Sears and K Mart owners have just come up with a startling revelation - they are on the verge of closing down!! Sears, which made a lot of sound and fury about dropping Donald Trump Products (although they still have his prefumes listed!) are going ...Read this
Sears and K Mart owners have just come up with a startling revelation - they are on the verge of closing down!! Sears, which made a lot of sound and fury about dropping Donald Trump Products (although they still have his prefumes listed!) are going under. Their already flagging sales seem to have been hit harder by Trump supporters not patronizing the business. Their contempt for Conservative voters and lack of respect for their choice to vote for Trump seems to have impacted the company adversly. A business has business telling people who they can vote for and who they can not. The way the business leaders are insulting the common people is alarming. It is as they are saying "We are more successful and hence smarter, so stupid little people should listen to us." Similar elitism has also been seen from the Hollywood elites who sell their body and looks for money and yet consider themselves to be itellectual giants. USA Today, a mainstream media, reported this but failed to mention how Trump bashing might have adversly effected the business.
What do you think? Should businesses voice their political opinions? Should there be a healthy respect for customers irrespective who they voted for? We value your opinion, please leave comments. Close this
The company that operates Sears, the department store chain that dominated retail for decades, warned Tuesday that it faces "substantial doubt" about its ability to stay in business unless it can borrow more and tap cash from more of its assets. "Our historical operating results indicate substantial doubt exists related to the company's ability to continue as a going concern," Sears Holdings said in a filing with the Securities and Exchange Commission. Sears Holdings operates both Sears and Kmart stores. While it said it is working to find ways to mitigate that doubt, it said that it can't be sure that it will be able to raise the cash to keep going. In January, Sears said it planned to close 150 stores. In the following month, the retailer initiated a restructuring program aimed at cutting $1 billion in costs annually and reducing debt by $1.5 billion helped by proceeds from the sale of one of its most valuable brands, Craftsman tools to Stanley Black & Decker. "We acknowledge that we continue to face a challenging competitive environment," Sears said in the filling. But it's bleeding cash: After its 2016 loss, it had to finance its cash needs for operating expenses from "investing and financing activities." Sears, which at the end of its fiscal year had about 140,000 employees, said that it expects to continue to try to generate cash from real estate sales and borrowing. The company said it is also exploring ways to "unlock value" through its Home Services and Sears Auto Center, Kenmore appliances and DieHard batteries and parts business by partnering with other companies, or other means. It says it hopes those actions are enough to ward off the "substantial doubt" that it warned about in the filing. Sears said that if it continues to experience operating losses and is unable to generate additional liquidity it may not be able to access additional funds under its credit agreement or be able to afford to pay for inventory to stock its stores or pay for other services it needs to operate. Some of Sears' challenges reflect those of the broader retail industry, with traditional stores struggling to compete with online retailers. But Sears also has faltered because of its management's decisions, including the sale of its more than $30 billion credit portfolio to Citibank in 2003, and a merger with Kmart that tied together two struggling chains. It also failed to keep up with changing shopper tastes and habits even before the intense competition traditional retailers are currently facing from online sellers took hold.