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Sears suing Lampert for looting them #5079217
04/18/19 07:45 PM
04/18/19 07:45 PM
Joined: Mar 2008
Posts: 8,390
USA
slacktide_bitog Offline OP
slacktide_bitog  Offline OP

Joined: Mar 2008
Posts: 8,390
USA
Kmart is a BITOG favorite, and Lampert's looting has caused Sears to close most of their stores.

Finally the company is calling him out.

Re: Sears suing Lampert for looting them [Re: slacktide_bitog] #5079221
04/18/19 07:51 PM
04/18/19 07:51 PM
Joined: Mar 2005
Posts: 1,916
Michigan
Greggy_D Offline
Greggy_D  Offline

Joined: Mar 2005
Posts: 1,916
Michigan
About 14 years too late.


Greggy D.

Re: Sears suing Lampert for looting them [Re: slacktide_bitog] #5079229
04/18/19 07:58 PM
04/18/19 07:58 PM
Joined: Jan 2017
Posts: 2,931
VW Fanboy Island
maxdustington Offline
maxdustington  Offline

Joined: Jan 2017
Posts: 2,931
VW Fanboy Island
Rumor was that he was really interested in Sears' real estate portfolio: Sears was an anchor store in a lot of malls and either owned the mall itself or the biggest unit in the mall. Their real estate assets are worth way more than their brand names or other assets. Sears was/is worth more in parts than as a whole, why else would Lampert have purchased it?

We have HBC here in Canada and they started carrying higher end brands and targeting higher end clients, but I think that will only work as long as Baby Boomers have money to spend on nostalgia. Once they are gone, they will be holding sand just like Sears.


03 Jetta AWP/09A 210k kms
Edge 0W40 + Mann 719/30
Re: Sears suing Lampert for looting them [Re: slacktide_bitog] #5079234
04/18/19 08:00 PM
04/18/19 08:00 PM
Joined: Jun 2016
Posts: 4,672
MN
oil_film_movies Offline
oil_film_movies  Offline

Joined: Jun 2016
Posts: 4,672
MN
Classic case of people at the top of a company making a grab just before their retirement.
I've seen it in the form of paying themselves exhorbitant salaries & bonuses even when a company is sinking. This one was more clever, but maybe not sneaky enough.

Re: Sears suing Lampert for looting them [Re: slacktide_bitog] #5079239
04/18/19 08:08 PM
04/18/19 08:08 PM
Joined: Oct 2014
Posts: 4,544
Utah
CKN Online content
CKN  Online Content

Joined: Oct 2014
Posts: 4,544
Utah
Originally Posted by slacktide_bitog
Kmart is a BITOG favorite, and Lampert's looting has caused Sears to close most of their stores.

Finally the company is calling him out.



Because Kmart (like Sears) literally gave things away (Shop your way points) for free. You can't stay in business that way. Not enough profits......

Re: Sears suing Lampert for looting them [Re: slacktide_bitog] #5079250
04/18/19 08:19 PM
04/18/19 08:19 PM
Joined: May 2012
Posts: 2,883
The land of USA-made Subies!
SubieRubyRoo Offline
SubieRubyRoo  Offline

Joined: May 2012
Posts: 2,883
The land of USA-made Subies!
Willful failure of fiduciary responsibility is a serious crime. Although it won't restore the company to before-Lampert stature, hopefully they get a judgment against him that sends a message to all current and aspiring CEOs. Prison time would be nice, but they'd probably just stick him on a beach somewhere on our nickels.

Re: Sears suing Lampert for looting them [Re: maxdustington] #5079255
04/18/19 08:26 PM
04/18/19 08:26 PM
Joined: Mar 2017
Posts: 9,652
...
PimTac Offline
PimTac  Offline

Joined: Mar 2017
Posts: 9,652
...
Originally Posted by maxdustington
Rumor was that he was really interested in Sears' real estate portfolio: Sears was an anchor store in a lot of malls and either owned the mall itself or the biggest unit in the mall. Their real estate assets are worth way more than their brand names or other assets. Sears was/is worth more in parts than as a whole, why else would Lampert have purchased it?

