- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
What's killing Sears? Its own retirees, the CEO says
Posted on 9/14/18 at 12:08 pm
Posted on 9/14/18 at 12:08 pm
I had no idea Sears had a pension plan for their retired workers!
I found this intersting on many fronts. One that these old school pensions were fine when people died in their early 70s -only a few years post retirement.
Second, this is just a microcosm of state and other public pensions plans that are already bleeding the coffers dry.
I guess we do need the death panels that the Dems want us to have with universal healthcare because people are just living too damn long.
Fake News.com
I found this intersting on many fronts. One that these old school pensions were fine when people died in their early 70s -only a few years post retirement.
Second, this is just a microcosm of state and other public pensions plans that are already bleeding the coffers dry.
I guess we do need the death panels that the Dems want us to have with universal healthcare because people are just living too damn long.
Fake News.com
quote:
Sears turned in another bleak quarterly earnings report on Thursday, and Lampert complained about the billions of dollars that Sears owes its former employees through pension plans.
quote:
Lampert said Sears has paid almost $2 billion into pension plans in the past five years, and $4.5 billion since Sears and Kmart merged in 2005 to form Sears Holdings (SHLD). The company pays retirees about $300 million a year, filings show.
quote:
Sears ended its pension plans in 2006, but longtime employees and retirees are still entitled to benefits they accrued while the plans were in effect. Sears, once the nation's largest employer, has an estimated 100,000 retirees still eligible for benefits under the pension plans, according to a federal regulator. By comparison, the company had only 89,000 employees as of February, and many of them have since left the company because of store closings.
7
Posted on 9/14/18 at 12:11 pm to Covingtontiger77
I have a business partner that worked for Sears for something like 10 years in the 1980s he is pension eligible in the Sears system. No idea how much, but there are likely a ton of people like him. Worked there years ago for a bit and now are owed a pension.
Stupid system really.
Stupid system really.
Posted on 9/14/18 at 12:13 pm to Covingtontiger77
My ex wife's uncle retired from Sears and he always bragged about how much money he was getting from his pension. Dude is like 87 and still getting paid.
Posted on 9/14/18 at 12:14 pm to Mid Iowa Tiger
This and the fact that Sears’ most loyal customer base average age is 80, so they’re dying off at a rapid pace.
Posted on 9/14/18 at 12:18 pm to Covingtontiger77
quote:Lampert is a lunatic.
What's killing Sears? the CEO
Posted on 9/14/18 at 12:24 pm to Covingtontiger77
Well my mom worked there for 30 years and I'm not aware of any pension. She has a 401k from there and thats it.
Posted on 9/14/18 at 12:36 pm to TheFonz
Sears has also sold off some of the stuff that brought people into their stores, such as Craftsman and the Kenmore brand.
If you can buy Craftsman tools and Kenmore appliances from elsewhere, why go into a Sears?
Or why go into a K-Mart period?
If you can buy Craftsman tools and Kenmore appliances from elsewhere, why go into a Sears?
Or why go into a K-Mart period?
Posted on 9/14/18 at 12:56 pm to Covingtontiger77
For a while back in the late 90s and early 00s, Sears would fire anyone who was getting close to being vested in their pension plan.
Posted on 9/14/18 at 1:37 pm to Covingtontiger77
They must have all retired 30 years ago because Sears has been dying for that long.
Posted on 9/14/18 at 1:53 pm to Mid Iowa Tiger
sometime in the 90s the law changed to become vested for a pension went from 10 years to only 5
Posted on 9/14/18 at 1:55 pm to Covingtontiger77
quote:
What's killing Sears
I worked for them. Very bad management decisions. They went from #1 retail to #3 in a couple of years. Primarily because they were stuck in large rent contracts in malls that people would have to find them. On the way to the mall they passed up 2 walmarts and said lets give them a try instead of sears. They have the same guarantee on products. Walmart also killed JC Penny as well. Sear treated their employee like crap. They deserve everything they are getting. Thank God Allstate became a publicly held company or they would have brought them down as well. Screw Sears
Posted on 9/14/18 at 2:00 pm to Diary Queen
quote:
my mom worked there for 30 years and I'm not aware of any pension.
Uh-oh
Page 1 of 1
Back to top
Follow TigerDroppings for LSU Football News