Word: kmart
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...Sears Holding Corp., which runs both the Sears and Kmart department stores, is running a Christmas promotion a full five months before Saint Nick leaves the North Pole with his reindeer. On both the sears.com and kmart.com homepages, customers are invited to "Shop Christmas Lane," and are directed to deals on holiday ornaments, stocking stuffers and other winter-related merchandise. The Christmas goods will also be on display in 372 Sears stores throughout the country; the promotion runs through July 25. (See pictures of crazy Christmas traditions...
...With temperatures simmering and families spending summer days at the shore, most customers aren't exactly in the Christmas spirit. So what convinced Sears, which has seen nothing but annual same-store sales declines at both its namesake and Kmart stores over the past four years, that skeptical shoppers want to open up their wallets for Christmas gifts now? "After the last holiday season, customers told us that they wish they had seen some of our merchandise earlier," says Natalie Norris-Howser, a Sears spokeswoman. "People are buying earlier today. Also, customers have grown accustomed to the Christmas-in-July...
...move, however, may also send a more downbeat message to some shoppers. "It looks more like desperation than inspiration," says retail consultant Burt Flickinger III, managing director of Strategic Resources Group. "It may be a sign that Kmart's spring and summer inventory is not selling through." And Santa certainly isn't going to save Sears and Kmart, retailers that seem increasingly irrelevant in the Walmart/Target/Home Depot world. For example, as Morgan Stanley analyst Gregory Melich writes in a recent equity research report, "Sears Holdings' underinvestment in stores has degraded its ability to withstand the magnitude of the current pullback...
Read about Kmart's emergence from bankruptcy...
...effort to reorganize under Chapter 11 of the bankruptcy code, GM has named Al Koch, a partner in J. Alix & Associates, a Detroit-based turnaround firm, to serve as chief restructuring officer. Koch, who has served as the undertaker for dozens of other firms over the years, including Kmart, will be responsible for laying to rest what is already being quaintly referred to as the old GM and what will no doubt be a mountain of liabilities. (See pictures of GM factory-scapes...