We have HBC here in Canada and they started carrying higher end brands and targeting higher end clients, but I think that will only work as long as Baby Boomers have money to spend on nostalgia. Once they are gone, they will be holding sand just like Sears.

This might have been true 10-15 years ago but malls have been on the decline for some time and online shopping has most of them at the brink.

Regarding mall location, stores that are in the middle do much better due to the foot traffic than stores at the ends. This was a flaw in mall design as anchor stores like Sears were placed at the ends. Sears also did this due to its auto care centers.

This action is way too late. One has to wonder what the board of directors has been doing all this time.


2017 Mazda CX5
Havoline Pro DS 0w20
Roki OEM filter.
Re: Sears suing Lampert for looting them [Re: PimTac] #5079267
04/18/19 08:37 PM
04/18/19 08:37 PM
Joined: Sep 2010
Posts: 9,151
Texas
4WD Offline
4WD  Offline

Joined: Sep 2010
Posts: 9,151
Texas
Some retreat to low overhead small town stores again.
I still do business with a couple of those … One opened two years ago …
(Returning to our city) …
Getting rid of this vulture + replacement with an actual leader … would be a last great hope …
They have to stay small anyway … Walmart and Bezosmart have it all …

Re: Sears suing Lampert for looting them [Re: slacktide_bitog] #5079286
04/18/19 08:57 PM
04/18/19 08:57 PM
Joined: Mar 2004
Posts: 22,342
Upstate NY
Donald Offline
Donald  Offline

Joined: Mar 2004
Posts: 22,342
Upstate NY
I think Lampert is a major reason for a lot of Sears latest issues. He seems to have done so many things to benefit himself rather than help Sears get back on his feet.

He was a financial guy not a retailer. Sears needed a retailer.


2015 Subaru Forester 2.5 engine/CVT
2015 Ford F250 w/Powerstroke
2016 Subaru Crosstrek CVT (wife's)
Re: Sears suing Lampert for looting them [Re: Donald] #5079287
04/18/19 09:00 PM
04/18/19 09:00 PM
Joined: Sep 2010
Posts: 9,151
Texas
4WD Offline
4WD  Offline

Joined: Sep 2010
Posts: 9,151
Texas
Exactly … Fox in the hen house … companies used to fend off corporate raiders …

Re: Sears suing Lampert for looting them [Re: PimTac] #5079317
04/18/19 10:02 PM
04/18/19 10:02 PM
Joined: Jan 2017
Posts: 2,931
VW Fanboy Island
maxdustington Offline
maxdustington  Offline

Joined: Jan 2017
Posts: 2,931
VW Fanboy Island
Originally Posted by PimTac
This might have been true 10-15 years ago but malls have been on the decline for some time and online shopping has most of them at the brink.

Regarding mall location, stores that are in the middle do much better due to the foot traffic than stores at the ends. This was a flaw in mall design as anchor stores like Sears were placed at the ends. Sears also did this due to its auto care centers.
Depends on the mall. I live in Toronto and the two malls I have visited the most are attached to public transit. One of them is downtown, but the other is in the borough I live in and has condos, municipal buildings and a community center within 1000m. That mall (Scarborough Town Center) also had a Sears in it. It also had a long defunct Eaton's that became a Wal Mart. My friend works at the downtown mall, the Eaton Center. It is plenty busy.

I agree, a mall in the middle of nowhere, Anytown USA is not going to have as much foot traffic or be as valuable. However, malls in population dense, arterial areas will be worth big bucks. Those anchor sized units are perfect for gyms.


03 Jetta AWP/09A 210k kms
Edge 0W40 + Mann 719/30
Re: Sears suing Lampert for looting them [Re: maxdustington] #5079326
04/18/19 10:14 PM
04/18/19 10:14 PM
Joined: Mar 2017
Posts: 9,652
...
PimTac Offline
PimTac  Offline

Joined: Mar 2017
Posts: 9,652
...
Originally Posted by maxdustington
Originally Posted by PimTac
This might have been true 10-15 years ago but malls have been on the decline for some time and online shopping has most of them at the brink.

