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View Full Version : kmart going to file bankruptcy?


twikoff
01-02-02, 12:36 PM
just saw a quick story about this on cnn news

havent looked around for a link yet

shumway
01-02-02, 12:40 PM
Holy Crap, looks like Wal*Mart is really killin' the big boys too these days. Wonder if they'll blame it on September 11th?

twikoff
01-02-02, 12:40 PM
Originally posted by shumway
Holy Crap, looks like Wal*Mart is really killin' the big boys too these days. Wonder if they'll blame it on September 11th?

the story said that these chains were all doing pretty well since 9-11.. with the exception of k-mart

not sure what their excuse is

Brian Shannon
01-02-02, 12:42 PM
I would not be suprised. Whenever I have been forced to go inside a KMart it is usually a filthy pit. At least WalMart is so busy you usually do not notice how much of a pit it is.

NEW YORK (CNN/Money) - Prudential Securities cut its outlook on discount retailer Kmart Corp. to a rare "sell" rating Wednesday, citing potential cash-flow problems and saying a Chapter 11 bankruptcy filing is likely if the company fails to show significant improvement in the first half of 2002.

http://money.cnn.com/2002/01/02/companies/kmart/

shumway
01-02-02, 12:43 PM
Just found this one:

http://biz.yahoo.com/rb/020102/business_retail_kmart_dc_1.html

Adam Tyner
01-02-02, 12:44 PM
Wednesday January 2 1:07 PM ET
Kmart Says Has Enough Strategic Funds

NEW YORK (Reuters) - Kmart Corp (NYSE:KM - news), responding to a Wall Street analyst's suggestion that it may face bankruptcy, on Wednesday said the discount retail chain has sufficient funds and available lines of credit to continue to carry out its strategies.

Earlier Wednesday, Prudential Securities analyst Wayne Hood cut his rating on the stock to ``sell'' from ``hold'' and said he ''would not be surprised if the company were to file Chapter 11 bankruptcy if trends do not improve.''

Shares of Kmart plunged to their lowest point in at least 20 years after Hood's downgrade, dropping 84 cents, or 15.4 percent, to $4.62 in early afternoon trading on the New York Stock Exchange (news - web sites).

funkydjmcescher
01-02-02, 12:44 PM
They are OK. BUT,They still stink @ customer service & their stores have the feel of Afgan back alley bazaar !

http://www.reuters.com/news_article.jhtml?type=businessnews&StoryID=488075

ViewAskewbian
01-02-02, 12:45 PM
Prudential Downgrades Kmart's Stock (http://biz.yahoo.com/apf/020102/kmart_1.html)

Kmart shares plunge after Prudential downgrade (http://biz.yahoo.com/rf/020102/n02359826_2.html)

Kmart hits 52-low on downgrade (http://www.marketwatch.com/news/yhoo/story.asp?source=blq/yhoo&siteid=yhoo&dist=yhoo&guid=%7BEC8045BE%2D3692%2D4CDD%2D9EC5%2DA6EB5A984FBC%7D)

heimerSWT
01-02-02, 12:46 PM
The lines at Kmart are rediculous. Whenever I am at Wal-Mart, there are at least 2 checkout lanes with no wait. Because of this, I drive 5 miles farther to get what I need at Wal-Mart.

I believe this is one of the (many) reasons why Kmart sucks so bad.

funkydjmcescher
01-02-02, 12:51 PM
Originally posted by heimerSWT
The lines at Kmart are rediculous. Whenever I am at Wal-Mart, there are at least 2 checkout lanes with no wait. Because of this, I drive 5 miles farther to get what I need at Wal-Mart.

I believe this is one of the (many) reasons why Kmart sucks so bad.

I gave up shopping there because no one speaks any ENGLISH ( that I can figure out!) all they know is "NEXT".

Seeker
01-02-02, 12:53 PM
Kmart has been on the edge for quite a few years.

We'll see what happens....

twikoff
01-02-02, 01:03 PM
so instead of kmart/walmart

the big two will be.... walmart and target?

