The department store thread

[Rewind]

In 1826 in New York, Samuel Lord opened the store that would become Lord & Taylor. When his cousin George Taylor joined the business in 1834, it was renamed Lord & Taylor. Lord & Taylor is the oldest department store chain in the United States -- and today the chain became smaller.

Lord & Taylor shuts flagship store on Fifth Avenue
CBS News, Jan 2 2019 6:09 PM ET

After 104 years, Lord & Taylor's flagship store on Manhattan's Fifth Avenue locked its doors forever. The venerable department store famed for its animated holiday windows closed down this afternoon, ending a blowout sale that left whole floors empty. By the end, clothes that once sold for as much as $100 were going for $5.99. The 11-story building has been sold to the WeWork space-leasing company for more than $850 million. Forty-five other, smaller Lord & Taylor stores remain open, mostly on the East Coast.

https://www.cbsnews.com/news/lord-ta...-fifth-avenue/

[Rewind]

Bankers and advisers have rejected Sears chairman Eddie Lampert's $4.4 billion offer to buy a majority of Sears stores. Lamentably, liquidation looms large and looks likely. If Sears goes out of business, other retailers such as Target, Walmart, Lowe's, Best Buy, The Home Depot and JC Penney will gain customers but the pensions of the estimated 100,000 Sears retirees could be greatly reduced.

Sears prepares for possible liquidation

https://www.bloomberg.com/news/artic...-esl-bid-fails

[Rewind]

Don't write the obituary just yet -- 425 Sears stores will stay open if chairman Eddie Lampert meets certain financial conditions. And why are so many deals referred to as "11th-hour"? Aren't any deals ever made in the 12th hour or 15th hour or 22nd hour? Why is it always the 11th hour?

Sears reaches 11th-hour deal to stay in business -- for now

https://www.cnn.com/2019/01/08/busin...lay/index.html

[Rewind]

I am not a venture capitalist or an investment banker, nor do I play one on tv, but here is my well-thought-out advice: If you're thinking of launching a new department store chain in 2019, don't!

Macy's and JCPenney are kicking off 2019 with a string of store closings
Business Insider, Jan 9 2019

Department stores are kicking off the new year with a string of store closings. On Tuesday, JCPenney reported disappointing holiday sales numbers and announced it would be closing three stores in the spring. More would follow, it said, adding that these would be announced in its upcoming quarterly earnings results in February. JCPenney isn't alone. Macy's has quietly announced a string of store closings in the upcoming months, including one store in Massachusetts, its last remaining store in Wyoming and another in Indianapolis.

Since filing for bankruptcy in October, Sears has announced it would be closing more than 260 stores. But with a possible liquidation now looming, the entire chain is at risk. These department-store chains have come under pressure as spending increasingly shifts online and foot traffic to stores slows.

https://www.businessinsider.com/macy...-stores-2019-1

[Rewind]

Upon learning that the New York Journal had printed his obituary, Mark Twain famously said, "The reports of my death have been greatly exaggerated." I guess we can now say the same thing about Sears.

Sears confirms Eddie Lampert wins $5.2 billion bid, keeping retailer alive

https://www.foxbusiness.com/retail/s...s-to-stay-open

[Rewind]

The sorrowful saga of Sears' struggles, I'm sad to say, is still not settled. Would these creditors have preferred Sears to go out of business?

Sears' unsecured creditors say retailer's downfall was 'precipitated by years of misconduct,' object to Lampert's deal to save company

https://www.cnbc.com/2019/01/17/sear...e-company.html

[Rewind]

I can answer the question I asked above: Yes, some Sears creditors do want the company to liquidate -- and they're seeking approval to sue former CEO Eddie Lampert. Meanwhile, a pension guaranty agency is seeking to halt the bankruptcy. The drama continues.

Pension agency seeks halt to Lampert's acquisition of Sears assets

https://www.msn.com/en-us/money/comp...ets/ar-BBSQTeu

[Rewind]

Walmarts in California and Virginia have been hit with these same complaints. Walmart is going to have a hard time explaining why locking up beauty products used by black people but not beauty products used by white people is not racial discrimination.

Walmart's practice of locking up black beauty products at some stores raises complaints
Why do black people have to ask to get shampoo or moisturizer while everyone else can "get their hair products off the shelf?" a New York woman asked on Facebook.

https://www.nbcnews.com/news/us-news...raises-n967206

[Rewind]

Good afternoon. I'm reporting from the George Orwell desk in the Sirius Buzz newsroom. Target offers an app that can detect if you're inside a Target store and then list higher prices than it gives if you're outside the store. Yeah, I think I'll pass.

Target changed its app after an investigation found prices went up for shoppers using it in stores — but it hasn't changed the practice

https://www.businessinsider.com/targ...-stores-2019-2

[Rewind]

I've always thought paying people to stand in the front of the store and greet customers is a waste of money -- like paying a crossing guard to work at an intersection with crosswalks and stoplights. Anyway, Walmart is replacing its greeters with "customer hosts." That might be another waste of money -- but it's too soon to pass judgment.

Walmart is getting rid of greeters, worrying the disabled

https://www.msn.com/en-us/money/comp...led/ar-BBUauz5