Thread regarding Sears layoffs

@7xox+1cYMJSzN I can pretty much guarantee that the old systems had security vulnerabilities (in fact, probably more -- who the he-l is offering patches for a 30 year old system?) Quit posting FUD

Cut, Cut, Cut. That is absolutely true of Eddie's reign. One cut that really hurt - Eddie retired some older I.T. systems then replaced them with those that use open source and freeware- unfortunately those made Sears/Kmart vulnerable to Cyber attacks- in the long run that cost him dearly. He finally got zapped for using old/unsupported versions of software that didn't have all the up to date patches.... security was always on the back burner.

@4ckg Eddie's net worth is well above $2B.

The only purpose of TFCO is to transform what's left of the former Sears Holdings assets into cash dollars in Eddie Lampert's pocket. And it's been a great success. Some reports showed his personal net worth down to $600m at the time of the SHC bankruptcy. Now he's up to $2b. It's a private company, so he can do whatever he wants. They sell a property or asset, Eddie gives himself a bonus. No public reporting is required.

I think there might have had some misguided fantasy about a "go forward" retail and real estate business 3 years ago. Eddie would make money supplying merchandise to small store owners, while cashing in the real estate value of the large stores. Now the retail business is a lost cause, so it's just a matter of selling off the properties. Possibly Eddie is pretending to be a retailer until the bankruptcy litigation is complete.

It's been a sad saga and incredible waste. Sears and Kmart destroyed while one person benefits from selling off the scraps.

too much overhead to spread over too little sales

Wrong. Kmart Guam is profitable

I do not believe Transformco ever had an interest in being a retail entity. It appears their main interest has always been real estate, leasing, investing, and maybe home & appliance service. If they really wanted to be in the retail industry, they would have purchased merchandise for the stores that brought people in................not the few lousy odds & ends they found at a discount somewhere like the last number of years.

no sh-t.