Zemira said:

---

I wonder if Kmart will survive. Sears aquired them when they faced their own bankruptcy.

I wonder how much retail space they have, it could flood the market in a lot of towns that have Sears as an anchor in malls and shopping centers.

---

Lampert has already closed a lot of locations and sold off corporate owned real estate. A good number of the remaining stores are in leased space.

Guess who now owns a lot of the real estate that Sears sold off.

Sears was doomed years ago, but I can't think of a better word for Lampert than parasite. Seems like a huge conflict of interest to me.

Quote:

---

Guess who now owns a lot of the real estate that Sears sold off.

---

Who?

Duncan Idaho said:

---

Diggity said:

---

BombayAg said:

---

Crooks ruined a great company.

---

I wouldn't say "crooks" ruined Sears. They were in trouble long before this merry band of idiots took over.

Sears is just another example of a once great company that couldn't/wouldn't adapt to the changing trends in retail. History has more examples of these failures than it does of enduring successes.

---

And Kmart was ruined by a failed ERP implementation.

---

SAP?

YouBet said:

---

Duncan Idaho said:

---

Diggity said:

---

BombayAg said:

---

Crooks ruined a great company.

---

I wouldn't say "crooks" ruined Sears. They were in trouble long before this merry band of idiots took over.

Sears is just another example of a once great company that couldn't/wouldn't adapt to the changing trends in retail. History has more examples of these failures than it does of enduring successes.

---

And Kmart was ruined by a failed ERP implementation.

---

SAP?

---

I2

https://www.computerworld.com/article/2585861/it-management/it-difficulties-help-take-kmart-down.html

94chem said:

---

Anybody remember Service Merchandise? Hard to believe that was ever a thing, but they were a huge deal... part warehouse/wholesale club, part department store, part big box electronics... but man they were awful towards the end. They even had a catalogue. All the big stores had catalogues. I feel like I'm describing another planet.

---

Oh yes. I still have a Seiko watch i purchased there around 20 years ago. Plan to give it to my nephew.

Also had a pine dinner table and chairs from there but sold those a few years ago.

They were known for their old school take a number process at the jewelry counter.

YouBet said:

---

94chem said:

---

Anybody remember Service Merchandise? Hard to believe that was ever a thing, but they were a huge deal... part warehouse/wholesale club, part department store, part big box electronics... but man they were awful towards the end. They even had a catalogue. All the big stores had catalogues. I feel like I'm describing another planet.

---

Oh yes. I still have a Seiko watch i purchased there around 20 years ago. Plan to give it to my nephew.

Also had a pine dinner table and chairs from there but sold those a few years ago.

They were known for their old school take a number process at the jewelry counter.

---

I still have a Canon EOS Rebel II camera I bought at the Service Merchandise in Macon, GA

I think I still have an Easton softball bat I bought at the SM in College Station.

IrishTxAggie said:

---

Seor Chang said:

---

Quote:

---

Guess who now owns a lot of the real estate that Sears sold off.

---

Who?

---

Lampert. He's gutted the company from the inside and sold off assets for pennies on the dollar to himself and his buddies under the guise of servicing the debt.

---

that sounds illegal

'something, something' rat on a sinking ship 'something, something'

Lampert Stepping down as CEO

It is, but unfortunately it has passed the 2 year mark.

Previous scams like this have gone to court and 2 years was the time, generally, to claim that there was fraud. Although one could make the claim that it was a decline, on purpose, to get the valuable land from Sears for pennies.

But that would probably require more in lawyers than you would get back, so does it fully matter?

~egon

NY Post take on the issue

You mean game theory that results in improved outcomes ON THE WHOLE TO EXTERNAL STAKE HOLDERS of a diverse market made up of competing factions with goals that by nature do not fundamental align with each other isn't a sound interanal management philosophy for an organization that should have aligned organational goals?

Get the **** out if here.

This is the difference between someone that read Rand in Jr high and said "yeah this is the most brilliant thing ever I have no need to ever learn anything else" and someone like the Koch's that read it and said "damn there's some good ideas in here. I should take some of these and Implement them in my organization but only the ones that make sense and aren't based off of simplistic understanding of markets human interactions and the importance of maintaining congruence between the organization goals, compensation of stakeholders and effective management strategies.

ha...I used to love that place when I was a kid.

Anxiously waiting for the conveyor belt system to deliver my purchase from the back of the warehouse. Seemed very futuristic!

Ragoo said:

---

IrishTxAggie said:

---

Seor Chang said:

---

Quote:

---

Guess who now owns a lot of the real estate that Sears sold off.

---

Who?

---

Lampert. He's gutted the company from the inside and sold off assets for pennies on the dollar to himself and his buddies under the guise of servicing the debt.

---

that sounds illegal

---

It does, but I think everyone is in on the scam and foolish investors and employees got shafted.

Duncan Idaho said:

---

You mean game theory that results in improved outcomes ON THE WHOLE TO EXTERNAL STAKE HOLDERS of a diverse market made up of competing factions with goals that by nature do not fundamental align with each other isn't a sound interanal management philosophy for an organization that should have aligned organational goals?

Get the **** out if here.

This is the difference between someone that read Rand in Jr high and said "yeah this is the most brilliant thing ever I have no need to ever learn anything else" and someone like the Koch's that read it and said "damn there's some good ideas in here. I should take some of these and Implement them in my organization but only the ones that make sense and aren't based off of simplistic understanding of markets human interactions and the importance of maintaining congruence between the organization goals, compensation of stakeholders and effective management strategies.

---

I read this in Fake Tigers voice!

gindaloon said:

---

NY Post take on the issue

---

What a bizarre story. I had not read up on this yet. Could probably make a movie out of this.

for sure...Eddie is an odd duck.

94chem said:

---

Anybody remember Service Merchandise? Hard to believe that was ever a thing, but they were a huge deal... part warehouse/wholesale club, part department store, part big box electronics... but man they were awful towards the end. They even had a catalogue. All the big stores had catalogues. I feel like I'm describing another planet.

---

Yes! Loved going there as a kid.

Bump to add that Sears rejected buyout bid to keep the doors open, headed for liquidation.

https://www.cnbc.com/2019/01/06/sears-rejects-eddie-lamperts-bid-to-save-company-will-liquidate-.html

I guess that means I'll have to get my toughskin jeans somewhere else.

SWCBonfire said:

---

Bump to add that Sears rejected buyout bid to keep the doors open, headed for liquidation.

https://www.cnbc.com/2019/01/06/sears-rejects-eddie-lamperts-bid-to-save-company-will-liquidate-.html

I guess that means I'll have to get my toughskin jeans somewhere else.

---

Get out of here with that nonsense. JCPenney Plain Pockets were the bomb.

Speaking of, I went in a JC Penney for the first time in maybe a decade the other day. It was surprisingly nice in there. I mean, it wasn't Neiman Marcus or anything, but I was expecting worse.

94chem said:

---

I feel like I'm describing another planet.

---

This got me for some reason.

This week I saw a Kmart a block from time square.

How the hell is it possible for that to be profitable.

Rumor that Lampert bid was accepted, but just a rumor.

administrative errors said:

---

Rumor that Lampert bid was accepted, but just a rumor.

---

What a crooked crock of *****.. Dude is going to make bank off of the real estate and gutting.

https://www.cnbc.com/2019/01/15/sears-deal-with-chairman-eddie-lampert.html


Kick the can continues.