/biz/ - Business & Finance

Kmart anon here just got noticed that all stores Kmart and Sears are set to close by Dec 1st and will be announced sept 1st. Sell stock if you still have it, I will need to find a new job to wage slave at for PM.

>Be new Kmart Wagie
>Job isn't that bad
>Get called to the back for a pep rally
>Typical feel good shit
>Lets us know the state of the company
>Only two sears stores are actually turning a profit, no Kmarts.
>Ours is bleeding 5% every quarter and hasn't turned a profit since 08
>Getting rid of electronics, jewelry, garden, and automotive since they are not selling.

How can a company stay afloat for this long, why not just cut your losses?

So I got hired at this place and I asked my manager why I am making 7.50 hr (My states minimum) when the competitive rate locally is 11 hr. I was told the store hadn't turned a profit in 12 years, and the company is trying to turn things around (this is the same for the whole company). I am a pretty optimistic guy but, at what point do you just give up? I don't really see the point of keeping a business open loosing all that money.