I remember the good old days when Eddie took over a bankrupt Kmart and lifted us from the ashes and turned us around. If only he had never bought Sears. It was a bankrupt and hollow shell even then. All of the money and resources diverted to that failing hulk of an company is what destroyed Kmart. RIP
Thanks for nothing Sears...
You are semi correct in your statement. I will put the whole story, the inside truth of the matter soon. Temporary CEO Julian Day was anxious to have Kmart emerge from Chapter 11 and Lambert got the entire Kmart Corp for it's $1 Billion debt. That was the best blue light deal to ever be had. Kmart should of taken it's equity and invested in themselves instead of Sears and both brands would probably be sitting much better. Sure there were both Kmart & Sears stores that needed to close due to profitability but not on the scale Lambert did it.
Even Warren Buffett didn't see the rationale of combining 2 failing retail company's. The company already hit the iceberg the minute they merged. It just been a slower sink. What's left now are just a few pieces left to discard before the stern finally goes down.
I remember like a month before they announced our store closing they were trying to have us hand write down every little thing we did during a day how many people we talked to how many recaps we sent how many credit apps we got how many PA's we sold literally every metric and everyone just refused and there was this short guy visiting visiting our store think he was regional LP guy or something but he was just on the phone throwing a tantrum to someone about how no in the store was doing their tracking sheets. They had to know our store was going to be closing soon too , they push those metrics till the bitter end
No you can not trust Eddie But you can trust Eddie to be Eddie the plan has always been about putting money in his pocket not yours.
Kmart didn’t buy Sears and Sears didn’t buy Kmart, - Eddie bought both of them and merged them and ran them into the ground stripping whatever assets he could get on the way down.
I remember the merger judge for Kmart and sears said something to the tune of: I fail to see how merging two failing companies will result in success but I see no legal reason to not approve this merger.
And here we are.. He was right
It wasn't a billion in assets, it was a billion in profits. Sears was very profitable. What k–led it was Eddy's desire to use the free cash flow to buy back shares instead of operating the business, and decades of under investment by Sears management. Not to mention the utter mismanagement of Kmart's leadership that led it to bankruptcy in the early 2000s.
And video k–led the radio star.
Kmart was the bankrupt store led by greedy management that k–led it.
Eddie NEVER bought Kmart and Sears to run as a successful company. They were both failing companies. They were bought for the real estate ONLY. Now that he has all of the real estate he can now put them too sleep.
You're both stupid, neither one k–led the other, they both were dying and near dead retailers in the mid-2000's. Two sick chickens only laid dead eggs, and you're trying to say which one was more sick than the other. Both k–led each other.