They're stupid and smart at the same time.
The longer they drag out the demise, the more money the private equity firms can extract. A slow, painful death makes more money for them.
Kmart and Sears are no longer retailers, they're a real estate company. As long as they have assets and land, they will be alive. They don't care about their stores anymore, but it doesn't matter at this point.
Not sure when this happened, but Rivals sports bar in Powdersville appears to have closed. The signs were down and some trucks were either moving things in or out.
Kmart and Sears are no longer retailers, they're a real estate company. As long as they have assets and land, they will be alive. They don't care about their stores anymore, but it doesn't matter at this point.
The ring fence arrangement with the pension plan allowed them to fully fund retirees pensions. Since 2005 merger they’ve funded 4.5 billion in pension liabilities and will pay an additional 40 mil over next 2 years. These guys are working their plan. Eddie isn’t losing money. He understands bk system.
Last edited by 5ForksSC; 03-15-2018 at 04:59 PM..
Reason: Spell
Upstate area stores that are closing:
BI-LO at 1706 E. Greenville Street in Anderson
BI-LO at 501 Old Greenville Highway in Clemson
BI-LO at 1818 Woodruff Road in Greenville
Harveys at 714 Bypass 25 NE in Greenwood
Harveys at 1937 Wilson Road in Newberry
BI-LO at 115 Rochester Highway in Seneca
BI-LO at 140 Ferwood Drive in Spartanburg
Upstate area stores that are closing:
BI-LO at 1706 E. Greenville Street in Anderson
BI-LO at 501 Old Greenville Highway in Clemson
BI-LO at 1818 Woodruff Road in Greenville
Harveys at 714 Bypass 25 NE in Greenwood
Harveys at 1937 Wilson Road in Newberry
BI-LO at 115 Rochester Highway in Seneca
BI-LO at 140 Ferwood Drive in Spartanburg
I don't feel anything over Bilo's closures at this point. It's just like, "okay" to me. The grocery market is already over saturated enough, but maybe Harris Teeter will try making another push.
I don't feel anything over Bilo's closures at this point. It's just like, "okay" to me. The grocery market is already over saturated enough, but maybe Harris Teeter will try making another push.
They already are with two stores under construction in Greenville. Excited for them to open. I doubt HT wants many of BI-LO's stores since they usually expand with new construction.
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