The Blue Crew is going for the gold. Sears Holdings
This isn't such an outlandish proposition. Gold has been hitting record levels in the wake of Greece's financial crisis. The euro is tanking, and if the European bailout doesn't hold, other countries may follow Greece into calamity. "In gold we trust" has become the motto of many traders these days. We may still see gold at $5,000 an ounce.
For Sears Holdings, the service might provide some padding, since it hasn't been faring too well against the onslaught of Wal-Mart Stores
Consumers who might be hesitant to mail their jewelry to some seemingly fly by-night operation advertised on TV would have no compunction about walking into a Sears store to pick up an envelope. And while EZCORP
Sears is running the operation with Pro Gold Network, a gold and silver purchasing outfit with 30 years of experience. Consumers can pick up a mail-in kit which includes a postage-paid envelope, insured up to $750. If you don't like the price offered, you can get your heirlooms back, free of charge.
What's missing from the equation is Sears Holdings' cut. The company didn't spell out what its percentage is. This might be a profitable move for Sears Holdings, but the once-venerable retailer also takes a hit to its reputation. Sure, consumers might flock to their local Kmart to cash in their gold and silver. But being known as the neighborhood pawnshop is a long way from being America's retail icon, even if it does ultimately contribute to Sears' bottom line.
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