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Exclusive: Sears says it has secured a $250 million lifeline, will close 96 storesquote:Starting in December, Sears will close 96 stores, leaving the retailer with 182 locations, the company said in a statement. That is down from 425 stores Lampert acquired when he rescued Sears from bankruptcy proceedings in a $5.2 billion deal earlier this year. Excited to see the turnaround and repayment plans when Sears is down to sub-50 stores.
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Nov 8, 2019 00:37
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| # ? May 12, 2024 06:27 |
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OhFunny posted:Exclusive: Sears says it has secured a $250 million lifeline, will close 96 stores They'll payoff the balance with Professor Land fun bucks.
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Nov 8, 2019 00:48
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Anyone been into a Fry's Electronics lately? Employees saying they haven't received new inventory in months. These are different stores     
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Nov 19, 2019 20:52
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FCKGW posted:Anyone been into a Fry's Electronics lately? Employees saying they haven't received new inventory in months. Looks like things are looking up for Fry's! 
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Nov 19, 2019 20:57
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Horseshoe theory posted:Looks like things are looking up for Fry's! They can't keep anything on the shelves. Buy, buy, buy!
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Nov 19, 2019 21:03
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All those employees getting paid to do nothing.
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Nov 19, 2019 21:45
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A glimpse into the future.
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Nov 19, 2019 21:54
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That must be the worst feeling of knowing the company is going tits up and you have to find something else.
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Nov 19, 2019 22:00
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It’s such an odd thing, I don’t remember hearing many warning signs of Fry’s going under other than general retail industry problems. It’s like one day out of nowhere they just stopped getting in product with no announcement and yet the stores are staying open for no reason. All of the employees will also say that the next shipment is right around the corner too, although I can’t imagine that anyone actually believes it themselves anymore and I wonder why they even bother blatantly lying to the customers at this point.
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Nov 20, 2019 01:55
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Original_Z posted:It’s such an odd thing, I don’t remember hearing many warning signs of Fry’s going under other than general retail industry problems. It’s like one day out of nowhere they just stopped getting in product with no announcement and yet the stores are staying open for no reason. All of the employees will also say that the next shipment is right around the corner too, although I can’t imagine that anyone actually believes it themselves anymore and I wonder why they even bother blatantly lying to the customers at this point. Are you sure they're not being sarcastic?
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Nov 20, 2019 03:21
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FCKGW posted:Anyone been into a Fry's Electronics lately? Employees saying they haven't received new inventory in months. Yeah, we went Friday to the one on 59 in Houston based on this thread. First we went to Micro Center which was bustling on a Friday afternoon. Then we went to Fry’s.....which was not. At first the first row seemed decent and we thought maybe they just spaced it out. No. When you go into the shelving there are big swaths of emptiness. Not many employees. It looked so different from previous visits. I ended up taking a ton of pictures of the home theater room that I love to visit because I don’t think it may be there when we come back next year. 
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Nov 20, 2019 16:43
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Under capitalism you don't see shops like that.
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Nov 20, 2019 17:00
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I remember going to Fry's Electronics with my dad on black friday when I was a teenager, and it was a madhouse. One of the employees held a huge balloon bouquet and would be standing at the end of the checkout line. So as the line got longer this balloon bouquet just moved around the store, "oh looks like the line starts over in the section of the store where they sell realdolls, lets go" I guess that won't be happening this year
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Nov 20, 2019 19:40
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Original_Z posted:It’s such an odd thing, I don’t remember hearing many warning signs of Fry’s going under other than general retail industry problems. It’s like one day out of nowhere they just stopped getting in product with no announcement and yet the stores are staying open for no reason. All of the employees will also say that the next shipment is right around the corner too, although I can’t imagine that anyone actually believes it themselves anymore and I wonder why they even bother blatantly lying to the customers at this point. I can't provide any kind of source on this, but the rumor I heard was that Fry's was late paying multiple vendors. I was in the one in Phoenix not too long ago to help my dad buy a new cable modem, and they had two, maybe three models on the shelves at all. Neither could handle the speed my dad wanted. It was insane; I remember when that place was Incredible Universe. I played Doom II for the first time on their demo PCs. Now it's just a big empty box. I can't imagine how mind-numbing working there now must be.
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Nov 21, 2019 06:30
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I worked at Fry's for 8 years and there was a handful of times that Fry's was late paying vendors. We stopped getting any Apple products for 90 days. The whole place is just a poorly run shitshow. But this looks like something much more serious. They've announced a couple store closures in the Bay Area that they have never done in the company's history. They own all their own stores (except Oxnard I think) so it's not even like a rising rent thing. They really should have followed Microcenter's lead and shrunk down all their stores to something more manageable.
