If I were in charge of Sears and Kmart, I would first fire everyone on the board at TransformCo and said 20 years ago, "We need to start over." We need a reason for these people to stay and shop here. Unfortunately, Wall Street Billionaires Eddie Lampert and Larry Costello think the statement, "We have made the difficult by necessary decision to close the store" is an excellent excuse for each time an announcement occurs. If I were on the board at Sears, I would fire Eddie Lampert and Larry Costello asses because they have done nothing for the stores. They only care about the money, not the works or the architecture that each building has. Feel free to either say yes or no in the comments if Eddie Lampert has ever visited your store. The last thing I will say is that it is indeed the end for Sears & Kmart because the Wall Street people do not care, and they are putting profits over people's careers what a shame. The legacy of Sears & Kmart Store will not be forgotten as they are part of today's retail foundation. :(
7 replies (most recent on top)
Please remember TransformCo has no board of directors. It’s a private company.
And he is doing exactly as he pleases.Stripping the company of anything valuable and leaving nothing behind. Why do some people still believe he made mistakes, he did not . He is doing exactly what he intended to do when he got involved years ago, the complete liquidation of sears and kmart for the assets including the real estate. Any appearance of him trying to save sears is a dog and pony show just so he looks legit.
When EL bought up Sears (and probably Kmart, too) he didnt have the intention of owning it long term. he wanted to buy it up, make a little money off of it and then sell it. he sat on it too long trying to make money and got them both to where nobody wanted to pay what he wanted for them. from there, he still kept holding onto the idea that someone was going to pay him more than he'd put into getting them both.
and here we are.
As stated previously, this is a private company owned by TransformCo, no longer a corporation as SHC was. There is no board of directors. No one can fire Eddie. He’s free to do as he pleases.
Eddie Lampert wasn’t even involved in Seares or Kmart 20 years ago.
20 years ago Kmart was on the verge of It’s first bankruptcy. Sears was just coming off a decade of selling off things like Western Auto, it’s credit card business and Sears of Mexico To raise cash and was in such bad shape that just 5 years later they would be purchased by Kmart.
As a private Corporation Eddie/ESL is the board. He (Transformco) owns everything of value, that was the purchase agreement. He can sell stores, sell brands, focus on his SYW members, turn HE into an indoor paintball arena or whatever floats his boat.
They're both dead now, give up the ghost now!