Interesting story about Sears

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Jstas
Jstas Posts: 14,712
in The Clubhouse
I was going to post this in the other thread but y'all dumped all over it and I have no idea what any of you are spouting off about in it. So suffer through a new thread as punishment for your transgressions.

I was looking for the list of Sears that would be closing in my area and stumble on this piece from ABC News.

It gives pretty good insight beyond the knee-jerk "he was greedy" response to why Sears failed at the hands of this joker. It's an interesting read.

https://www.cbsnews.com/news/meet-the-billionaire-who-led-sears-into-bankruptcy/?ftag=CNM-00-10aab6a&linkId=58238218
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  • nooshinjohn
    nooshinjohn Posts: 25,094
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    Interesting read.
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  • mdaudioguy
    mdaudioguy Posts: 5,165
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    nooshinjohn wrote: »
    Interesting read.

    As John said it was, John.
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  • pitdogg2
    pitdogg2 Posts: 24,559
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    Yep
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  • Jetmaker737
    Jetmaker737 Posts: 1,006
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    Interesting but it's basically just a bio of Lampert. Not a lot of insight into how/why Sears failed other than "they didn't keep up". The dude only needed to enter one of his stores over the last ten years to figure it out. Or watch Target and others. Hard to know his motivations. 20 years ago I might have been sad to see Sears go but now it's like good riddance.
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  • Emlyn
    Emlyn Posts: 4,369
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    I think it's no secret that the real remaining value in Sears and KMart is real estate and its possibilities for redevelopment as shopping malls continue to die. Could be that Lampert is doing a very wise thing by slowly unwinding the failed retail operations while preserving the value of the real estate and long term lease agreements. I have often thought over the last 20 years that a Sears brand could thrive if it cut loose what it does not do well and focus on standalone hardware and appliance stores. I was in one of those some years ago in Ohio and it was excellent. Bankruptcy gives them that option and it's been coming for decades.
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  • mrbigbluelight
    mrbigbluelight Posts: 9,259
    edited October 2018
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    I would agree" that it goes beyond the "He was greedy" reasoning, although that certainly should not be dismissed.
    I would suggest that the phrase "He was grossly incompetent" should be included.

    Lampert didn't respond to a request for comment. In a statement sent to CBS News, he said he believes Sears "has a future."

    Well ..... uhm ..... darn it, he may just be right !! Dollar General, look out, here comes Sears !!

    "We intend to work closely and collaboratively with other stakeholders to restructure the company's balance sheet using the Chapter 11 framework as quickly and efficiently as possible," the statement said. "ESL invested time and money in Sears because we believe the company has a future."

    I suppose that's one way to keep the fish on the hook.

    Sal Palooza
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  • verb
    verb Posts: 10,176
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    Maybe they'll re-emerge as a online only retailer like Montgomery Wards. I stumbled on their website a while ago. After bankruptcy, the online only company switched ownership a few times, but is still in business. Certainly a fragment of what they used to be.

    They are currently owned by Swiss Colony brands - yes the sausage, cheese, and fruitcake company!

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  • Jstas
    Jstas Posts: 14,712
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    Sears stated that the website was not going to be affected.
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  • jflail2
    jflail2 Posts: 2,868
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    I keep seeing people referring to Sears' value as being primarily their RE assets. Just FYI, they spun off about 240 or so properties into Seritage a couple of years ago. So while there's still some RE in the fold, that spin off limits the value of their RE portfolio somewhat

    And honestly, the effect on individual mall owners will depend on the quality of the mall. A high traffic, class A mall will have no problem cutting that box up and leasing to multiple new tenants. Another advantage for "reseating" that space is that anchor tenants usually pay peanuts for their space, while other tenants pay much more per square foot.
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  • nooshinjohn
    nooshinjohn Posts: 25,094
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    And guess who is the CEO of Seritage? Can't make this stuff up people...
    http://ir.seritage.com/od/
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  • jflail2
    jflail2 Posts: 2,868
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    Suspect you mean the Chairman, but point remains. Such a shame, the Sears catalog (especially for a military brat) was the be all/end all for Christmas time wish lists!
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  • nooshinjohn
    nooshinjohn Posts: 25,094
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    Jstas wrote: »
    Sears stated that the website was not going to be affected.

