To Poster that posted: Does Lampert have an orange combover by any chance? No, but I do believe he wears pantsuits a lot.
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Meeting was about asst mgrs going to hourly pay to avoid Eddie having to give them a govt mandated raise starting Dec 1 for salaried managers. Not about store closings. They NEVER release that info ahead of time to the store managers. They find out if they are on the list like everybody else, the day the list is released and the hourlies find out. No heads up for them either.
"we have been clear that we are intent on improving the performance of our unprofitable stores..."
ummm...by doing what exactly? Big talk and zero actual execution. Does Lampert have an orange combover by any chance?
Someone here mentionef how to pull together a list of stores that may be closing using historical information. I guess that means finding when stores opened and if they were new leases or assumed leases. Has anyone come up with anything?
more closing are likely to come. all you have to do is read between the lines in eddie's blog post. "we have been clear that we are intent on improving the performance of our unprofitable stores and, if we cannot, we will close them." and then he writes "...we won’t be able to restore profit immediately..." that to me says more closing are coming.
this year's goal was to achieve ebitda profitability in the 2h of 2016. obviously, this is not happening. in my opinion, there is no acceleration of closing unprofitable stores, the closing align with a huge amount of lease expirations. if fairholme's research is correct (according to their 2014 annual letter) - 80% of the leases will expire by 2018. while eddie has said "[there are a] significant number of these stores [that] are profitable and have been profitable for many years," we have no idea how many stores are profitable.
while technically, eddie will be right and kmart will still exist, it'll be a fraction of current stores. in the properties they sold to sertiage, ~60 of these stores were unprofitable. you can either believe these were the best properties or similar to the remaining properties held by sears. best case, if its similar to the current portfolio, it means 25% of the properties are unprofitable.
wow
I wonder when the 130 store list will be released
......
wow
When will the list of affect stores be released?
My husband is a Store manager and several of my husbands Store Manager friends are on vacation this week...they are not attending and asked him to call and fill them later....so it was not required in our area that they attend.
Jesus, when will we get a list of the affected stores?
I guess we will find out today.
Relax dude. No need to be alarmist. They will be talking about Thanksgiving/Black Friday prep and OT changes. That's why it's mandatory.
Don't know about him but I have it straight from the horses mouth. It's done, it's been written. Months ago. Feel like I need to do a public service.
And how do you know this?
Closing 130 stores