https://transformco.com/press-releases/pr/2145
20 replies (most recent on top)
"A great source of funding for even more improvements and transformation! Very excited to see where this goes. "
Hope you're being sarcastic because there has been neither ANY improvements or transformation. Okay, I take that back, the company IS transforming, into something smaller and smaller.
“Costco will leverage TFCO's Service Live platform to source technicians for complex installations across the country.“
Service Live?? Costco is doomed.
A great source of funding for even more improvements and transformation! Very excited to see where this goes.
Guess he had to sell it before it disintegrated. Sears' logistical and home delivery arm used to be second to none, it was the differentiator that made it the #1 company in America, but got its lunch eaten by Amazon and Walmart. Eddie really missed out on an opportunity to keep up as Target/Walmart/Amazon have all gone to one day delivery. As it is, DieHard + Innovel doesn't even begin to cover the costs of the loans that have been taken out in TransformCo's name. Eddie's the master of making a small fortune out of a large one.
@1fdv+141OgMq4 Still not going to help the company.
Not much furniture left to burn and by TFCOs own admission “ Despite these efforts, the support TFCO received fell well short of its needs. As a result, the Sears and Kmart store formats have experienced declining sales and continued losses...” This bought them time is all.
Read the press release it’s just innovel and they will provide Sears with delivery per the agreement. It’s not about service. Transform gets a billion, still gets the delivery and Costco has to deal with everything else.
@lfj+141OgMq4 Wouldn't count on it for too long.
The North Dakota Kmart still open! Boom!!!
I could be wrong but I don't think Costco is in the business of installation and repairs unless they acquired Kenmore then it would make sense.
@msr+141OgMq4 So in other words, this changes nothing, well more likely, this makes Sears have less value with almost nothing left to sell now.
It did not make more than the Craftsman and Die Hard combined as they still receive royalties for goods sold at other retailers like lowes and ace
I think this is it. Sears is done. Cosco now owns the deliveries, the repairs, and installations. They won't want to do business with sears. Maybe the kenmore brand was sold too with the deal.
And even that billion is not going to go towards any improvement of the stores. Will only go towards greasing the top peeps hands and/or pay off the debt, which is MUCH more than a billion dollars.
"The company believes this roadmap, which primarily focuses on its Real Estate, Home Services, Brands and Shop Your Way membership program".
Not stores.
Great, now he can buy another yacht. Heard he was on the hunt for one.
their has to be more to this story Innovel is not worth a billion dollers
How loud was the boom? I didn't hear any boom from my house!
Costco is a competent company. They can take the basic framework of Innovel and move more heavily into delivery and online ordering, something they've confessed to weakness at. Makes more sense than building the structure from scratch
That's crazy that the sale made more money than the sale of Cratfsman and Diehard combined! What's also surprising in this press release is that they are admitting that the stores are facing continued losses. They are also mentioning the continued struggles with vendor relations. Sounds like they want all the vendors to know they have money.
This is a lot of money. But who know how long this would last...