Lands' End is furloughing at least 70% of their employees in corporate and nearly 100% of their retail employees. All of the stores will be closed "until further notice"... that just doesn't bode well if you ask me. I left Lands' End ages ago and I don't regret it but my heart goes out to everyone who is still stuck there.
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Eddie owns 70% of Lands' End, it's his hand picked board. Execs at his companies are board members at his other companies. It's all very incestuous, and no one ever gets to say no to Eddie anything. It's been like that for 30 years.
I don’t think this statement is true and Eddie Lambert is no longer calling the shots. Would not make sense to close all stores. Dozens of long time benefited people likely true.
A big problem is that majority owner Eddie Lampert doesn't have any money left to weather the storm. His biggest holdings, Sears, Autonation, Land's End, Seritage have all been losing money for years and years, and even though he keeps on selling assets, his debt obligations keep on getting bigger and bigger and he has to take out more and more loans while any profits and sale proceeds to just to make interest payments. He's getting sued by everyone under the sun too because of the Sears debacle. His companies don't even have enough cash to cover health insurance costs for tens of thousands of employees. The coronavirus threatens bankruptcy for everything he owns, and Land's End's biggest customers are school uniforms are airlines and school uniforms, and those are looking really iffy for the time being too.
Look at the malls that have reopened. They're ghost towns, and that might be a situation that remains for months or years while everyone has gotten accustomed to ordering off of Amazon. The mentality might be towards Great Depressionish clothing for the next generation as unemployment stays in the double digits.