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Started By
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 TH03
I guess they think they can get more for the Sears real estate and inventory?
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 8:06 am to Ace Midnight
quote:
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
They were basically Amazon before we had the internet.
Sears has the distribution infrastructure. Amazon had the vision and is building the infrastructure.
Posted on 1/8/19 at 8:12 am to Ace Midnight
quote:
One hates to see an opportunity lost - and, ultimately Wal-Mart didn't do a whole lot better.
Walmart has done light years better. They have a very successful online retail business, and it's only gotten better in the last 2 or 3 years through acquisitions.
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 8:18 am to Ace Midnight
quote:
Wal-Mart didn't do a whole lot better.
It will be interesting to see what Wal-Mart does going forward. They have been pouring resources into online over the past year or so.
It's strange they waited this long to get serious about it.
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 8:20 am to fallguy_1978
quote:
I don't think JCPenney will be with us much longer either.
Disagree, they have sales, their former CEO just fricked them by trying to make them a discount store and their balance sheet isn't great. They may restructure by closing some stores or be sold, but I highly doubt they go out of business
Posted on 1/8/19 at 8:21 am to Ham Solo
quote:
It will be interesting to see what Wal-Mart does going forward. They have been pouring resources into online over the past year or so.
It's strange they waited this long to get serious about it.
Is their online selection a lot larger than the instore selection?
Posted on 1/8/19 at 8:22 am to Wtodd
quote:
So Sears' advisors, only 1 person wants Sears and you tell him to frick off......explain that one.
Close the company and sell your real estate piece by piece. It's honestly probably the smarter move. Were they to try to save this thing it'd be a shite ton of work with not a great likelihood of success.
Posted on 1/8/19 at 8:23 am to Ace Midnight
quote:
What an utter failure not to leverage that to an online business before Amazon even get its feet underneath it.
Sears did have an online presence as part owner of Prodigy. They sold it's stake in 1996.
Posted on 1/8/19 at 8:23 am to wickowick
quote:
Is their online selection a lot larger than the instore selection?
Yes, they even fill some third party orders similar to Amazon
Posted on 1/8/19 at 8:24 am to Mingo Was His NameO
I know they are losing money and their stock is like $1 now. Maybe Sears going under will help them some. They will be the low cost anchor in most malls now.
Posted on 1/8/19 at 8:25 am to Mingo Was His NameO
I think JC penny is likely to come out of the funk their old CEO put them in. they seem to have steady business still when I go in a mall. Sears has been empty just about anywhere Ive gone into one.
Posted on 1/8/19 at 8:25 am to TH03
quote:you mean how not to adapt to changes... unlike walgreens
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 8:27 am to fallguy_1978
quote:
I don't think JCPenney will be with us much longer either.
Or Dillards or Macy's. The problem is, besides outlet malls, idk where I am going to get my polo gear
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