Now that Eddie has publically said he has no intention of closing the Kmart stores unless they are not profitable ...everyone has gotten quiet.....I have been reading these boards for several months now....my husband is a Store Manager for Kmart and worked there for over 30 years....he runs a profitable store...his lease was just renewed and he works hard and believes in the company. Instead of believing all the negative things maybe...... just maybe we should look at the positive things...Eddie appears to not like to lose,,.....,why would he continue to invest if he was ready to throw it all away........I hope poster 9055 continues to post information after you all have been rude to him.......are you this rude in your own stores?
23 replies (most recent on top)
One profitable store in the wrong market or area does not fit into the overall corporate idea of SYW or integrated retail. Get a clue and open your eyes and look for another job
@woh, your completely right. One profitable store cannot prop up 100 unprofitable stores.
Maybe your husband could explain that one profitable store can not make up for the other 100 store who are hemorrhaging money. There are so many external factors that go into making a store profitable that it is not a one size fits all scenario.
In my old store, which was closed a year ago they said the same thing. They renewed our lease, we had the DM and others come in and say how great our store looked, we had consistent 9-10 on customer feedback, our inventory was great year after year, we made money, we were the only big store in our town i.e. no Wal-mart, Target, Costco, etc. But little by little they cut hours, cut positions until finally we were told we were closing. That is what makes people a little upset with the corportate heads and all they tell us. What do we believe?
@eia, thanks for asking the question about the number of core stores left. I am wondering that also.
@ 9055 - in previous posts you've talked about a core # of stores that are profitable under the Kmart brand, how many store closures do you expect to to "restore profitability"? Is it greater than the 300 closures being speculated?
Anybody who thinks Eddie would publicly announce the truth about the situation is living in a dream world. No failing company ever tells the world there is no hope and they are on the way to bankruptcy. They don't want to scare the shareholders, suppliers, employees, and customers. Even if they admit problems there will always will a plan for recovery. Eddie is just playing a political game.
The very few remaining profitable stores are on their way to becoming unprofitable as sales continue to drop. They are not going to solve anything by closing a few stores.
UZO-Great post!
It is already untrue as they have closed several profitable stores in this round of 64.
@uzo, Thankyou that post is as direct and honest as you can make it. Would chapter 11 be better and faster?
Poster 9055 - or should I refer to you as Eddie or Eddie's d--k holder?: You do realize the Christmas merch is ordered 12 to 18 months in advance right? Kmart or Sears would not cancel an order at the last minute because they were trying to find a better price, lol. At this point they would pay even MORE assuming it's even available. As for vendors not admitting publicly they are cancelling due to SHLD inability to pay they will never "put their business on the street" so to speak and make an official statement.
Dear OP,
None of us want to believe Kmart or Sears will close but the truth is Eddie ruined both Sears and Kmart beyond repair. Research SHLD and you will see it's not possible in any way at this point to save them. Don't look at things as an employee or spouse of an employee but as an investor. Eddie bought Kmart and Sears with NO intention EVER of making them a viable retailer. He's a hedge fund guy who bought them with the intention of piecing them out for parts - Kenmore, Die Hard, Craftsman, Land's End, etc., and for the real estate. His plans fell flat, however, because he didn't anticipate the crash in the real estate market. If he had intended on saving Kmart and Sears he would have invested in updating the stores instead of letting them fall into disrepair and an old outdated filth hole no one wants to shop at. He would have invested in updating the computer systems. He would have invested in a user friendly online shopping format instead of the joke it is. He had several former Walmart exec working for him that told him exactly this. They quit in frustration when Eddie wouldn't listen or Eddie fired them when they disagreed with his giant ego. There WAS money for these improvements when Eddie took over. He chose not to spend it because his intention was NEVER to save these companies! The only reason we still exist is because Eddie has been buying time waiting for the real estate to go back up in value. That's never going to happen and while he was waiting the company went into a death spiral and the value of all the brands he's been trying to spin off have decreased in value too.
