Sears Canada (Symbol-SCC)

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Shakespeare
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Re: Sears Canada (Symbol-SCC)

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Re: Sears Canada (Symbol-SCC)

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Deals scarce in Sears Canada liquidation sale | Toronto Star

Not a surprise; the deals won't appear for at least a couple of weeks.
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Re: Sears Canada (Symbol-SCC)

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Shakespeare wrote: 19 Oct 2017 09:11 Another reason not to buy extended warranties:
What about those customers who bought the "if you don't use it you will be reimbursed". There were a couple of stories in the media about that yesterday.
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Re: Sears Canada (Symbol-SCC)

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I am in that position or soon will be

money p*ssed away
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Re: Sears Canada (Symbol-SCC)

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brad911 wrote: 20 Oct 2017 09:58
Shakespeare wrote: 19 Oct 2017 09:11 Another reason not to buy extended warranties:
What about those customers who bought the "if you don't use it you will be reimbursed". There were a couple of stories in the media about that yesterday.
They are only as good as the company is solvent. We all know that going in.

I've only ever bought one of those.... just over 10 or 12 years ago when I bought my first big flat screen TV from Visions (not being certain whether my $2500 expense would 3 or 10 years). Fortunately, the company was still around for me to collect on that, and used the funds to subsidize the purchase of a flat screen for my then gf. Beyond that, I've never bought extended warranties.

Sometimes if the warranty 'package' is backstopped by a third party, there could be more confidence that the company will be around to collect, but it is all a shaky, shady business. Like roofing companies that re-invent themselves every 5-10 years so that they don't have to honor those 15-20 year roof warranties.
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Re: Sears Canada (Symbol-SCC)

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I'm especially aggravated because we bought the extended warranty for our stove purchased at Sears. At the time, the writing was on the wall and I asked the lady what would happen to the warranty if Sears went under. She assured us that it was a third-party company managing the warranty and that we would be fine. Hahaha.

We called for service on the last day it was available and a guy did show up, but of course, he needed a part that he didn't have with him. He said if they have it in stock we will still be able to get it fixed under warranty next week but if not, we're SOL.
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Re: Sears Canada (Symbol-SCC)

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brad911 wrote: 20 Oct 2017 09:58
Shakespeare wrote: 19 Oct 2017 09:11 Another reason not to buy extended warranties:
What about those customers who bought the "if you don't use it you will be reimbursed". There were a couple of stories in the media about that yesterday.
Here's how that works (worked) with Sears:

If you don't use the warranty, you need to go to a Sears store with your original receipt. They will then reimburse you the amount you paid for the warranty in Sears gift cards, not cash.

Those gift cards can be used to pay for only 50% of a purchase.

They can't be used against sale-priced merchandise - only full-price stuff.

So if you paid $400 for your warranty, you have to buy $800 worth of stuff in order to get your money back.

IOW, not worth the bother.
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Re: Sears Canada (Symbol-SCC)

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If you paid for an extended warranty with a credit card, would the cc company refund you if you disputed the charge?

I found this info regarding chargebacks:

1. Act promptly. According to Fleming, many complainants don't qualify for a chargeback because they didn't raise their concerns or provide required information to the card company within a reasonable timeframe.

"Begin the chargeback process as soon as the issue arises," agrees Gomes. "Most credit card companies provide a limited time for consumers to request a reversal of charges, so it's important to ask your credit card company about its deadlines [upfront]."

The issue has just arisen, but i don't know if the fact that the warranty was paid for months or years ago would disqualify it.

I have never bought an extended warranty, but I did successfully have a purchase charged back to a company that went out of business and did not deliver the service.
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Re: Sears Canada (Symbol-SCC)

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DW wanted to go into the local Home Store this morning to see if there were any great bargains, so off we went with me being 100% pessimistic. Not only were there no bargains (mostly just 10% off), but other than the appliance section, the furniture section was extremely depressing. Better value can be found at Leons, The Brick or Ashleys if one is into that category of furniture.
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Re: Sears Canada (Symbol-SCC)

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Since Sears is practically paying $0 psf for rent, the liquidator has no incentive to move the inventory with any speed.

I suspect their whole intent is to hold onto most inventory until the Christmas season and only start discounting by 10% per month starting in January.

I give them until mid-2018 to shut off the lights.

Try to visit locations where it's obvious SCC isn't paying a historic nearly free rent: they'll actually try to discount the heavy stuff.

