Service Mechandise b&m going out of business.....

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M

maxcom

Diamond Member
Dec 1, 2000
7,650
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clickity


ALL SALES FINAL


Clerk said they knew their store would remain open at least until 1-20-2002.


I did a search so don't flame me punk.;)
 
D

DevilsAdvocate

Banned
Jul 1, 2000
10,274
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Nationwide - Service Merch is going belly up. Quite frankly, I have no idea how they stayed open as long as they did.
 
Zorba

Zorba

Lifer
Oct 22, 1999
15,613
11,255
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Just the other day I was pondering how the one local to Tulsa was still in business. Parking lot is always empty.

Thanks for the heads up :D
 
X

XFreebie

Banned
Dec 12, 2000
1,414
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hope staples doesnt end up like this..... they are bleeding $ out their .com unit....
 
J

Justincase

Golden Member
Jul 9, 2001
1,154
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>>>hope staples doesnt end up like this..... they are bleeding $ out their .com unit.<<<

Really? I distinctly remember reading a few weeks ago that Staples declared that Staples.com was profitable...I couldn't believe it, but that was the claim.
 
M

MighTiVo

Member
May 17, 2001
84
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"fallout from the Sept. 11 attacks crippled the chain"

That is sad, they have been shutting down since the owner got divorced in 1997 and the strores assets were split (exwife owned most of the property the stores were built on)
 
F

flomokev

Senior member
Mar 5, 2001
348
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I heard about Service Merchandise going belly up the other day on the radio. Something about cutting prices too much over time. Too much overpriced low quality junk, IMHO.

The next B&M that might have trouble is Kmart. A report on the radio quoted a Prudential Investment spokeperson as downgrading the Big K stock as a sell. Kmart bleed a lot of red this last holiday and sales were off from the year before.
 
L

locutus4

Banned
Oct 9, 1999
1,518
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Well i work at this store and dont go now there are NO discounts yet. I got the letter about a week ago from my manager and it states the liquidators are comming in Jan 19th to take over the store and thats when the discounts may start. I actually heard they might raise prices at first, but probably just a rumor. Now, the liquidations will continue for approximately 15 weeks. The store was actually profitable last year after it got rid of electronics/toys/furniture/other crap. At that time the court extended their timeframe to get out of bankruptcy, but they didnt quite make it. Problem was all the stores had all that space from clearing out the stuff before, and nothing to fill it with. Jewlrey there really isnt that bad, if you can get some discounts go for it. Trust me, its at least as good as the shat at the mall, BUT ALL SALES ARE FINAL SO DONT COME BACK TO ME AND COMPLAIN, THERES ENOUGH PEOPLE ALREADY DOING THAT.
 
L

locutus4

Banned
Oct 9, 1999
1,518
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hey J/C, many of the stores decided to sublet square footage at many of its stores after the clearance last year, but none of the 2 in my area. Did any of the stores around you guys do this?
 
Danzilla

Danzilla

Platinum Member
Dec 30, 2000
2,747
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Are you saying the clearance is already on? The news article seems to say that liquidation starts Jan 19.

D.
 
B

brxndxn

Diamond Member
Apr 3, 2001
8,475
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Wow.. The store in Bradenton, FL was just opened like 2 years ago with a MAJOR renovation.. Huge and bright inside.. Once they got rid of electronics, the store went downhill.. I think the problem with the store was that everything was higher priced than Target, Walmart, Kmart, etc and it pretty much carried the same stuff. The jewelry was the only decently-priced stuff... However, when the store does anounce 75% off, I'm going to buy one of the computer-controlled telescopes that are sitting on the top shelves.

I laughed my ass off when the Canon S110 was marked $599 on Christmas Eve there.
 
D

divide by zero

Golden Member
Feb 18, 2000
1,025
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At the Sear HomeLife liquidation the initial markdown was only 10%, after seeing things discounted for 20% not too long before that I certainly thought it wasn't a great sale. Of course they kept taking markdowns over time and we got lucky and got our dining room set for 50% off. Lucky because by the time it was that cheap there was only one set left in the Central Florida area - Orlando, Lakeland, & Tampa - and one chair has a crack in it. So, go, find what you want, and keep going back to watch the markdowns. Some folks are more eager to buy than others so things may go at a higher price than you want them for.
 
C

CURLYnoodle

Member
Oct 11, 1999
123
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<< do they have a website? how do i find out where their located in california? >>



I am gonna go out on a limb here and say its servicemerchandise.com!


thank god for google... I don't think we would have ever found this one!


regards,

noodle
 
M

manly

Lifer
Jan 25, 2000
13,164
3,947
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<< >>>hope staples doesnt end up like this..... they are bleeding $ out their .com unit.<<<

Really? I distinctly remember reading a few weeks ago that Staples declared that Staples.com was profitable...I couldn't believe it, but that was the claim. >>



Profitable means jack within the current regulatory system.

As one example, Enron was reporting healthy profits for quite a number of quarters until the truth came out.
 
H

hunt3r

Member
Aug 22, 2001
190
0
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I was going to post this two days ago but wanted to go check it out first.... as someone said, most of the time the real deals don't start untill they are weeks into the liqudation.

I did drive by one yesturday (didn't have time to go in) and they do have a HUGE banner out side proclaiming "up to 75% off".

I was going to go today at lunch to see what was up or down as the case may be, before posting here but since someone else did...I probably won't unless you guys really want me to.
 
J

juser

Member
Jan 6, 2001
56
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It has been my experience once liquidators come in, prices go up. Everyone flocks to the stores for deals and ends up paying full price for most items. This happend when MonkeyWards went under and Heckingers (a large local HW chain). You are not going to get any deals once a professional liquidation firm takes over.
 
G

GetReal

Golden Member
Mar 30, 2001
1,747
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<< It has been my experience once liquidators come in, prices go up. Everyone flocks to the stores for deals and ends up paying full price for most items. This happend when MonkeyWards went under and Heckingers (a large local HW chain). You are not going to get any deals once a professional liquidation firm takes over. >>



I agree. These professional liquidations are nothing but a scam. These firms are exprerts at marketing and product pricing. They go into a store and inventory all the items, mark them back up to full retail and remove anything that can be sold at full retail at one of their other "liquidation sales". Once they have determined the local market, they start their % off sell with a discount of between 10% to 25 % and over a period of months, they increase the % to around 75% before they actually close shop and sell the few remaining items to a surplus dealer.
 
M

MegaNerd

Senior member
Jul 31, 2001
328
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<< Really? I distinctly remember reading a few weeks ago that Staples declared that Staples.com was profitable...I couldn't believe it, but that was the claim. >>



I remember reading that as well. I think the margins are pretty good on a lot of their non-electronic inventory, and besides EVERYBODY doesn't hang out here at AT!! :D:D:D
 
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nealr

Senior member
Dec 20, 2000
771
0
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Also, Once the Liquidators take over, they usually bring truck fulls of 'other' merchandise to sell. Most of this stuff usually isn't even from the real store itself. They buy a bunch of surplus crap cheap somewhere, and stick it into whatever store they're currently liquidating. Before the sale starts, watch the stores, you'll see a lot of trucks un-loading?
 
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