You have to read between the lines with this s.o.b. (Eddie). He said in his statement there are no plans to close the Kmart "format". What that means is he IS planning on closing all the brick and mortar stores and keeping the Kmart "format" alive as online shopping only - which we all know is a joke and an awful shopping experience. This way he can liquidate inventory for cash and not have to pay rent, utilities, salaries, etc., to actually run physical stores. Liquidation is better for him than bankruptcy. Eddie Boy is just trying to buy time until his REIT is safe from being raided for assets if Kmart/Sears claim bankruptcy. He's doing a slow, bit by bit liquidation in order to avoid bankruptcy court where he will be required to open his books in Federal Court which will likely result in prison time for him if required to do so as the rumors and speculation from those who know the stock market is that he has done a lot of illegal dealings regarding SHLD. Frankly, I'm surprised the SEC hasn't already come down on him. Also, if you read his statement about Kmart not closing on the Sears blog, where it first appeared, you will see a disclaimer at the bottom in legalese that basically says in layman's term that anything he said in the above article may be bullsh*t, it's an opinion stating what may happen and not subject to being held as fact. He's also attempting to quell vendors' fears that he won't be able to pay for Christmas merchandise which has resulted in a lack of product being delivered to the stores, exception being the crap they are sending out from closing stores and DCs. Bottom line? Eddie is once again assuming the employees - and the public - are stupid and he's the smartest guy in the room.
As for poster 9055? That's Eddie or one of his minions posting. Remember when he disguised himself as an employee on Pebble and posted, lol?
@edn, your right. Vendors will probably be canceling orders left and right since they know they will not be paid if SHC goes bankrupt. Or if they ship they need to do all orders COD, no credit. Paid in full before shipping.
SHC, will beg companies to keep shipping. The company will demand COD, before anything is shipped. Companies will only work with SHC if an order is paid in full up front.
If I was a vendor and thought I would not be paid, I would cancel the order.
"Now that Eddie has publically said he has no intention of closing the Kmart stores unless they are not profitable .."
It may not be his intention or plan but when SHLD is bankrupt it really won't be his choice. Just because a lease is renewed doesn't mean a store will not close down due to a company bankruptcy. That is false security. Also, many managers worked hard and were not able to turn a profit because of demographics or other reasons beyond their control. It is insulting to insinuate that unprofitable stores are due to people not working hard.
Eddie makes millions of dollars by s---ing the value out of Sears and will continue to even with a bankruptcy.
SHLD cancels orders all the time. Vendors cancel orders all the time.
Sometimes that is due to price... a vendor could be offering SHLD a higher price for the same items they are selling to a competitor. So the buyer will look for comparable product from another vendor.
Sometimes an order is canceled, then same product ordered from vendor at a different quantity or price.
This has been going on forever. It is no different at any other retailer.
As far as vendors canceling orders, they may do it because they are unable to fulfill the timeline to get the product to SHLD, or they may not have raw materials available. If they are canceling because they are reading negative press, they have not stated as such. The buyers would have said something internally.
@xar, nice seeing you "Billy" I always enjoy your informative posts.
@swv, Thankyou the "Liar liar pants on fire" joke made me laugh. Unfortunally that joke is true. Thankyou for your informative post.
Keep in mind Eddie is also the same person with genius ideas like putting a laundromat in...in the same company that sells washing machines.......Talk about innovation
Oh please, Eddie is the poster child of liar, liar, pants on fire! He has lied so much and so often that his legs are nothing but charcoal. There isn't a single reputable business analyst that takes him seriously anymore. Just look at the disastrous state that SHLD is in; do you really believe that is the handy work of a financial genius? Both Moodys and Fitch believe that your husband will soon be kissing his 30 year career with Kmat bye-bye!
9055, you have lied to us over and over again. You did not tell us what position you hold with SHC. We have verified that the store that is listed as your username has closed. Until you start telling us the absolute truth. We employees and X employees that were laid off know how screwed up SHC is. Even the IT department has problems, you need to read the site glass door.com more. That will give you real life input into the hell employees are dealing with.
99.999% of employees on here and on glass door hate working for SHC and will be glad that the company will fold soon.
Your the .00000001% that believes that SHC can be turned around.
Look at the fact that vendors are canceling orders, stock has tanked, stores have closed, ect.
You need your head examined 9055.
Granted things are not perfect everywhere within the organization. I have put forward my own criticisms here. I do understand there are people who don't agree with my explanations of how things are actually working. And I have read a lot of assumptions made by persons so far down the totem pole that they can't look up. Further, my comments are my own and not directed by or overseen by anyone within the organization.
Lady, your husband needs his head examined. 9055 just spews lies on this board. No one believes the troll, he is a liar and a corporate moron.