Definitely a management problem. I was at Sears last weekend and couldn't wait to get out of the store. Stinky, old and overall an unpleasant experience.
Sears bankruptcy
- Thread starter Bonnewagon
- Start date
And there is more. The CEO stands to make millions after its' demise because the ground that every store sits on is owned by a shell corp that is not Sears or K-Mart. It is not a part of the bankruptcy and so once they clear the hurdles, he will bank millions for himself, not the corporation in real estate. I hope the SEC is watching his bank accounts and the IRS has him on their radar. He knowingly rant them into the ground, made no real attempts to save them, just bled off enough to make sure his golden parachute comes true.
Lampert should go to jail. But unfortunately this is the new American Way of business. Icahn did the same thing to TWA. Looted it and tried to run but the Federal Govt forced him to fully fund the retirement plan before he could slither away. Fuld gave himself millions in a bonus then declared bankruptcy at Lehmen Brothers. His employees got squat. On and on it goes. FWIW Sears was the first retailer to create a website back in '99. They could have been a contender. I still feel they should concentrate on hardware, tools, and appliances. Let other stores do clothing, sporting goods, and cosmetics. Perhaps saner heads will prevail and save the brand.
The cool thing about Sears was that it was so quiet there that you could easily find the single employee working.
