ARTICLE Inside Sears' death spiral: How an iconic American brand has been driven to the edge of bankruptcy

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Sears chairman Edward Lampert:  appears at company meeting only on projector screen while inside is $38 million home, 1,400 miles away.  

Vanguard mutual fund company founder and former chairman John Bogle:  sometimes handled customer phone calls directly

This company fully deserves to go under. Capitalism doing its job.
The management is totally ossified, and only looking out for themselves. Nothing innovative at all is happening in that company. They've been living off their name brand, and their past glory, for 20 years now.
What I don't understand is why people keep investing in its stock. It's been clear for years where this was going.

Remember Montgomery Ward????? When they go under....the workers are thrown out in the cold and the executives move to Palm Beach.....what will Trump say? NOTHING.

belgique said:   Remember Montgomery Ward????? When they go under....the workers are thrown out in the cold and the executives move to Palm Beach.....what will Trump say? NOTHING.
  It's a zero sum game though. The business lost by Sears is picked up by other retailers, who then need to hire workers. It's not like overall demand dropped.

And the Sears executive is already in Miami and rarely leaves his island, apparently. No need for him to go to the trouble of moving.
All paid for by the stockholders. Why the board didn't fire the CEO a long time ago, I don't know. Maybe they're just as bad.

canoeguy1 said:   
belgique said:   Remember Montgomery Ward????? When they go under....the workers are thrown out in the cold and the executives move to Palm Beach.....what will Trump say? NOTHING.
  It's a zero sum game though. The business lost by Sears is picked up by other retailers, who then need to hire workers. It's not like overall demand dropped.

And the Sears executive is already in Miami and rarely leaves his island, apparently. No need for him to go to the trouble of moving.
All paid for by the stockholders. Why the board didn't fire the CEO a long time ago, I don't know. Maybe they're just as bad.

  
so not the case in today's economy. Lots of the biz has going to online retailers who ship from centralized warehouse. Mrs. Smith in Bangor, ME who loses her job at Sears as a cashier won't just find a new job at JCPenney.   Also, companies in general try to keep labor costs low, more business, same amount of cashiers, just longer lines, why pay another worker, especially if min wage is up to $12-15 in many of these states?

The economy can only absorb so many displaced people,  it's a losing game, not a zero sum by any means IMO.

MISTERCHEAP said:   
canoeguy1 said:   
belgique said:   Remember Montgomery Ward????? When they go under....the workers are thrown out in the cold and the executives move to Palm Beach.....what will Trump say? NOTHING.
  It's a zero sum game though. The business lost by Sears is picked up by other retailers, who then need to hire workers. It's not like overall demand dropped.

And the Sears executive is already in Miami and rarely leaves his island, apparently. No need for him to go to the trouble of moving.
All paid for by the stockholders. Why the board didn't fire the CEO a long time ago, I don't know. Maybe they're just as bad.

  
so not the case in today's economy. Lots of the biz has going to online retailers who ship from centralized warehouse. Mrs. Smith in Bangor, ME who loses her job at Sears as a cashier won't just find a new job at JCPenney.   Also, companies in general try to keep labor costs low, more business, same amount of cashiers, just longer lines, why pay another worker, especially if min wage is up to $12-15 in many of these states?

The economy can only absorb so many displaced people,  it's a losing game, not a zero sum by any means IMO.

  Right. But that has nothing to do with Sears bankruptcy. It's happening anyway, but is a LONG TERM trend. Sears going bankrupt won't accelerate this trend, or slow it down. Therefore, in the short term, the people simply shop somewhere else, and the jobs are created in other businesses.

canoeguy1 said:   
belgique said:   Remember Montgomery Ward????? When they go under....the workers are thrown out in the cold and the executives move to Palm Beach.....what will Trump say? NOTHING.
  It's a zero sum game though. The business lost by Sears is picked up by other retailers, who then need to hire workers. It's not like overall demand dropped.

And the Sears executive is already in Miami and rarely leaves his island, apparently. No need for him to go to the trouble of moving.
All paid for by the stockholders. Why the board didn't fire the CEO a long time ago, I don't know. Maybe they're just as bad.

  You are aware the CEO has only been there for 3+ years.  Sears was bad WAYYYYY before then.
And the fact that the CEO was pumping his own money into the business (I'm sure it was structured as a short term note - that is bankrupt proof)

So don't blame the CEO, Sears was passe even before Kmart buying them.

I happened upon this Business Insider article the other day and wondered if it had been posted yet on Fatwallet.
It looks like it's got the same title as the Yahoo link in the OP:
http://www.businessinsider.com/sears-failing-stores-closing-edwa... 

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Not much surprises me anymore, but I was surprised at the actions and behaviors, the choices and the ethics described.

It's ludicrous to think that simply monetizing/hocking the Shop Your Way rewards program customer data would lead to any sort of bright future.

The poor Sears store near me has been dreadful for ages. In the last couple of years, you could tell it was being deliberately left to rot, and that is so sad.

Someone in my family has a Sears kitchen from 1947, and several of the units are still in use in the kitchen.

Sears and its catalog sure meant a lot to many Americans in the 20th Century, especially away from the coasts and big cities. It's probably hard for anyone under 40 to understand.

I can remember when my grandma would get the huge yearly catalog and we'd all look through it to marvel at all the stuff you could get by mail. We kids would snicker at the underwear sections.

I certainly don't think "c'est la vie, that's just business for ya, CEOs are all the same".

...Reminds me of "Sir Shifty" and British Home Stores (BHS) in the UK....
http://www.telegraph.co.uk/news/2016/10/20/mps-to-vote-on-motion... 



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