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Getbig Main Boards => Gossip & Opinions => Topic started by: SF1900 on October 16, 2018, 09:59:46 AM
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Sears, the Original Everything Store, Files for Bankruptcy
https://www.nytimes.com/2018/10/14/business/sears-bankruptcy-filing-chapter-11.html
Sears, which more than a century ago pioneered the strategy of selling everything to everyone, filed for bankruptcy protection early on Monday and laid out a plan for turning its business around.
The company long ago gave up its mantle as a retail innovator, falling far behind big-box rivals like Walmart and Home Depot and the e-commerce giant Amazon.
Now, Sears is using a Chapter 11 filing in Federal Bankruptcy Court in New York to cut its debts and keep operating at least through the holidays.
The company, which said it would close 142 unprofitable stores, faces long odds in trying to revive its fortunes. It will need creditors to agree that it should be reorganized rather than liquidated, as other bankrupt retailers have been.
“Will Sears be relegated to the dustbin of history, and will 68,000 Americans lose their jobs, or will Sears enter the next chapter of its life as an iconic American company,” Robert A. Riecker, the company’s chief financial officer, wrote in a court filing on Monday.
For the past decade, Sears has been run by Edward S. Lampert, a hedge fund manager who sold off many of the company’s valuable properties and brands but failed to develop a strategy for winning back consumers who were increasingly doing their shopping online.
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Chapter 11 is reorganization. A way to screw those you owe money to, renegotiate leases, and obtain more financing so it can be sucked out by Eddie Lampert,
Lampert has once again successfully obtained financing so he can suck more blood out of the empty shells of Sears and K-Mart.
Sears and K-Mart have been dying since the late 80s. A steady downhill trajectory.
Just die.
Get it over with.
And hey, J.C. Penneys. Just die too.
You all suck.
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Another hedge fund asshole ruining a company.
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Another hedge fund asshole ruining a company.
Still beats Communism.
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CEO Eddie Lampert has a side company that was dealing with the properties and leases as they sold them off...it was double dipping but he owned enough stock to keep it going. The shareholders that held this stock deserve what they get. It was painfully obvious he was liquidating the real value which was the real estate and brands like Craftsman. There was no retail business focus to speak of. Sears could have and should have been Amazon since they already had mastered catalog/home ship/ship to store, which the internet is just a high tech version of the same.
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I read that as “pap smears”
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Look for the 50% off of weight training related items. Tools, tires and more. Great gifts for Dads, and future grads, home owners, etc.
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Long story but sears has terrible fork lift operating method . Ive had to send a stove n a stack washer unit back 5 or 6 times 1st time they give me a gas instead of electric the remaining times had dents in the appliances...
There craftsman lawnmowers went to hell from the ethanol in gas , not their fault entirely but they dindnt realize ethanal destroys carbs
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Another retailer loses out to the ease of shopping on the Internet.
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Another hedge fund asshole ruining a company.
This
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Fuck Sears, I work there for a few months in high school. They treat their employees like shit. Plus craftsman isn't good anymore, you should have died a long time ago.
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Fuck Sears, I work there for a few months in high school. They treat their employees like shit. Plus craftsman isn't good anymore, you should have died a long time ago.
I worked for Sears for a predominant part of my adult life and they always treated me well.
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Long story but sears has terrible fork lift operating method . Ive had to send a stove n a stack washer unit back 5 or 6 times 1st time they give me a gas instead of electric the remaining times had dents in the appliances...
There craftsman lawnmowers went to hell from the ethanol in gas , not their fault entirely but they dindnt realize ethanal destroys carbs
I have a Torro that has the same issue. I had to use an ethanol free gas.
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Hello I Am FALLSVIEW
I know a guy that was a Manager for Sears. Worked there for 27 years and without a hint of warning....fired him.
He sued for Age Discrimination....AND WON.
Turns out Sears was getting rid of all the high paying Managers and then turning around College kids for half the salary.
WHO WANTS TO WALK WITH FALLSVIEW?
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Sears fucked me over big time on some auto repairs some 20 years ago. I never spent a penny there after that. I say FUCK SEARS!!
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The sears near me is closing,never thought that would happen.Been walking thru that sears for 35 years and it’s gonna be gone.just kind of sad.
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CEO Eddie Lampert has a side company that was dealing with the properties and leases as they sold them off...it was double dipping but he owned enough stock to keep it going. The shareholders that held this stock deserve what they get. It was painfully obvious he was liquidating the real value which was the real estate and brands like Craftsman. There was no retail business focus to speak of. Sears could have and should have been Amazon since they already had mastered catalog/home ship/ship to store, which the internet is just a high tech version of the same.
