https://www.usatoday.com/story/money/2018/06/18/sears-ceo-eddie-lampert-kmart/638218002/
8 replies (most recent on top)
Looks like a 2nd hand store now. Why even bother with the dog and pony show. It's over. Been over for years.
I read the article this morning. While it’s still mostly stuff that’s been out there for awhile. It’s nice to see and read an in-depth article on the demise of Sears and KMart, especially from a major national paper like USA Today. They made sure to bring up all points that have been brought about all the backwards thinking and store level issues.
An investment of 92 cents per square foot sounds about right. Now it makes a bit more sense as to why our stores have roof leaks that have gone unchecked for years, rodent issues, faulty HVAC that never works (and usually too inefficient and uneconomical to run if it did) and parking lots that had seen better days 20 years ago, complete with potholes, weeds growing between millions of cracks and well-faded parking lines. And when you glance up at the storefront's facade, the outdated SEARS sign is all yellowed and most of the letters don't light up. The red K on Kmart storefronts are faded pink.
It's also why we have the cleaning crew sweeping the carpet in the morning when they come in to clean. No money to replace the heavy duty vacuum that finally broke after three decades of use, and even the broom and dustpan they are given to use is held together with duct tape.
@TJAXev8-aug I also wonder about my SM I don't know if he acts stupid or is stupid. Some of the management team still thinks that we can turn around the company (our sales have been going down and down vs last year). Things are just getting worse as well its like a mess at this point honestly. Our store ever since the SST it just became a mess hours cut no money. I don't think the company will make it another year 2019 just has to be the year what else can they milk this off their isnt much assets left (especially the biggest asset sold most recent was Craftsman nothing else can be worth that much as of now).
I think the fact that a lot of employees were laid off is obvious. You can’t save everyone. The point was to highlight the fact that on paper you all should have lost your jobs years ago. Fortunately your CEO is stubborn and can’t accept defeat. He’s still trying to claw whatever profits he can out of the company to cut his net losses due to sears directly, its effect on his hedge fund, and the decade of missed opportunities.
Pretty much stuff we already knew but guess maybe the main stream media is final catching up on what's going on.
Read the article folks. It will open your eyes for both Sears and Kmart. We were one of the very first Sears 2013 "Transformation" stores. He pulled the plug and the money halfway through our "transformation", never finished the project, and left us hanging with old fixtures and a half finished Sears store. If he would have finished the store it would be performing much better today. Initially he had the right idea till he realized he could make more money by selling the assets instead of "transforming" them. Thanks loads. We're still here for now.
....."Cost cuts and loans have extended the retailer’s lifespan and kept 89,000 employees at work. The loans were authorized by the board of the company, which may have faced difficulty in securing other financing without Lampert’s help......"
What they neglect to mention are the more than 50,000 associates who were laid off over the past year (of which I am one).
The "transformation" was NEVER about the stores, but about the real estate, and scraping every ounce of flesh from the bones of SHC. Lampert and Seritage are the only beneficiaries. I told my boss 6 years ago that this was the plan. He laughed at me. Now he goes to work each day where his belongings are kept in a box for his inevitable demise.