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Message
Sears Rejects Lampert Bid, Cue Up the Fat Lady
Posted on 1/8/19 at 8:01 am
Posted on 1/8/19 at 8:01 am
LINK
I don't think Lampert did anything criminal. But my goodness, business school students will be studying him to learn how NOT to run a retail business.
quote:
Sears has rejected Chairman Eddie Lampert's bid to save the company, setting the storied retailer on a path to liquidation, people familiar with the situation tell CNBC. Sears plans to announce its liquidation plans this morning, the people said. Lampert had put forward a $4.4 billion bid to save Sears and 50,000 jobs by buying it out of bankruptcy through his hedge fund ESL Investments. His offer, though, was deemed insufficient by Sears' advisors, the people said. The two parties were unable to come to a resolution.
I don't think Lampert did anything criminal. But my goodness, business school students will be studying him to learn how NOT to run a retail business.
16
Posted on 1/8/19 at 8:03 am to LSUFanHouston
quote:
But my goodness, business school students will be studying him to learn how NOT to run a retail business.
They'll be studying what a big box retail store was, not how to run it
Posted on 1/8/19 at 8:03 am to LSUFanHouston
I think Sear's problems go way back before Lampert.
Posted on 1/8/19 at 8:04 am to LSUFanHouston
I've been pondering Sears' issue of late and really this is a failure of imagination and vision.
Before there was an online marketplace, Sears OWNED the retail mail order space. OWNED it - particularly at Christmas time. What an utter failure not to leverage that to an online business before Amazon even get its feet underneath it.
One hates to see an opportunity lost - and, ultimately Wal-Mart didn't do a whole lot better. They were stuck with 20th Century mental models. Has to be a lesson in all of that for the future.
Before there was an online marketplace, Sears OWNED the retail mail order space. OWNED it - particularly at Christmas time. What an utter failure not to leverage that to an online business before Amazon even get its feet underneath it.
One hates to see an opportunity lost - and, ultimately Wal-Mart didn't do a whole lot better. They were stuck with 20th Century mental models. Has to be a lesson in all of that for the future.
Posted on 1/8/19 at 8:04 am to LSUFanHouston
Posted on 1/8/19 at 8:17 am to LSUFanHouston
It's going to be tough for malls to fill all of those empty anchor stores. I don't think JCPenney will be with us much longer either.
Posted on 1/8/19 at 8:19 am to LSUFanHouston
quote:
business school students will be studying him to learn how NOT to run a retail business.
There are a shitload of examples on how not to run a business.
quote:
Lampert had put forward a $4.4 billion bid to save Sears and 50,000 jobs by buying it out of bankruptcy through his hedge fund ESL Investments. His offer, though, was deemed insufficient by Sears' advisors, the people said.
So Sears' advisors, only 1 person wants Sears and you tell him to frick off......explain that one.
Posted on 1/8/19 at 8:27 am to LSUFanHouston
quote:
But my goodness, business school students will be studying him to learn how NOT to run a retail business.
Lambert has made way more than his salary by being chairman of Sears. There’s a huge amount of improper mixing between his personal investments and Sears. He makes a lot of money by taking advantage of Sears. The ethics of it are terrible, but he’s a smart guy to make a fortune off them the way he has
Posted on 1/8/19 at 8:28 am to LSUFanHouston
Well I guess my extended warranty through Sears for my fridge is worthless.
Sweet.
Sweet.
Posted on 1/8/19 at 8:37 am to LSUFanHouston
Sears was slowly dying 20 years ago. Other than appliances and tires, what were they selling? Shitty clothes and jewelry that could be purchased at Walmart for less.
Posted on 1/8/19 at 8:46 am to LSUFanHouston
I’m pretty sure our very own Chicken helped make Sears the company it is today.
Posted on 1/8/19 at 8:50 am to LSUFanHouston
Sears sealed its fate by never evolving.
This has been coming on for the last twenty plus years.
This has been coming on for the last twenty plus years.
Posted on 1/8/19 at 9:04 am to LSUFanHouston
quote:
I don't think Lampert did anything criminal.
He was the CEO of the company and steered it into bankruptcy, then later made a bid to buy it out of bankruptcy at a discount because he wanted its parts. You're going to tell me that's not a little fishy, at the very least? It seems to me that he had ZERO interest in that company surviving.
This post was edited on 1/8/19 at 9:06 am
Posted on 1/8/19 at 11:25 am to LSUFanHouston
Why did they allow him to do this?
Posted on 1/8/19 at 12:26 pm to LSUFanHouston
quote:
Lampert had put forward a $4.4 billion bid to save Sears and 50,000 jobs by buying it out of bankruptcy through his hedge fund ESL Investments. His offer, though, was deemed insufficient by Sears' advisors, the people said.
Fact is the board that declined this offer did Lampert a HUUUUGGGEEE favor. $4.4 billion for an old drecipt relic of 20th century business is nuts. Couple that with the pension liabilities it owes its former employees and you would be throwing good money at bad.
His hedge fund should be happy about this outcome.
Posted on 1/8/19 at 12:49 pm to LSUFanHouston
Sears/Kmart's failure was a organizational mindset problem. A few years ago, I visited locations from the Gulf Coast to Baton Rouge with a few guys with Sears Holdings to scope out a project we were working on for them. It was like type warps dealing with the employees/managers and corporate, they seemed stuck in the early 90's or earlier. Admittedly I didn't know much about retail, but I thought to myself over and over again, this is why this is doing to fail.
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