Saretage(sp?) was the name of the “owner” I did work for at some properties that Sears occupied. Turned out that was just the name of the arm that owned the property and leased the space to Sears, but was really the same company. Not sure if that’s what you’re talking about but it reminded me of that.
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I worked for Sears for a predominant part of my adult life and they always treated me well.
But you left right?
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Looks like getbiggers won’t be jacking off to the bra and panty section of the Sears catalogue anymore :-\
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But you left right?
Yes, sort of. ??? :-\ :-\
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I worked for Sears for a predominant part of my adult life and they always treated me well.
Are you grandfathered into the employee discount? If so, you may want to stock up on kettle bells and other accessories.
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CEO Eddie Lampert has a side company that was dealing with the properties and leases as they sold them off...it was double dipping but he owned enough stock to keep it going. The shareholders that held this stock deserve what they get. It was painfully obvious he was liquidating the real value which was the real estate and brands like Craftsman. There was no retail business focus to speak of. Sears could have and should have been Amazon since they already had mastered catalog/home ship/ship to store, which the internet is just a high tech version of the same.
That is a good point. Sears really should have been amazon but they lacked the foresight to see what was coming. Mostly bad decisions by whomever was in charge in the late 90s early 2000s.
When they discontinued printing a catalog, they should have used ALL those funds developing a real website and negotiating shipping deals with USPS, ups and fed ex and advertising as the NEW Sears.
Would have made way more money the letting the company die.
I went there a couple months ago rather than going to walmart and it was a ghost town (which was good).
I didn't have to stand in line or deal with a crowd of people acting annoying as shit.
I took a while to find a cashier but it was still faster
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I worked for Sears for a predominant part of my adult life and they always treated me well.
Nice! I’ve always wanted to work for them in HS but instead I’m happy now working for In N Out burger
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CEO Eddie Lampert has a side company that was dealing with the properties and leases as they sold them off...it was double dipping but he owned enough stock to keep it going. The shareholders that held this stock deserve what they get. It was painfully obvious he was liquidating the real value which was the real estate and brands like Craftsman. There was no retail business focus to speak of. Sears could have and should have been Amazon since they already had mastered catalog/home ship/ship to store, which the internet is just a high tech version of the same.
It makes no sense that they weren't able to figure out how to transition from print catalogs to the web. They failed at their own business model.
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Was Sears saved?
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It makes no sense that they weren't able to figure out how to transition from print catalogs to the web. They failed at their own business model.
No shit, especially since they were around forty years before they opened their first brick and mortar store doing mail order anyway.
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Are you grandfathered into the employee discount? If so, you may want to stock up on kettle bells and other accessories.
Yup. Going to get massive amounts of workout gear!!
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Nice! I’ve always wanted to work for them in HS but instead I’m happy now working for In N Out burger
Ever make employee of the month?
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if you could destroy my country without hesitation, I say now: fuck Sears
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Whatever happens with Sears, it won't affect my shopping habits.
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Whatever happens with Sears, it won't affect my shopping habits.
they're aware.
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happy to report I have no shopping habits anymore
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Ever make employee of the month?
Two months straight, can’t beat free burgers and shake, insurance and 401k, we value great customer service, can’t wait to get promoted to manager position
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Two months straight, can’t beat free burgers and shake, insurance and 401k, we value great customer service, can’t wait to get promoted to manager position
Seriously In -n- Out is not a horrible career choice. The staff is taken care of and the managers are paid very well.
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All the major shopping malls seem to be in big trouble today.
I was in Sears here in Vegas a month ago and I was the only person in the place and never saw a sales-person.
I was only in that store looking for a short-cut away from the 100+ heat to get to my car only to find out that I had to back-track because there was only one entrance/exit.
But there was a huge side posted at that entrance which said in big, bold, red letters, "WE ARE NOT CLOSING! WE WILL ALWAYS BE HERE FOR YOU!"
And the entire mall was just as empty except for numeous foreign keosk guys trying to sell you cell-phone cases or smoke-less cigarettes.
Today's malls have to convert or else be torn down to make room for the resurgence of Drive In Theaters.
But Planet Fitness and Asian Food markets appear to be showing some interest in these malls with empty spaces ... so there may still be some mall hope left.
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Looks like getbiggers won’t be jacking off to the bra and panty section of the Sears catalogue anymore :-\
Those were the days. When the new catalog would come in the mail -- SCHWING!
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Seriously In -n- Out is not a horrible career choice. The staff is taken care of and the managers are paid very well.
