Zellers, Target, Future Shop and now Sears? These former monster businesses have taken a serious hit in the past few years. In a recent quarterly report it was said that Sears Canada has been steadily declining in sales and net worth. Chief Executive, Ron Boire, was shocked by the internal report apparently stating that they "began to see signs that our business was performing better this quarter". On the contrary, Sears has lost 59 million in net worth over the past quarter. Yikes.
So, the real question is "what does this mean for us?" Well in short, money lost by them means money saved by us. Yes my friends, liquidation is upon us. For today and today ONLY, Sears is putting on a massive sale. All of you broke Montrealers sleeping on a lumpy futon should take note. You can get an entire bed ensemble for $299 and a plush storage couch for only $350. It's craziness.
While you'll be able to save hundreds upon hundreds of dollars from this financial blunder, we should still be asking ourselves what this is going to mean in the long run. Including the closure of both Zellers and Target in the past few years, Sears is now the third department store to be hanging on its last legs. What's next? La Baie? Walmart? Is Canada just getting sick of department store shopping?
At the end of the day we should really be asking ourselves where we've been putting our money as of late. Would you rather buy your stuff from an independent store? Or are you spending all your time on Etsy and Modcloth? And are you really going to be sad about the downfall of these department stores? Let us know Montreal!