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Nov 22, 2019 03:52
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sounds like a case of refusing to admit that problems existed until oopsie daisy we cant even buy merch now
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Nov 22, 2019 04:50
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Imagine working there and having to have a permanent this is fine face on when the 80 yr olds who still shop there asking dumbass old gently caress questions I remember seeing a few old people buy ps2 games from kmart a christmas or 2 ago. Wonder what the kid who opened that poo poo thought.
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Nov 22, 2019 08:19
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Proud Christian Mom posted:sounds like a case of refusing to admit that problems existed until oopsie daisy we cant even buy merch now Ostriching yourself into bankruptcy is something that shouldn't happen. Keeping empty stores open, shouldn't happen. If they're not paying merchants to get stock for their stores, where is the money coming from for payroll? None of it makes any goddamn sense, unless there is some kind of secret 'best buy or somebody else who likes to get hit in the nuts repeatedly agreed to buy us out' deal that takes effect jan 1st 2020' deal in the works. Or maybe amazon made a super low-ball offer to take over their locations to be showcase stores for their online products and fry's is bleeding absolutely everything dry before they take the offer.
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Nov 22, 2019 11:47
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WAR CRIME GIGOLO posted:Imagine working there and having to have a permanent this is fine face on when the 80 yr olds who still shop there asking dumbass old gently caress questions Maybe they bought the games for themselves for their PS2?
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Nov 22, 2019 15:19
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Sekhmnet posted:If they're not paying merchants to get stock for their stores.... The corporate line is that they're converting to a consignment model, so they actually aren't paying merchants to get stock. I don't know enough about retail to know if this a desperation move or if this is actually a reasonable model.
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Nov 22, 2019 15:28
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Boxman posted:The corporate line is that they're converting to a consignment model, so they actually aren't paying merchants to get stock. Then it’s bad timing to have your stores look like this going into the holiday season!
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Nov 22, 2019 15:42
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Boxman posted:The corporate line is that they're converting to a consignment model, so they actually aren't paying merchants to get stock. Oh it's totally reasonable, that's why everyone else is doing the same thing.
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Nov 22, 2019 15:45
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Sekhmnet posted:Ostriching yourself into bankruptcy is something that shouldn't happen. Keeping empty stores open, shouldn't happen. If they're not paying merchants to get stock for their stores, where is the money coming from for payroll? None of it makes any goddamn sense, unless there is some kind of secret 'best buy or somebody else who likes to get hit in the nuts repeatedly agreed to buy us out' deal that takes effect jan 1st 2020' deal in the works. Or maybe amazon made a super low-ball offer to take over their locations to be showcase stores for their online products and fry's is bleeding absolutely everything dry before they take the offer. Knowing the company structure it’s extremely possible considering how believably dumb they are. They’re a private company with no shareholders to answer to. This company is the first the Fry’s brothers had experience running a company. They probably had their web store limping along enough to keep the lights on.
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Nov 22, 2019 15:45
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I’d not give one gently caress and just sit in the back doing nothing if I worked there.
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Nov 22, 2019 16:00
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Boxman posted:The corporate line is that they're converting to a consignment model, so they actually aren't paying merchants to get stock. Already been happening behind the scenes in non-direct ways, just this is the first time it's been happening on a large direct/visible scale, and in reality it's mostly the changes in accounting that's causing the issues from what I've been told. The large retailers of mass market items have been hurting for years due to competition (online/etc/fakes), so it looks like Fry's has finally said "it's your poo poo, set your own prices, we want a fixed 20% (or whatever) for the shelf space". It's a huge change for the manufacturers and how they will handle it in their accounting - before the sales was dept "X" and the kickbacks/promos were dept "Y" (ie: marketing), now it's all in X which will show a lower per unit cost and the inventory stays on their books as unsold. This will gently caress up a supplier's internal reporting especially if they're a public company. Also the supplier now has to handle the daily price adjustments/etc, that they never had to do before. Fry's accounting becomes simple and the supplier's a super headache - basically no supplier is happy.
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Nov 22, 2019 16:56
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It does seem very simple to just write zeroes across the ledger.
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Nov 22, 2019 17:01
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Laterite posted:It does seem very simple to just write zeroes across the ledger. This. Switching to a consignment based model is an interesting idea, but if nobody bites you just don't get to have inventory.
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Nov 22, 2019 17:06
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Everyone is trying to ditch as much of their AP department as possible by shifting the burden somewhere else. This is an interesting way of doing it.
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Nov 22, 2019 18:19
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Neo Rasa posted:Maybe they bought the games for themselves for their PS2? They bought it for their 40 year old son who still plays ps2 games on his twitch channel.
