Business/Finance
See other Business/Finance ArticlesTitle: Last days for Sears, Kmart, new era for Amazon.COM
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URL Source: https://www.onenewsnow.com/business ... sears-kmart-new-era-for-amazon
Published: Mar 23, 2017
Author: aa
Post Date: 2017-03-23 06:47:01 by HAPPY2BME-4UM
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Views: 477
Comments: 4
Continuing its downward spiral, Sears' shares tumbled more than 12 percent on Wednesday.
Dan Celia, who serves with Financial Issues Stewardship Ministries, believes that Sears has hit the point of no return.
"It's impossible for them to survive at this point," Celia contends after Sears’ latest plunge in stocks. "When you see a company like Sears selling off the only real branded thing they have left – which was Craftsman tools a few months back – you know they've come to a conclusion they're in survival mode … and I think that's what we're seeing."
The financial expert is confident that Sears will continue its operations for a few months, but at some point, he believes that the iconic American company is going to have dramatic cutbacks – or fold altogether.
"I don't know how much more they can cut back," Celia continued. "Maybe somebody will buy them out from a real estate standpoint – because they do have good real estate value."
In addition to Sears, the survival of another iconic American company also appears to be in doubt.
Kmart – a company that was brought into the Sears family two years after it came out of bankruptcy – is also on the rocks again and may go under in the near future.
Ken Perkins of Retail Metrics LLC told the Associated Press that he does not see much of a future for the discount retailer that has been a household name for decades.
USA Today reported that a number of factors is killing retailers such as Sears and Kmart, including the changing tastes and habits of shoppers – along with the dramatic rise of online retail.
"What's happened is Best Buy and other stores have become showrooms where people go in and look – they touch, they feel and then they buy it on Amazon," Celia contended. "That has been typical – particularly in the electronics sector – but it's starting to get to the point where Amazon is going to be hurting grocery stores in a big way in the next five years."
Amazon has indicated that it plans to get involved in the grocery business. The company announced in 2016 that one day, it hopes to have the same number of brick-and-mortar grocery stores as Kroger currently has.
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