Thread regarding Sears layoffs

dont forget Homart, a piece of Sears that was sold off in the mid 90's for almost 2 billion.......

Lampert is like so many others in the corporate world. Lies and deceit abounds; it's a shell game. Every company has at least of number of people at the top of their organizations who run their own agenda and will do anything to silence their detractors, or others who will call out the truth and expose their lying. The sad part is they all get their golden parachute.

Ah yes, the credit card. This was a nice cash cow for Sears, sold to Citibank for a huge but temporary cash infusion.

Imagine if SHLD had that money coming in today, instead of splitting it with Citibank.

All Eddie Lampert did, was to continue the process of selling off pieces, while the core business was failing.

Many of you maybe were not working for Sears back in the early 2000's when Alan Lacy was CEO. He sold off credit and paved the way for EL to take over. He bought Land's End at an inflated price and Sears lost millions on that deal. After Lacy's mistakes that's when we started the downfall. Also remember 'The Great Indoors' another failed concept that cost us.....Lacy also lied to the associates in many town halls when asked about Eddie taking over......You might want to blame EL, but Alan Lacy deserves some bashing also. Lacy and his merry men made a lot of money on the sale of Sears credit.

"This new bankruptcy induced smaller footprint should have happened years ago."

Um, it has been shrunk drastically already. Going from thousands of stores a decade ago to ~700-800 total. But cutting this next 142 stores is what will make all the difference?

This new bankruptcy induced smaller footprint should have happened years ago. The stock buybacks were bad. Kmart and Sears should have been integrated as sister companies with one infrastructure years ago. The list goes on. All Eddie and the people he listened to such a Leena.

Sears even helped create Prodigy! :-o https://www.nytimes.com/1996/02/22/business/sears-moves-to-shed-stake-in-prodigy.html

One of Eddie's biggest mistakes, one that doesn't get discussed often enough, was his share buybacks. Instead of propping up SHLD's inflated stock price, Lampert should have spent those bucks on capital investments in the stores.

There were so many good chances -

Sears could have converted their physical catalog - the biggest there was - into an online entity to compete with Amazon - the Sears catalog had everything from waffle makers to trombones while Amazon was just being successful selling books.

Kmart had a free web portal - linked with Prodigy - used by thousands - when there was a significant cost to connect to the web - what did they do with this ?

Keep blaming EL.

Finally someone gets it. The company was a disaster decades ago, Rolling in accumulating debt. Stores were taking in billions , but yet by the time everyone got paid , they were roughly making a little over one cent net for every dollar taken in. And that was a good year . The grand supreme goal was to achieve a nickle . That's what Eddie inherited .

Eddie is TOTALLY to blame for FOURTEEN YEARS of mismanagement and corporate raiding. He's sc-aped virtually every ounce of worth from the company and is trying to figure out how to rip the copper wires out of the walls.

Once he has Kenmore and Services he'll be done. Period.

It is true that the company was a massive conglomerate, and that pieces were sold off. But the piece that Eddie was supposed to manage, protect, and grow, was raided by him, and crushed. He definitely deserves all of the blame he has received, and this will be a case-study for poor and conflicted management for generations to come.

There would not even be a loan payment if Eddie had not raided the capital funds so early on.

Eddie shouldn't you be resting up for the big day tomorrow?

It's HARD being "the most hated CEO in America".

How do you sleep at night with the destruction of 90,000 souls on your shoulders

Vulture capitalism is HARD!!!