    Their website should be affected, because it sucks.
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    “When once a Republic is corrupted, there is no possibility of remedying any of the growing evils but by removing the corruption and restoring its lost principles; every other correction is either useless or a new evil.”— Thomas Jefferson
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  • kevhed72
    kevhed72 Posts: 4,958
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    "Devotee of Ayn Rand"....hmmm.
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  • sucks2beme
    sucks2beme Posts: 5,557
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    kevhed72 wrote: »
    "Devotee of Ayn Rand"....hmmm.

    In other words, a real piece of work.
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  • nooshinjohn
    nooshinjohn Posts: 25,094
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    kevhed72 wrote: »
    "Devotee of Ayn Rand"....hmmm.

    Umm... no. I know who she was but have not read any of her works. Does she write romance novels?
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  • rooftop59
    rooftop59 Posts: 7,973
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    nooshinjohn wrote: »
    kevhed72 wrote: »
    "Devotee of Ayn Rand"....hmmm.

    Umm... no. I know who she was but have not read any of her works. Does she write romance novels?

    Really John? Major proponent of laissez fair capitalism...as well as a stanch atheist and Nietzchean. But a big proponent of individual rights and property rights. She is, admittedly, a fringe thinker...I don’t personally know her work either...only second hand.
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  • verb
    verb Posts: 10,176
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    Atlas Shrugged
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  • nooshinjohn
    nooshinjohn Posts: 25,094
    edited October 2018
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    rooftop59 wrote: »
    nooshinjohn wrote: »
    kevhed72 wrote: »
    "Devotee of Ayn Rand"....hmmm.

    Umm... no. I know who she was but have not read any of her works. Does she write romance novels?

    Really John? Major proponent of laissez fair capitalism...as well as a stanch atheist and Nietzchean. But a big proponent of individual rights and property rights. She is, admittedly, a fringe thinker...I don’t personally know her work either...only second hand.

    I am with you on that Rooftop. I only know of her from second and third hand I have never read her works nor do I plan to. I did try to watch the movie they made of Atlas Shrugged, but the storyline was as bad as the acting... total garbage, so I gave up on it.
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    “When once a Republic is corrupted, there is no possibility of remedying any of the growing evils but by removing the corruption and restoring its lost principles; every other correction is either useless or a new evil.”— Thomas Jefferson
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  • helipilotdoug
    helipilotdoug Posts: 1,229
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    I hate seeing Sears failure over the last several years. My Dad worked for Sears in the early 50's in the Farm Dept. Of course that's long gone, but I have such fond memories of Sears from back then. I was 4 years old and during the Christmas season they would have a big toy dept. with train sets going around a huge display. (Huge for a 4 year old anyway) My Mom and I would go visit Dad at the store and have hot dogs and Hires root beer. That was a fun time for me back then for sure. When I got out of the Army, pilots were a dime a dozen, and I ended up working for Sears for a couple of years in Plumbing and heating. Yep, I miss how Sears was, and really wish they had kept up with the times. Sad ending for what was once a thriving business.
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  • kevhed72
    kevhed72 Posts: 4,958
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    So you all didnt read the actual article on Sears...if you did, you would know what I was referring to! Busted!😛
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  • mrbigbluelight
    mrbigbluelight Posts: 9,259
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    nooshinjohn wrote: »
    Jstas wrote: »
    Sears stated that the website was not going to be affected.

    Their website should be affected, because it sucks.

    Beyond all levels of human comprehension.
    Sal Palooza
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  • mrbigbluelight
    mrbigbluelight Posts: 9,259
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    nooshinjohn wrote: »
    Jstas wrote: »
    Sears stated that the website was not going to be affected.

    Their website should be affected, because it sucks.

    Beyond all levels of human comprehension.
    Sal Palooza
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  • mhardy6647
    mhardy6647 Posts: 33,032
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    you can say that again!

    ;)
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