Not even selling Heroin and Cocaine could keep Sears alive
I’m sure that most of you have now heard that Sears has officially filed for Chapter 11 bankruptcy as of today. They’ve got a looming $134 million debt payment due and can’t make the payment. All is not lost however, as the companies plans to emerge from bankruptcy stronger than before and will submit restructuring plans this week.
The immediate plan is to shutter over 140 stores of both Sears and Kmart to try and stop some of the bleeding. It’s possible that more stores will close if they can’t come to any sort of an agreement in the next weeks and months. USA Today put out a fantastic article with a map of all of the locations that are slated for closure in this round of shut downs.
Eddie Lampert, Former Chairman and CEO of Sears Holdings said in a statement on Monday:
“As we look toward the holiday season, Sears and Kmart stores remain open for business and our dedicated associates look forward to serving our members and customers.”
Sears, which has been around for more than 125 years, was the OG Amazon and Walmart. They would sell you about damned near anything you could think of via their catalog. It was a way for many Americans who were under-served by stores to have products sent to them. At one point, you could even buy heroin and cocaine from Sears. Yea, THAT Heroin and Cocaine. Something tells me that you won’t find those on Amazon anytime soon.
I Still Love Sears/Kmart
Ben and I have been fans of Sears and Kmart for a very long time, much to the chagrin of our friends (and family). We’ve made them our go-to shopping place mostly because of all the deals that they have. Just look at a sample of the deals from the past year:
Ben and I have a Kmart close to our house so we always go and get our non perishable goods from there. I mean, heck, they’re always free!
Sears still has amazing shopping portal bonuses with British Airways and Virgin Atlantic. Currently, Sears is offering 6 miles per dollar with British and Virgin is at 4 miles per dollar.
There have been amazing MS opportunities as well. For a while, Sears gift cards were on sale and then I could use those Sears Gift cards in store for other gift cards (like Amazon and Uber). There are still a few MS opportunities while supplies last, if you look in the right places.
I’m rooting for Sears
My mom just gave me a set of tools from both my grandfather and step dad. They were Crafstman tools, still with their lifetime guarantee. Even though they were over 50 years old, they still look just as good as they did back then. I’ll keep them forever and hopefully pass them on myself, so I want to make sure that the brand is still around. I spent money today at Sears and Kmart, hopefully my little purchase helps out in the long run.