I heard some make six figures. Hard to believe.
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Lampert split the company into 30 divisions—which swelled to 40 a year later—each of which reported profits separately and had to compete with the others for resources. Lambert was both strict with money and distant, seldom leaving his home in South Florida.
Divisions found themselves acting like separate companies, even drawing up contracts with each other. Compensation costs rose as each division hired its own senior management. These executives in turn had to form their own boards, and their pay was determined according to an in-house profit metric that led to cannibalization as some divisions cut jobs, forcing others to step in. The appliances unit found itself being gouged by the Kenmore unit, so it bought wares from LG, a South Korean conglomerate, instead.
From 2011 to 2016 the company lost $10.4 billion. In 2014 its total debt surpassed its market cap.
In November 2016, 24/7 Wall Street reported that Lampert was "the most hated CEO in America" based on their review of Glassdoor ratings.
https://www.investopedia.com/news/downfall-of-sears/ (https://www.investopedia.com/news/downfall-of-sears/)
Interesting, they split the company into forty silos that were each fighting with each other. With Kenmore gauging the appliance unit and the appliance unit retaliating by buying LG. What could go wrong?
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I heard some make six figures. Hard to believe.
I've heard the same. If the pay is based on a percentage of sales it would not be out of realm of possibility.
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I heard some make six figures. Hard to believe.
They do, it’s managed real well, don’t hire a bunch of thugs or people that aren’t good at customer service like McDonald’s or Burger King
Chick Fil-A is another one good one
Costco is a good company to work for as well
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Nice! I’ve always wanted to work for them in HS but instead I’m happy now working for In N Out burger
Could never work fast food, coming home smelling like grease would suck.
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Got my very first vinyl covered weight set from Sears.
Worked for them on two occasions and they sucked bigtime.
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Goodmorrow I Am Fallsview
All brick and mortar/mall stores are in trouble. Why?
1. Workers suck. They don't smile or greet you anymore.
2. Early mornings YOU HAVE TO CHECK YOURSELF OUT. Thats right, you don't get a discount for doing the work the store should be doing. You can't even put you were a cashier on your resume.
3. You have to bring the cart back to the cart rack. Thats right again, you're doing the job of the 1970's term "cart boy". How does it feel to be a Cart Boy?
4. You have to bring your own bags. Thats right for the third time. Show your "environmental friendly and carbon neutral.
5. You have to drive to the store waste gas money then expend useless energy you could use somewhere else walking around a store.
6. Product is OUT OF STOCK. Hey...you wasted time and money getting to the store only to find out they ran out of the product...opps we don't give rain cheques anymore!
7. Now you fight traffic again to go home and pout.
There you have it. I'll order my groceries on line and have them delivered to my house. Then I'll get on Amazon, have the products I want delivered to my house in 2 days.
WHO WANTS TO WALK WITH FALLSVIEW?
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Goodmorrow I Am Fallsview
All brick and mortar/mall stores are in trouble. Why?
1. Workers suck. They don't smile or greet you anymore.
2. Early mornings YOU HAVE TO CHECK YOURSELF OUT. Thats right, you don't get a discount for doing the work the store should be doing. You can't even put you were a cashier on your resume.
3. You have to bring the cart back to the cart rack. Thats right again, you're doing the job of the 1970's term "cart boy". How does it feel to be a Cart Boy?
4. You have to bring your own bags. Thats right for the third time. Show your "environmental friendly and carbon neutral.
5. You have to drive to the store waste gas money then expend useless energy you could use somewhere else walking around a store.
6. Product is OUT OF STOCK. Hey...you wasted time and money getting to the store only to find out they ran out of the product...opps we don't give rain cheques anymore!
7. Now you fight traffic again to go home and pout.
There you have it. I'll order my groceries on line and have them delivered to my house. Then I'll get on Amazon, have the products I want delivered to my house in 2 days.
WHO WANTS TO WALK WITH FALLSVIEW?
Spot on
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Walking into a Sears has been a pretty good mindbender for years now. You go in this massive store and it's unattractive, stark, sloppy, and you just wonder how they pay the bills.
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I posted a few months ago about how depressing it was to go into Sears. I grew up with that store and, like Wes, got my first Vinyl coated cement 110 lb weight set there. I can still remember loading it up into my mom's station wagon as she berated the sales associate to help me load the weights in the car.
It was kind of a family event when the new Sears catalog would arrive and we would take turns going through it. I really have a sense of nostalgia with that store and wish it could survive. But going in that store I couldn't even find a goddamn belt and white t-shirt my size. The place is always a mess and not an employee within eye shot. Not even at the cashier.