At least that's how I'd do it!
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Re: Sears Canada (Symbol-SCC)

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Maybe. The local Home store looked like a war zone with cartons of stuff stacked next to frazzled displays. I suspect they wanted to get rid of any warehouse they might still have in town where they might be paying big rent on.

We did NOT go into the Dept Store today. Can't imagine why if I didn't want to buy there before, why I'd want to buy now if it's only 10% or so off. Fifty percent might get my attention on some things like Levis, underwear and socks.
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Re: Sears Canada (Symbol-SCC)

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I haven't even been tempted to visit a store, although I did have to walk through one over Christmas to change floors at the local mall. What a disaster. The final day is now here Final Sears Canada stores shuttered for good - CBC News
CBC article wrote:All remaining Sears Canada stores will close their doors for good on Sunday, including 17 in Ontario.

The department store chain had been in business in Canada since 1953, but struggled in recent years to adapt to the internet age.
IMHO it wasn't adapting to the internet age that was their core problem, that's just an easy excuse. And don't try the Walmart invasion killed the sector because look how Canadian Tire has flourished since Walmart arrived and was supposed to kill the Canadian general goods retailers.
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Re: Sears Canada (Symbol-SCC)

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I think you are partially correct. Not selling stuff on the internet wasn't the main problem; not realizing what kind of (better and often cheaper) stuff others could buy on the internet was. They just let the market move past them.
I see the Bay going down the same path. As an example, shoe selection in store is always shit. Online inventory is a bit better, but IS NEVER CHEAPER than what I can find elsewhere. Their sales always target the low-end of the market that's crap and no one buys anway. That's a problem.
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Re: Sears Canada (Symbol-SCC)

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Horrendous service in the stores, horrendous to nonexistent after-service, boring old man old women clothes, dated items for the home and just an overall malaise is what did them in. They did nothing to adapt to modern global realities. Day after day we would drive by our local Sears and virtually the only people going in were a few (forgive me) old white people. That would be fine if that were representative of the actual demographics around here. Very good point about Canadian Tire above. They are doing a great job.

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Re: Sears Canada (Symbol-SCC)

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nisser wrote: 14 Jan 2018 10:42 I think you are partially correct. Not selling stuff on the internet wasn't the main problem; not realizing what kind of (better and often cheaper) stuff others could buy on the internet was. They just let the market move past them.
I see the Bay going down the same path. As an example, shoe selection in store is always shit. Online inventory is a bit better, but IS NEVER CHEAPER than what I can find elsewhere. Their sales always target the low-end of the market that's crap and no one buys anway. That's a problem.
Agree that the Bay needs to be very, very careful. They cannot rely on past realities / myths of what Canadian society is / was to ensure the future. Our local Bay is a real downer, for sure.

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Re: Sears Canada (Symbol-SCC)

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2 yen wrote: 14 Jan 2018 16:18 Agree that the Bay needs to be very, very careful. They cannot rely on past realities / myths of what Canadian society is / was to ensure the future. Our local Bay is a real downer, for sure.
Department stores have to recognize they cannot be all things to all people. Focus on what they do best and that is what the 25-45 year olds need and want. There is no way the Bay should be in home furnishings or large appliances. I cannot imagine why they would try to do what Leons, the Brick, Ikea, and others do way better. Same thing on shoes... What in the world are they doing in shoes when there are 10 shoe stores in the mall catering to every need?

When I compare our local (small footprint) Bay with the multi-floor Bay in Vancouver downtown, our local Bay is missing the mark. It should not be a bit of everything in each Department, it should be limited to just some departments.
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Re: Sears Canada (Symbol-SCC)

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AltaRed wrote: 14 Jan 2018 16:57When I compare our local (small footprint) Bay with the multi-floor Bay in Vancouver downtown, our local Bay is missing the mark. It should not be a bit of everything in each Department, it should be limited to just some departments.
Yes The Bay is best known as the place where you catch the bus to West Van. And the 2-storey Bay anchor in Park Royal suffers the same symptoms as your Kelowna store. In fact, it brings a whole new perspective on what anchor means.

