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Dang. I've always gone to Sears for my major appliances. My washer, dryer, fridge, and stove were all bought from them in the last three years. Next year I was hoping to get a new dishwasher and over-the-stove microwave from them. I always got good service from them, and I really liked that the outlet that I bought the major appliances from (it was one of those that *only* sells appliances, nothing else) frequently had discounts for active and veteran service members. I hadn't known that the first time I'd gone in, so I'd told the salesman that I was going to run back home and get my DD214 for proof of service. He just laughed and said if I knew what a DD214 was, he was willing to take it on good faith that I'd actually served and was entitled to the military discount.
Quite a character. A devotee of Ayn Rand, he got the bright idea to break the organization up into 30+ departments and make them compete against other in a perverse parody of a free-market economy. They'd be forced to maximize their efficiency and cut out the dead wood. What could possibly go wrong? Plenty.
As was depressingly predictable, the departments started tearing each other down. Why would the clothes department want to offer a sale if the added traffic also benefited the tool department? Ad space was allocated by a bidding process, not from any analysis as to what would be the best benefit for Sears, overall.
The marketing department did what was logical: Charged the other departments as much as possible. Marketing costs went up.
Facilities were allowed to run down, because maintenance costs money.
It was a parody, albeit one that made the stores horrible places to work. And, of course, chased away any actual management talent that stood a chance of finding work in a non-Randian organization.
Yes, there were several articles about Mr. Lampert being a follower of Ayn Rand, including this one:
I recall Scott Adams (Dilbert fame) poking fun at the thought of having 'battling units' or such within a corporation (one cartoon ended "Whatever you do, don't **** off the janitorial unit").
I also read an article (which I cannot readily find) of how the Sears catalog, when it came out in the 1890s, was highly resented by white shop owners: not only did they fear losing white customers, but black customers (for blacks received poor, when they received any, service in white-owned stores; the Sears catalog was color-blind).
They are not the only ones: We have toys are us: penny's and a handful of other chains that have or are going by the wastes ide. Times change, we no longer live in a world of huge indoor malls and the same is coming to large chain grocery stores. The buying public looks to big box stores, specialty stores, on line etc.
What I've witnessed happening is that some of the mall property management companies have just become too greedy. We had a store in our local mall that was paying $24,000/month for their space. They moved out of the mall into a equal sized spot for $4,500/month. It's easier to access(I go there more often), and the store doesn't get all the lookie loo's that used to go through it in the mall and not buy anything...people come there to actually buy stuff from that store.
Keep in mind...just because Sears is filing bankruptcy, that does not necessarily mean they are going to close up shop...lots of companies go thru bankruptcy and come out the other side, continuing to stay in business.
Keep in mind...just because Sears is filing bankruptcy, that does not necessarily mean they are going to close up shop...lots of companies go thru bankruptcy and come out the other side, continuing to stay in business.
They will end up gone. Many suppliers have cut what they will sell them or require Cash In Advance. Cash flow is strangling them. This round is their deepest yet, on top of November cuts planned 3 months ago.
They will end up gone. Many suppliers have cut what they will sell them or require Cash In Advance. Cash flow is strangling them. This round is their deepest yet, on top of November cuts planned 3 months ago.
Very true and add the fact that many of their locations are in super expensive suburban shopping malls it is highly unlikely they can ever claw their way back to a state of consistent positive cash cash flow.
Keep in mind...just because Sears is filing bankruptcy, that does not necessarily mean they are going to close up shop...lots of companies go thru bankruptcy and come out the other side, continuing to stay in business.
Sears has been hanging on by a thread for a very long time. They have nothing new to offer customers, just the same items they have been selling for decades. When they sold off their Craftsman tools to Lowes and Ace Hardware, that was the biggest hint that they were not long for this world.
I recall Scott Adams (Dilbert fame) poking fun at the thought of having 'battling units' or such within a corporation (one cartoon ended "Whatever you do, don't **** off the janitorial unit").
I also read an article (which I cannot readily find) of how the Sears catalog, when it came out in the 1890s, was highly resented by white shop owners: not only did they fear losing white customers, but black customers (for blacks received poor, when they received any, service in white-owned stores; the Sears catalog was color-blind).
That article sounds a lot like race baiting. Note it doesnt cite any links to its sources just provides an anecdotal narrative that defies all common sense.
White southerners were all so racist they didnt want to take black peoples money?
Yeah right. The civil war put the south in poverty for a century. They didnt have the luxury. In fact if you wanted to oppress a people you take their money.
Revisionist history is my best guess. Lets spend a career looking for racism.
Note the vehicle for providing "poor service" to blacks besides some vague perception of humiliation appears to be offering less credit. (Than to whites?)
Really? Racism is concluded to be the culprit? Could it be because whites werent sharecroppers and made more money with employment that had more stability than farming? The fact they were sharecroppers was a way of life for negroes at the time. No doubt racism.
Projecting that upom store owners for not offering equal lines of credit really proves the author and sources just want to pound in the meme no matter how detached from reality their supporting points are.
Last edited by phinneas j. whoopee; 10-22-2018 at 03:35 AM..
I remember going to Sears growing up, it was so massive with just floors of crap and the damn place was always practically empty. They sold everything but food.
I’m surprised Macy’s seems to be alive and kicking, I believe they also had to close several stores.
Amazon didn’t invent the wheel, they just enhanced it. They made shopping fun again because you don’t have to be around insufferable mouth breathers anymore to get the things you want.
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Originally Posted by Dane_in_LA
Actually, Toys R' Us got Bained. Bain acquires a company, immediately loads it up with as much debt as they can, converts every conceivable asset to cash and then issues some juicy dividends to the stockholders (also Bain). The company may stagger on from this bloodletting and recover to be harvested again, or it may fail. Not a big difference to Bain, who got their profits already.
Capitalism, ain't it great?
Seriously, read up on Lampert. It is absolutely fascinating what he's pulling off.
Sears CEO Edward Lampert, seemed to be instrumental in the companies final downfall, merging it with K-Mart, whilst Sears debts were largely owed to Lampert's own hedge fund ESL Investments Inc and then there was the selling off of key assets. However Sears had been on a downward trajectory for a number of decades, and it's demise seemed increasingly inevitable.
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