Sears is Falling!

Come to think of it, the only time I go into Sears is to cut through them and get to the main mall. So what's wrong with Sears?

The giant retailer has reportedly plummeted down 99% and really is not sure if it will ever recover.

The company earned $2 million, or 1 cent per share, compared with $196 million, or $1.27 per share, in the quarter a year earlier. Sales slumped 3.3 percent, to $11.5 billion.

Sears attributed the earnings slump largely to a $223 million decline in gross margins. Sales at Sears stores open a year or more fell 4.2 percent in the quarter, while sales at Kmart stores open at least a year fell 5 percent.

"It was a horrible quarter," Scott Rothbort, president of Lakeview Asset Management in Millburn, New Jersey, which holds Sears shares, told Bloomberg News. "They had to take a lot of markdowns to move that apparel."

Time to "make a wish"!

Sears Falls Hard (Portfolio.com)