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Nov 22, 2019 22:08
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WAR CRIME GIGOLO posted:Imagine working there and having to have a permanent this is fine face on when the 80 yr olds who still shop there asking dumbass old gently caress questions The ps2 has a shitload of cool games Hell I bought my five year old a GBA for Christmas and an everdrive.
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Nov 22, 2019 22:12
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It's at least the nicest bankruptcy possible for the employees (assuming people are still getting hours). Lots of notice to find a new job and no actual tasks to distract from job hunting during work hours
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Nov 23, 2019 03:42
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Neo Rasa posted:Maybe they bought the games for themselves for their PS2? Maybe. But its more like they came in looking for a "playstation game" their grandkids asked for and end up with the only option in the store.
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Nov 23, 2019 04:43
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poo poo POST MALONE posted:The ps2 has a shitload of cool games The PS2 has an even bigger shitload of absolute rear end games.
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Nov 23, 2019 05:14
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This is slightly off-topic, but I've wanted to get a copy of Thousand Year Door for years since it's not on a VC anywhere. I finally decided to pull the trigger this week, and I called my FLGS. The guy on the phone had the brass neck to say that the "market" for the game was $130... I bought a copy complete with instructions and box off of eBay for $48, shipping included, on Monday and it arrived yesterday. Market indeed.
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Nov 23, 2019 05:26
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JustJeff88 posted:This is slightly off-topic, but I've wanted to get a copy of Thousand Year Door for years since it's not on a VC anywhere. I finally decided to pull the trigger this week, and I called my FLGS. The guy on the phone had the brass neck to say that the "market" for the game was $130... I bought a copy complete with instructions and box off of eBay for $48, shipping included, on Monday and it arrived yesterday. Market indeed. Double dragon is all i see when i read this post
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Nov 23, 2019 05:27
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Original_Z posted:It’s such an odd thing, I don’t remember hearing many warning signs of Fry’s going under other than general retail industry problems. It’s like one day out of nowhere they just stopped getting in product with no announcement and yet the stores are staying open for no reason. All of the employees will also say that the next shipment is right around the corner too, although I can’t imagine that anyone actually believes it themselves anymore and I wonder why they even bother blatantly lying to the customers at this point. Reminds me of what happened with NCIX. I was putting together a new computer a few years ago and decided to order a CPU from them, since I bought my last computer from them and it lasted me a good 8 years or so. The CPU I wanted was out of stock so I decided to place a pre-order, thinking it would be on my doorstep in a few weeks at most. Needless to say I never got the CPU. I was lucky to get a refund, iirc the chargeback went though like a week before the bankruptcy announcement. If all you saw was the webstore then you never would have thought anything was wrong. Hell I think they were still announcing sweet new deals on their twitter account until right before the end.
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Nov 23, 2019 07:22
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MechanicalTomPetty posted:Reminds me of what happened with NCIX. I was putting together a new computer a few years ago and decided to order a CPU from them, since I bought my last computer from them and it lasted me a good 8 years or so. The CPU I wanted was out of stock so I decided to place a pre-order, thinking it would be on my doorstep in a few weeks at most. Yeah even after bankruptcy and they shut down operations the website was still up for weeks with no indication anything was wrong. An then at an auction someone picked up one of their servers, which wasn't wiped and included full customer information including unencrypted credit card numbers. 
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Nov 23, 2019 07:35
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less than three posted:Yeah even after bankruptcy and they shut down operations the website was still up for weeks with no indication anything was wrong. Yeah I heard about that. And IIRC it wasn't just one server, it was a bunch of them, which they just tossed into one of their warehouses and then when they failed to pay rent on that it all got sold off. I was kind of shocked to find out their site stayed online as long as it did. I checked it out one day out of morbid curiosity and it looked the same as it always did. I hope the payment processor wasn't functional anymore, and if it was then I hope nobody got fleeced by whoever was on the other side by that point.
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Nov 23, 2019 07:47
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Jedi425 posted:I can't provide any kind of source on this, but the rumor I heard was that Fry's was late paying multiple vendors. I was in Incredible Universe in Phoenix in the 90s too, lots of good memories there sitting in plush leather couches in the air conditioning watching movies on laser disc. Yeah, I was driving through town during a move lately and I just needed an old style charging cable for an iPod (all mine were packed!). I have never been in a store so big and so empty in my life. It was jarring. But they did have a cable for me!
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Nov 23, 2019 07:49
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TheScott2K posted:The PS2 has an even bigger shitload of absolute rear end games. Sure I mean... 
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Nov 23, 2019 18:03
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