I was sad to see Sears go. My key investor in my last startup was The Barclay Brothers
($10 million) and they had an involvement with Sears. Even in the 80s, we had some dealings with the executives at Sears Canada and they were forward looking but totally ignored by their corporate overlords.
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Re: Sears Canada (Symbol-SCC)

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2 yen wrote: 14 Jan 2018 11:23 Very good point about Canadian Tire above. They are doing a great job.
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If you say so. IMHO, Crappy Tire has earned its moniker in the last 5 - 10 years. Useless for anything hardware related, tools are most often Chinesium garbage that breaks on the first use and their auto section and service is terrible. Sure, they peddle cheap small appliances, cheap furniture and cheap seasonal items. Not sure how much of a world beating approach that will be going forward.
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Re: Sears Canada (Symbol-SCC)

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Perhaps a reference to CTC.A's 175% total return over the last 5 years?
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Re: Sears Canada (Symbol-SCC)

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OnlyMyOpinion wrote: 14 Jan 2018 22:45 Perhaps a reference to CTC.A's 175% total return over the last 5 years?
That might make it a great stock, but a shitty company. Squeezing as much money out of consumer pockets as possible can increase profits, possibly for a decade or two. There are examples of great stocks that went on for years. Walmart is an example, but I wouldn't give you a nickel for it being a good company. How about Dollerama that is still on a roll? What about Tims that is now degenerating into junk?
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Re: Sears Canada (Symbol-SCC)

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Perhaps we need a thread on companies with store fronts that are forward thinking, have pleasant retail footprints and are delivering a high quality product. (I'm only half kidding)

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Re: Sears Canada (Symbol-SCC)

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OnlyMyOpinion wrote: 14 Jan 2018 22:45 Perhaps a reference to CTC.A's 175% total return over the last 5 years?
Yes I think it is kudos for survival in a tough sector. They are a long way from Nordstroms!
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Re: Sears Canada (Symbol-SCC)

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Jo Anne wrote: 20 Oct 2017 12:34
brad911 wrote: 20 Oct 2017 09:58
Shakespeare wrote: 19 Oct 2017 09:11 Another reason not to buy extended warranties:
What about those customers who bought the "if you don't use it you will be reimbursed". There were a couple of stories in the media about that yesterday.
Here's how that works (worked) with Sears:

If you don't use the warranty, you need to go to a Sears store with your original receipt. They will then reimburse you the amount you paid for the warranty in Sears gift cards, not cash.

Those gift cards can be used to pay for only 50% of a purchase.

They can't be used against sale-priced merchandise - only full-price stuff.

So if you paid $400 for your warranty, you have to buy $800 worth of stuff in order to get your money back.

IOW, not worth the bother.
Apparently it has gone from bad to worse, Sears customers told to continue paying for worthless extended warranties | CBC News
CBC wrote:Imagine making a purchase and being told it won't be delivered but you still have to pay.

Refuse to pay? Then you'll be getting a call from debt collectors.

That's what's happening to former Sears Canada customers now that the department store chain has gone out of business.

They're being forced to pay for extended warranties that are no longer being serviced.
Apparently Scotiabank which now owns the Sears credit card accounts and they are taking a hard line
CBC wrote:Scotiabank spokesperson Brynne Moore said in an email to CBC News that the bank has no responsibility to provide service under the extended warranty.

"When Scotiabank purchased the Chase/Sears' credit card operation in 2015, we did not purchase the extended warranties or any of the obligations associated with the warranties," Moore said.

"Those extended warranties and associated obligations are the responsibility of Sears."

She said customers will have to resolve the issue directly with Sears. But customers can't reach anyone at Sears now that the company is liquidating.
That's outrageous to me and I'm not even impacted by this. I'd never buy an extended warranty on anything. But that's a subject worthy of its own topic.
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Re: Sears Canada (Symbol-SCC)

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Peculiar_Investor wrote: 11 Dec 2018 09:03 That's outrageous to me and I'm not even impacted by this. I'd never buy an extended warranty on anything. But that's a subject worthy of its own topic.
I agree. It seems to be a case of where a big money corporation knows they can bully an individual consumer. I suspect if it ever went to court, Scotiabank would lose (or they would not go there in the first place). But no individual is likely to risk high legal bills and put up with the associated headache over $700 or so.

The only possible silver lining to this story is the "another reason to not buy extended warranties". It would be nice if extended warranties became so widely shunned by consumers they simply went obsolete. Many retailers would bemoan the loss of that cash cow.
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Re: Sears Canada (Symbol-SCC)

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On the other hand, the customers who paid up front for their extended warranties instead of putting it on their Sears cards are just out the money. So why should it be different for the people who chose to put it on their Sears cards?
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