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KMART and Sears

 
terry
(@terry)
Expert

Today on the news there was a item that KMart and Sears will be closing. It said the head was trying to save it with a buyout but has missed the deadline. 

Anyone hear this?

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Topic starter Posted : December 27, 2018 8:28 pm
CruzanIron
(@cruzaniron)
Trusted Member
Posted by: terry

Today on the news there was a item that KMart and Sears will be closing. It said the head was trying to save it with a buyout but has missed the deadline. 

Anyone hear this?

The deadline is today, Friday. 

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Posted : December 28, 2018 8:31 am
speee1dy
(@speee1dy)
Expert

whatever happens, happens. i personally like kmart. i hope it isnt true. 

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Posted : December 28, 2018 9:10 am
vicanuck
(@vicanuck)
Expert

I do the vast majority of my shopping online so I don't really care.

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Posted : December 28, 2018 9:20 am
Fishbait
(@Fishbait)
Advanced Member

According to NBC News the deadline is today, 12/28. Closing wouldn't be immediate but I guess they would definitely happen. 

https://www.nbcnews.com/business/business-news/sears-125-year-old-retail-icon-has-12-hours-survive-n952586

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Posted : December 28, 2018 12:35 pm
vicanuck
(@vicanuck)
Expert

Let the liquidation begin.

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Posted : December 28, 2018 2:57 pm
Scubadoo
(@Scubadoo)
Trusted Member

Sears wins reprieve from liquidation as Chairman Lampert makes last-minute bid on bankrupt company

Department store chain Sears won a reprieve from liquidating Friday after its chairman, Eddie Lampert, submitted a bid in an effort to buy the retailer and keep it alive, people familiar with the situation tell CNBC.

Lampert’s hedge fund ESL Investments put forward his tentative proposal for Sears earlier this month with his formal submission due today.

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Posted : December 28, 2018 8:14 pm
Jumbie
(@ohiojumbie-2)
Trusted Member

Sears avoids closing in an 11th hr deal.  

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Posted : January 8, 2019 4:44 pm
Jumbie
(@ohiojumbie-2)
Trusted Member

Sears avoids closing in an 11th hr deal, at least for now. Former CEO Eddie Lampert must come up with major cash in a few days.

https://amp.cnn.com/cnn/2019/01/08/business/sears-future-bankruptcy-delay/index.html

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Posted : January 8, 2019 4:44 pm
speee1dy
(@speee1dy)
Expert

another institution on the chopping block. we've lost so many great stores. 

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Posted : January 9, 2019 7:47 am
Jumbie
(@ohiojumbie-2)
Trusted Member

$120 Million by 4:00 pm EST today due from Eddie Lampert to keep the deal alive. So like 1 day to find this much cash.  

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Posted : January 9, 2019 11:46 am
vicanuck
(@vicanuck)
Expert
Posted by: speee1dy

another institution on the chopping block. we've lost so many great stores. 

Kmart? A great store? Surely you're kidding?

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Posted : January 9, 2019 1:12 pm
Gator's Mom
(@gators_mom)
Trusted Member

Anybody else remember the VI before KMart?

KMart was a gamechanger and made living in the VI so much easier. 

The KMart stores in the VI (and Guam) still are highly profitable.  

 

 

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Posted : January 9, 2019 3:08 pm
Alana33 liked
Jumbie
(@ohiojumbie-2)
Trusted Member

Before K-Mart it was Woolworths. 

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Posted : January 9, 2019 3:39 pm
CruzanIron
(@cruzaniron)
Trusted Member

And though in a different location, on St. Croix we had Barker's before that (in Golden Rock) , and at the same time ( in LaReine). 

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Posted : January 9, 2019 4:05 pm
Scubadoo
(@Scubadoo)
Trusted Member
Posted by: CruzanIron

And though in a different location, on St. Croix we had Barker's before that (in Golden Rock) , and at the same time ( in LaReine). 

That explains the big empty spaces there.

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Posted : January 9, 2019 8:05 pm
vicanuck
(@vicanuck)
Expert
Posted by: Gator's Mom

Anybody else remember the VI before KMart?

KMart was a gamechanger and made living in the VI so much easier. 

The KMart stores in the VI (and Guam) still are highly profitable.  

 

 

But now we have the internet and can get anything we want anywhere we want.

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Posted : January 10, 2019 8:02 am
stxsailor
(@stxsailor)
Trusted Member

I'm sure if K Mart goes away it will be re branded as VI Mart or something along those lines.

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Posted : January 10, 2019 8:06 am
speee1dy
(@speee1dy)
Expert

an institution. and i dont mind their clothes, better than walmarts

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Posted : January 10, 2019 8:24 am
vicanuck
(@vicanuck)
Expert

I wish they would just put Sears/Kmart out of its misery and kill it off.

If customers aren't supporting it now, why would they in the future, especially after all this turmoil?

The cost to revamp and bring all the remaining stores up to current retail standards will be hundreds of millions.

People aren't going to stop buying from online retailers just because there's an old Sears or Kmart nearby.

I might go into the Kmart in Sunny Isle once a year and even then its always a disappointment.

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Posted : January 10, 2019 1:18 pm
Alana33
(@alana33)
Expert

They spent lots of money rebuilding the STT Kmart.

Doubt it's going anywhere, anytime soon. Personally, I like Kmart as do thousands of others including those that come from BVI to shop.

Not everyone shops online and wants to wait for their items to finally arrive on island. It's good that they're still here and I hope they'll remain as they're really all we've got in terms of a department store. 

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Posted : January 11, 2019 12:27 pm
Scubadoo
(@Scubadoo)
Trusted Member

Just to keep this thread up to date

V.I. Kmarts Slated for Survival

I haven't been to that Kmart in Golden Rock in a while  ? 

 

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Posted : February 2, 2019 12:32 pm
Kokonut
(@Kokonut)
Advanced Member
Posted by: Scubadoo

Just to keep this thread up to date

V.I. Kmarts Slated for Survival

I haven't been to that Kmart in Golden Rock in a while  ? 

 

It's a good thing that you haven't been to the Kmart in Golden Rock.

Because it's in Sunny Isle  ? 

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Posted : February 4, 2019 8:14 am
Scubadoo
(@Scubadoo)
Trusted Member
Posted by: Kokonut
Posted by: Scubadoo

Just to keep this thread up to date

V.I. Kmarts Slated for Survival

I haven't been to that Kmart in Golden Rock in a while  ? 

 

It's a good thing that you haven't been to the Kmart in Golden Rock.

Because it's in Sunny Isle  ? 

According to the Kmart manager on STT, the other Kmart is in Sunny Isle ? 

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Posted : February 4, 2019 8:57 am
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