Casket Discounters

Those mid- to late-20th century days were a time of stiff white shirts, die-hard company camaraderie and the opportunity to make lots of money. Sales and profits were up, promotions were frequent and profit-sharing was standard for many. Working for the country's largest retailer was an honor, retirees say.But more recently, the walks down Sears memory lane have turned to worrying — about the state of the stores, Chairman Edward Lampert's turnaround plan and, closer to home, the future of their retirement and life insurance plans.One of the 124-year-old retailer's mottos was "Sears has everything," and for its employees the mantra rang true. Over the years, however, restructuring and financial challenges eventually ended many of those popular perks.The profit-sharing fund was dropped in 1978. The pension plan was frozen in 2005. Life insurance coverage was slashed in 1997. Last year, Sears employees who retired before 2000 lost a monthly health subsidy of $37.Sears Holdings Corp., now the corporate entity for both Sears and Kmart, says it maintains a regular dialogue with its retirees, including a newsletter designed to keep them up-to-date on the company, and Lampert recently told the Tribune the company has honored its obligations to retirees and pension beneficiaries.Nonetheless, since a company warning earlier this year that it's uncertain about its future, many retirees say they are less concerned about their pensions than their life insurance payout, which averages roughly $10,000, according to Ron Olbrysh, chairman of the National Association of Retired Sears Employees.Most are 70 and older, and some are not in good health. They worry about what would happen to Sears' funding of their life insurance policies if the company files for bankruptcy.Retirees who sat down with the Tribune to reflect on their time with the company say it was Sears' inability to look ahead and keep up with changing times that led to its decline. Company watchers agree."It was a great business until the people at the top decided that strategy didn't... (Chicago Tribune)

Now, she mainly looks for inspiration on social media."I discover brands through Instagram," said Dao, 33, of St. Paul, Minnesota.Elizabeth Troy says she was the "queen of sales," going through discounted items at J. Crew and Banana Republic stores at malls near where she lives in Richmond, Virginia. But her go-to source has become the online subscription service Stitch Fix, which lets her try on clothes at home and decide what to keep."I almost never go out to buy now," says Troy, 50.Those kind of shifts illustrate the way people are changing how they buy clothing. Shoppers aren't just showrooming at stores and then buying the same items online if they can find better prices - it's a more significant separation from the mall.That is spelling big problems for mall chains like The Limited, which has shut all 250 of its stores, and Wet Seal, which filed for bankruptcy. Department stores like Macy's and J.C. Penney - anchors for the malls - are also closing stores. Sears Holdings Corp. has said there's "substantial doubt" about its future, but believes its plan to turn around its business should reduce that risk. The number of "distressed" retailers - those with cash problems and poor credit profiles that are facing strong competition - is at the highest rate since 2009, says Moody's Investor Service."Retail is increasingly becoming boring," said James Reinhart, CEO of the used-clothing marketplace thredUP. He says much of the merchandise at stores is homogenous, while online "each day there's a whole new assortment."Department stores make regular announcements about the next way they're going to win customers back, like offering more athletic-inspired clothes or adding tech areas. But they're fighting a market in which people are already buying fewer clothes, spending online or at discounters when they do, and demanding more personal and convenient ways to buy.Brands like Stitch Fix and Bonobos offer curated selections based on people's preferences, while companies like thredUP capitalize on shoppers' increasing willingness to buy ... (Chicago Daily Herald)