X
01-02-02, 01:03 PM
So will Army of Darkness then contain an obscure reference to people born in the next generation?

Can't wait to see all the blue lights for sale on ebay.

mikehunt
01-02-02, 01:06 PM
is it possible the gun owners' boycott worked?

das Monkey
01-02-02, 01:10 PM
Originally posted by funkydjmcescher
They are OK. BUT,They still stink @ customer service & their stores have the feel of Afgan back alley bazaar !

:lol: rotfl :lol:

It's funny, because it's true.

And I don't think any 9/11 or gun boycott or anything else had anything to do with this. Their store has been crap for years. Wal-Mart was twice as good as they were, and their attempts to renovate and come back into prominence were hollow. Their ads are crap, their service is crap, there's always trash and food and toys in the aisles. I too drive extra distances just to go to a Wal-Mart.

das

squidget
01-02-02, 01:11 PM
i can't stand kmart, and walmart is just as bad. in my area they have the same issues: can't find sh**, when i ask someone they a)don't speak english b)don't know what im talking about. (all i want is a friggin mop and bucket is that so difficult? well thats a seperate story)
the lines are always too long, there is too many people, and pallets, product and carts everywhere. i actually drive out an extra 10 miles to go to target greenland in reston instead.
much much better

kian69
01-02-02, 01:21 PM
I'm not surprised, Kmart closed down its branches in Canada a few years ago.

jfoobar
01-02-02, 01:24 PM
Originally posted by mikehunt
is it possible the gun owners' boycott worked?

Doubt it.

The reason for K-Mart's rapid decline has very little to do with Wal-Mart, it has to do with poor management from the top down.

vaporware
01-02-02, 01:24 PM
Most of the Kmarts in my area closed down years ago.

When i think Kmart i think suckekekekekekekekekekekekekeke

Mitsurugi
01-02-02, 01:26 PM
So no where is Martha Stewart going to sell her towels and such other fine products?;)

Keyser Soze
01-02-02, 01:27 PM
I guess DTSC is going to have to find somewhere new to get his "Grrrranimals".

:lol:

-k
###

kian69
01-02-02, 01:27 PM
In a few years we're going to have to explain to our kids what Beetlejuice meant when he said "Attention all Kmart Shoppers". :lol:

POWERBOMB
01-02-02, 01:34 PM
I had two friends quit there the day after Xmas. They said they were being asked to put in long hours yet in split shifts. In other words, they would work 13 hour days but in increments of 2 hours or less. They would spend their "off" time in the employee breakroom. They quit cuz they just couldn't deal with the madness anymore.

icondude
01-02-02, 04:30 PM
Where I live the Kmart is much better than the Walmart because the lines at Walmart are always horifficaly long.

bboisvert
01-02-02, 04:34 PM
The K-Mart near me keeps thier DVDs locked in a case and (as far as I can tell) no one in the store has the key.

I'm not an economist, but I would guess that they'd probably sell more product if it were actually out where customers can buy it, instead of caged up like a zoo animal.

CaptDS9E
01-02-02, 05:48 PM
As bad as it sounds i hope the k-mart near my house closes. They never have anything anyway and its always empty. I pray we get a best buy here. Just walk down the block if i need to pick something up

capt

kornhead
01-02-02, 07:52 PM
They just got done re-modeling the K-Mart by me. They made it a "Super K-Mart" or something like that. it's suppose to have everything know, like a Wal-Mart.

jiggyblau
01-03-02, 07:59 AM
Originally posted by twikoff
so instead of kmart/walmart

the big two will be.... walmart and target?

That's the way I've looked at it for a couple years already.

Wal-Mart has already killed Jamesway, Bradlees, Clover, Ames (almost), and who knows what other regional chains. Meanwhile, K-Mart has been suffering for years now.