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Goodmorrow I Am FALLSVIEW
Another problem is that Sears never kept up with the times. They never remodeled their stores. Their clothes were stale and their prices...not competitive.
"Slacks and Blouses"
Sears put the wrong people in charge to take them into the millennium. What about Kmart? Another sinking retail store that can't run itself buys Sears...Oh yeah that will work.
What they should have done is downsize. They should have closed stores way back or went into smaller spaces in Malls. They also should have stoped selling high end appliances and other crap that people go to speciality stores to purchase instead of Sears.
WHO WANT'S TO WALK WITH FALLSVIEW?
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Regarding IN n' OUT.
I seldom eat burgers, but when I do .... I go to IN 'n OUT and order a
"Double-Double Protein Cheeseburger with Onions for here!"
And also ..... Animal Fries and a small soda.
One day I asked to speak to the manager and she (a young girl) sat down with me and I asked her if the company was on the stock market.
She laughed and went on to explain that there was only one MAJOR owner of IN 'n OUT.
The origiginal owner (founder) passed away and passed on the business to his son, who also passed away soon therafter ... leaving the company in the hands of his younger sister Lynsi Torres with a small part of the company in a complicated trust.
I have never been in an empty IN 'n OUT. In fact the line to place an order is usually 20 people deep and every table is occupied ... and the automoile order line stretches around the building.
And I have seen empty McDonald's all over town.
This owner and the trust most likely have a computer setup which counts the burgers, sodas, shakes, and fries immediately about the sale of those items.
I think (but do not know for sure) tha those total daily sales add up to a few million dollars each and every day .... all going into a trust fund that will eventually be under the control of Lynsi Torres upon her 35th birthday.
She will soon be a billionaire if she ain't already!
Does any know of other major businesses that are owned outright be one individual?
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^ yeah and she's a silver spoon skank, so fuck that company
but Sears with its $85 golf shirts and $140 long sleeve shirts kind of had a supply-demand issue. Who buys that junk? Brick and mortar stores still have a place for things that are inconvenient to buy online due to their cheap nature (bathtub stoppers, milk cartons, cups, etc.), which is where dollar stores will always make a killing, and for people too lazy to shop electronics online (the best buy crowd).
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Eddie Lampert is an Ayn Rand Objectivist imbecile....That explains a lot...
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How does a company lose 10 billion in a year lol
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How does a company lose 10 billion in a year lol
Because the store usually looks like this:
(https://si.wsj.net/public/resources/images/BN-HL980_sears0_P_20150318120553.jpg)
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Because the store usually looks like this:
(https://si.wsj.net/public/resources/images/BN-HL980_sears0_P_20150318120553.jpg)
after one month u should be able to look at the ledger n see ur taking massive loses then make immediate changes... Was this a sudden turn ? Or progressi vly gettin worse
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after one month u should be able to look at the ledger n see ur taking massive loses then make immediate changes... Was this a sudden turn ? Or progressi vly gettin worse
Like most companies, I assume progressively worse.
It seems like most major chain stores try to hold on to the bitter end until it reaches a breaking point.
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after one month u should be able to look at the ledger n see ur taking massive loses then make immediate changes... Was this a sudden turn ? Or progressi vly gettin worse
if you were acting like the CFO of the company, I'd say you're entirely right, he should've been sandbagged
but if you were referring to a store manager - lol, those guys had zero control over their inventory, what products they stocked, or how many sales they made. They sat in an office 37.5 hours a week and never walked the floor or talking to anyone, even customers (something Walmart and Target often do with their store managers). They didn't fucking check any ledgers or sales forecasts or P&L statements. They just fucking coasted by on their fat butts until the Regional Manager chalked too lines in their loss column and booted them out to find someone else to scapegoat for 8 weeks. It's why they were always being kicked out and replaced in most stores but the oldest ones (where it was usually a guy in his 90s who refused to retire).
This poisonous culture and highly outdated retail model is what killed SEARS. Not one crappy hedge fund manager who lined his pockets and is now taking a parachute out of the plane he crashed.
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I dont understand where there loses come from, the kenan oil copany owns the mall here with a sears, there rent wasnt that high not many employees so im thinking someone in the company stole this money
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The hedge fund/equity companies "stole" it...
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The hedge fund/equity companies "stole" it...
yeah
and they didn't even leave a nest egg for the company's retirees, current and upcoming
at least that's what I read about them in Canada - they shafted tens of thousands of employees of their pensions except for a few high-ups who got payouts, as usual. I bet they'l do the same in America if the courts let them.
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Sync bringin foth trufs