A Massive Department Store Now Closes For Good

A massive department store now closes for good in a major city, listing sales of up to 70% off, sources report.

One of the last remaining Sears is offering major discounts as it prepares to leave the greater New York City area behind, reports The-Sun.

The closure will leave just 12 Sears locations open nationwide, with only one in the Northeast.

Jersey City, New Jersey’s Newport Mall will lose the major retailer on March 3, an employee confirmed.

Once a titan of American shopping, the company peaked at over 4,000 locations in 2011. It was the world’s largest retailer at the time, The New York Post reported.

The company, bought by KMart in 2004, declared bankruptcy in 2018, by which point it had hundreds of stores.

With over a month left before the shutdown, closing sales of up to 70% are in full swing, reports The-Sun.

The closure was announced on Facebook earlier this month.

“Store Closing Sale going on now at your Jersey City Sears,” the post said simply.

“Stop in today for great bargains!”

The post included a photo of the department store, devoid of people, with signs advertising that “everything” is at least 25% to 75% off.

The post quickly got dozens of reactions.

“Oh god NO!” one customer replied.

Others were unsurprised, given the company’s rapid decline.

“Knew it was just a matter of time,” a user said. “Any Sears/KMarts still open in 2024 just flabbergasts me.”

Any fans of the company will have a long way to travel before they find another location. The next closest Sears is in Massachusetts, outside Boston.

The midwest already lost all of its Sears locations, according to data website Scrape Hero.

In addition to the one in Massachusetts, just four states still have Sears locations.

There are four stores in California, three in Florida, two in Washington, and one in Texas.

There is also one location remaining in Puerto Rico.

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Also Read: A US Company Now Declares An Unexpected Bankruptcy

Other Economy News Today

Market News Today - A Massive Department Store Now Closes For Good.
Market News Today – A Massive Department Store Now Closes For Good.

A massive online retailer now lays off 1,000 employees in efforts to align costs more closely with the pace of growth, the CEO said.

eBay layoffs have now grown to a whopping 1,000, which accounts for 9% of the retail giant’s workforce.

The company will also scale back contract work, CEO Jamie Iannone said.

eBay is grappling with external pressure including a “challenging macroeconomic environment,” and its “headcount and expenses have outpaced the growth of our business,” Iannone said.

The move will cost $90 million to $110 million, largely severance payments and post-employment benefits and most of it in Q4 2023, according to a filing with the Securities and Exchange Commission.

The workforce restructuring will be nearly complete by the end of Q2 this year, per the filing.

Nearly a year ago, the marketplace laid off about 500 employees.

In November, Chief Financial Officer Steve Priest said the company was “looking at every area of our cost structure.”

“And we can control our cost structure,” he also said, per an earnings transcript.

“I mean, we are operating in a rather dynamic macro environment and so we will lean in as we said, and make sure that our costs grow more slowly than revenue in 2024.”

The focus on cost containment is something of a departure, according to Wells Fargo analysts led by Ken Gawrelski.

“eBay is managing its cost base aggressively post a period of reinvestment in tech and product development,” Gawrelski said.

The company last year unveiled a ‘Certified by Brand’ luxury resale program, invested in sports trading card company COMC and introduced a trading card submission service.

The previous year eBay acquired collectibles tech platform TCGplayer for $295 million.

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Also Read: A Massive Furniture Company Now Lays Off 1,650 Employees

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Market News Today - A Massive Department Store Now Closes For Good.
Market News Today – A Massive Department Store Now Closes For Good.

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