Reading the new articles on Eddie loaning sears 100 million and open for 100 more, its not to keep the company a float to stay in business, he is just buying the property, once these loans can't be paid, the company will file bankruptcy and Eddie will take the properties and liquidation of the remaining stock, he will get his value from Sears and we as employees will get nothing. We will be lucky to see even a small portion of our pentions if anything. I hate to see what is going on, why can't the board of directors stop him, oh yea they will profit from all of our hard work.
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Sears Canada just declared bankruptcy and is closing all stores...it over.
@3kbh Some people are delusional they don't understand at this point its very obvious Eddie has no intentions of saving this company. People blame the online stores, but this is competition how come Walmart and Target are able to adapt? You innovate you can use the same brick stores as hybrids to instore buying to .coms. You forgot Costco they are still able to compete along with Sams they are also brick stores. His goal is to milk it as much as possible, but some assume Eddie is giving everyone jobs out of kindness of his heart.....
Any successful retail ceo knows it's about the customer experience. Yes online is taking away from bricks and mortar but the stores still matter. Why are walmart and target successful. They relentlessly invest in the customer experience. Nice clean stores not stuck in 1970. I haven't seen a gross target store in awhile. The floors are always shiny and the shelves are well stocked with actual things that people buy even in the seedy areas of town. Walmart around me the same. Kmart and sears are like living on a time warp. Empty shelves and very dirty. Eddie is a smart man and rich. However he could have been richer if he had actually had listened to people below him.8
@kis - he didn't take time away from your family. You're a grown up, your own decision. You chose to stay with this company.
Too many hours is a lot better than not having any hours but needing them to survive.
Standing and clapping for @kis dead on !!!!!!
I 100% agree this company could have been great, if Eddie truly wanted this company to grow.
#1 - He could have put money into sears by updating the buildings, which are run down buildings, out dated by years, plain ugly and will not bring in customers.
2 could have put money into the on-line system YEARS ago.
3 had buyers getting up to date product not this same ole stuff our grandparents bought. including looking into product that is in demand any brand names ( under armor ect...) not this crap we sell now.
4 advertising more main stream .... not remove it and start SYW, which by the way we can't ask people to use their points ( or we get yelled at ) because sears wants the customer to lose them, not use a WOW experience (what a joke-were not stupid) !
5 Get rid of the over populated top players years ago - we had VP's of VP's which had VP's of things that really no one knew what they were there for except to collect a paycheck
WE all know this list can go on - so don't tell me he wanted to make sears great - he just wanted to cash in on the property sears buildings set on. To prove that look at the last buildings that were closed --- humm -- all owned by Eddies hedge fund .
Those of you that come on here saying Eddie saved my job, yes I still have a job but working here I have no life, so thank you Eddie for my job but you have taken my life away from my family.
@1ixn How exactly does it include all the properties that Sears gave as collaterals? Thats till the end when Sears finally files bankruptcy as many have said hes first in line. Same with a regular citizen when you need a loan and you have a house than you can put it as collateral because if you fail to pay the loan guess what, the bank takes your house. He is going to end up richer in the end as of now no you won't see it its called investments takes time to grow in the end his net worth will increase.
@1zom You really think he saved the jobs for the workers? He is is doing this for his personal gain.
As I mentioned Sears had time to turn over, but never did at this point its just the waiting game.
Jason rock, a net worth includes all assets, including investments. He has lost billions of overall value.
He did save your jobs if you still have one. Even if you hate it, you're still getting paid. Obviously not everyone could be saved and his actual motives probably have nothing to do with you. Absolutely no one at sears would have their jobs if you didn't have such a persistent knucklehead of a CEO like him who continues to pour money into your company even though it's just stringing out the inevitable.
Actually, he won't be richer than he's ever been and he definitely won't be as rich as he could be if sears actually succeeded instead of going down the drain. His actual losses as well as his loss of potential gains from screwing with sears for all these years has essential ruined him. He's still a millionaire but he's nowhere near what people thought he was gonna be by this time.
@koy His net worth has dropped because hes investing the money kind of common sense their...
When Sears goes bankrupt wait till he collect all the remaining properties back hes going to end up richer than he ever started at Sears.
You have to be delusional to think Eddie really cares about the people and the company if he did he would of innovated years ago instead they did stupid gimmicky ideas that failed.
The more time that has passed people basically caught on what Eddie was doing and it all made sense invest in Sears being that it has tons of properties and as everyone kept saying"seritage" here it was obvious why he had a big eye on Sears a while back. Look at Amazon tiny little company and now its next to Walmart obviously Jeff Bezo wanted to make his company prosper. Sears had everything in their hands to actually be a dominate giant retailer, but it just didn't innovated it just wants to overprice their products and expect people to buy, but things have changed customers want quality and great customer service. Sears shot themselfs a long time ago its on them!
@zac He's only doing it for his benefit. If he were shutter Sears years ago he wouldn't have gotten the sweet scam he's got going now. If tomorrow he was told that shutting down Sears and Kmart would net him a fortune he would do it in a heart beat and don't tell me that isn't the truth.
Before I comment, @zac what part of sears did you work, my guess is HE, or possible a GM, DM.... because with a comment like that you weren't at the store lvl, ASM or below...
Such a shame that someone has stepped up and saved hundreds of thousands of people from losing their job years ago when the company should have gone bankrupt. As an employee now you should be happy he did this or you would be unemployed.
Who cares what his end game is, the truth is that he allowed many to receive a paycheck for many years, at his expense.
Serve, delight and engage our members my a--. Sears' Holdings never was a retailer. The retail part is a huge, elaborate facade. The stores, the brands, the metrics, everything....it's all a big show.
The IP and the real estate is all behind this curtain. That's the ticket, for Eddie, anyways. Pretty soon, everything on the "wrong" side of the curtain will be cast away (the retail ops) once all the ducks are in the row.
So remember, if you are involved in retail ops, from store to corporate HQ, you are an actor. We are all acting until it's over. It's all one big, elaborate act.
yes he is now doing vulture capitalism, geing a few remaining assets at good prices
You got that right!