I think the reasons Target does so well are its differentiated merchandise and the fact that it had the advantage of expanding while Wal-Mart was on top, instead of having to alter the stores (ie. K-Mart Pantry!) just to compete.

mtucker
01-03-02, 12:19 PM
One of the problems I've noticed at most of the KMarts I go to is that they have a lot of inventory, and a lot of it is in the aisles so you end up having to walk single-file to get anywhere. The DVD's and video games are seldomly arranged in any sort of coherent manner and finding a specific title that you're looking for can be difficult.

bboisvert
01-03-02, 01:13 PM
Originally posted by mtucker
One of the problems I've noticed at most of the KMarts I go to is that they have a lot of inventory, and a lot of it is in the aisles so you end up having to walk single-file to get anywhere

Yeah, that is a huge problem at any K-Mart I visit. They not only put the aisles too close together, but areas that used to be "free space" are now jammed with product. (and, more frustrating, unopened boxes of product -- stuff that you'd usually see in storerooms, but not out in the open).

I find it very difficult to navigate their stores, and I'm young, able-bodied, and never buy enought that I require a shopping cart.

PlumPeach
01-03-02, 10:51 PM
"KMART SUCKS!"

-Raymond Babbit (Rain Man)

Quatermass
01-04-02, 09:49 AM
We never had K-Mart stores until about 4 years ago when they opened up in the three buildings around town that had been vacated by Venture, who was a retailer a lot like K-Mart, when they went belly up. I remember thinking at the time "they're going to open the exact same business in the exact same places that it just failed? What genius came up with that plan?"
Although I did get some good deals on some Anchor Bay DVD's, the store I went to was poorly staffed and there were usually no prices on the items or the shelves, so the only way you could find out how much something cost was to take it to the Customer service window in the front of the store. Even though they had 25 registers, there were usually only 2 or 3 open. Their specials were usually out of stock on the first day they were advertised. While I'm at it, I might as well complain about the parking lot - they had about 50 handicapped spaces plus another 20 "expectant mother" spaces that were always empty. I've got nothing against handicapped people or pregnant women and I am sure the number of handicapped spaces was federally mandated based on the square footage of the parking lot, which was much bigger than it had to be. It's just one of those things that make you shake your head in disgust when you are one of a handful of people in the store and you have walk 100 yards across an empty parking lot.

Whew! I feel better.

Does anyone know if K-Mart still owns WaldenBooks? I would miss them if they went away.

grunter
01-07-02, 12:50 PM
Originally posted by Brian Shannon
I would not be suprised. Whenever I have been forced to go inside a KMart it is usually a filthy pit. At least WalMart is so busy you usually do not notice how much of a pit it is.

If "being a filthy pit" is all it takes to make a business go under these days, then could someone please explain why KayBe Toy Stores are still open? To walk down the aisles in any KayBe Toy Store in the Chicagoland area means tromping through a carpet of crunched action figure bubble packages. When - oh when - will this chain store file for bankruptcy? Pretty please.

And I could stand to see Waldenbooks tank as well. Absolutely no selection and full (sometimes above) MSRP on all titles. Sorry, but with a quick clickety-clickety-click, I've got the same title in mint condition under cover price from Half.com shipped.

Quatermass
01-07-02, 04:39 PM
This article by a stock analyst was published today:

Bernstein's research note said bankruptcy for Troy, Michigan-based Kmart is not imminent partly because the retailer has no debt maturing until 2004 and will generate enough cash from operations in 2002 to cover expenditures.

This guy did say that some sort of re-organization was badly needed and likely. It might involve closing some stores but he didn't think the whole chain would go away, at least not any time soon.


Also, I should have mentioned that the WaldenBooks near me is a "clearing house" where they sell books for as much as 90% off. That is why I would miss it. If only they sold DVD's!

Jadzia
01-07-02, 08:53 PM
Originally posted by Quatermass


Does anyone know if K-Mart still owns WaldenBooks? I would miss them if they went away.

Waldenbooks is now owned and operated by Borders.

dvd-fisherman
01-08-02, 01:29 PM
NOOOOOOOOOOOOOOOOOOOOOO. Kmart don't goooooooo!!!