Now selling at Sears: A $33,000 Rolex
The downtrodden retailer is trying to liven up its image with luxury goods. It's the latest sign of desperation from a company that has lost $4 billion in 2 years.
It's a bizarre move for the retailer, one that is being championed by chairman and CEO Edward Lampert, The Wall Street Journal reports.
The items, which also include a $4,400 Chanel handbag and $445 Balenciaga sunglasses, can be found only on Sears' website -- normally a place you'd go to check out hydrostatic yard tractors, French-door refrigerators and gas ranges.
Why on earth would Sears add $600 boots to the mix? Because the company is desperate for a new, hip image. It's also a relatively easy move, since the items are sold by third-party vendors and are not in Sears' actual inventory. Sears gets a commission of up to 20% on anything sold, as well as a $40 monthly fee from the vendors, the Journal reports.
The $33,000 Rolex has the words "Yacht-Master II" engraved on it and is made of 18-karat white gold. It has a 10-minute regatta timer and is water resistant to 100 meters. It's being sold on Sears' site by a company called Bob's Watches.
Another Rolex, a $31,000 women's watch, is pre-owned and made of 18-karat rose gold.
But some shoppers are confused, the Journal reports. Some people are wondering whether the goods are fake, since Sears is not a place you'd normally go for Jimmy Choos.
Sears has lost more than $4 billion in the past two years. Now it's at the point where it's throwing anything it can at the wall to see what sticks.
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sounds like a pawn shop....
Another Rolex, a $31,000 , is pre-owned and made of 18-karat rose gold.
People buy them because they can! Sears should have learned from VW, and their success with the Phantom! People spending on high end items, want all of the " Du Jour that goes with it "
Sorry, Sears you just aren't part of it!
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[BRIEFING.COM] The stock market finished an upbeat week on a mixed note. The S&P 500 added just over a point, holding its weekly gain at 1.0% while the Nasdaq lost 0.4%.
The major averages began the day on an upbeat note, but relinquished their opening gains during the first 90 minutes of action. The early sentiment was boosted by a better-than-expected nonfarm payrolls report for February (175K versus Briefing.com consensus 163K), but a closer look into the report suggested that ... More
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The solid report comes a month after the retailer closed all of its Canadian operations.
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