Regarding mall location, stores that are in the middle do much better due to the foot traffic than stores at the ends. This was a flaw in mall design as anchor stores like Sears were placed at the ends. Sears also did this due to its auto care centers.
Depends on the mall. I live in Toronto and the two malls I have visited the most are attached to public transit. One of them is downtown, but the other is in the borough I live in and has condos, municipal buildings and a community center within 1000m. That mall (Scarborough Town Center) also had a Sears in it. It also had a long defunct Eaton's that became a Wal Mart. My friend works at the downtown mall, the Eaton Center. It is plenty busy.

I agree, a mall in the middle of nowhere, Anytown USA is not going to have as much foot traffic or be as valuable. However, malls in population dense, arterial areas will be worth big bucks. Those anchor sized units are perfect for gyms.




There are always exceptions to everything and perhaps Canada is different in how shoppers shop. In the US, malls are closing. Even urban malls are either shutting down or they are reinventing themselves. One idea that has been a standard in Asia is to make a mall a center of sorts. This kind of planning includes condo towers at the mall which gives it a local shopper base instantly. Offices are located at malls as well. Malls can have a variety of options and not just retail shopping. Medical clinics, spas and exercise facilities, even small hotels. It is similar to what Japan has done with major train stations where you can shop, eat, get your dry cleaning and everything else in one stop.

None of this will save Sears. They have been as dead as a can of corned beef for a decade now.


2017 Mazda CX5
Havoline Pro DS 0w20
Roki OEM filter.
Re: Sears suing Lampert for looting them [Re: PimTac] #5079371
04/18/19 11:38 PM
04/18/19 11:38 PM
Joined: Jan 2017
Posts: 2,931
VW Fanboy Island
maxdustington Offline
maxdustington  Offline

Joined: Jan 2017
Posts: 2,931
VW Fanboy Island
Originally Posted by PimTac
There are always exceptions to everything and perhaps Canada is different in how shoppers shop. In the US, malls are closing. Even urban malls are either shutting down or they are reinventing themselves. One idea that has been a standard in Asia is to make a mall a center of sorts. This kind of planning includes condo towers at the mall which gives it a local shopper base instantly. Offices are located at malls as well. Malls can have a variety of options and not just retail shopping. Medical clinics, spas and exercise facilities, even small hotels. It is similar to what Japan has done with major train stations where you can shop, eat, get your dry cleaning and everything else in one stop.

None of this will save Sears. They have been as dead as a can of corned beef for a decade now.
I'd stay in a Sears hotel if they had a Craftsman-themed room. smile


03 Jetta AWP/09A 210k kms
Edge 0W40 + Mann 719/30
Re: Sears suing Lampert for looting them [Re: slacktide_bitog] #5079405
04/19/19 01:46 AM
04/19/19 01:46 AM
Joined: Feb 2009
Posts: 17,523
Michigan
daves87rs Offline
daves87rs  Offline

Joined: Feb 2009
Posts: 17,523
Michigan
Malls are dead, and those with any money shop online now anyways (those who can afford it)

Most folks I know have cut their shopping quite a bit over the last 5 years, which include online. Heck, I find I need a lot less now a days.....

Sears will be long gone before the credit lines dry up in the next few years though- doubt they will even make it till June .....


2019 Chevrolet Equinox LS
2006 Chevrolet Cobalt LS
Re: Sears suing Lampert for looting them [Re: slacktide_bitog] #5079411
04/19/19 01:58 AM
04/19/19 01:58 AM
Joined: Aug 2017
Posts: 622
Cincinnati, USA
Dave9 Offline
Dave9  Offline

Joined: Aug 2017
Posts: 622
Cincinnati, USA
Sears was dying with or without him involved. To sue claiming he is to blame, ignores every single reason why the market made it impossible for the Sears profit model to continue.

Kids these days don't appreciate that. They have a 15 minute attention span and cheapest usually wins, so sears tried to fill both roles and cater to that too, then old timers got a knot in their britches and declared they'll never buy sears again, not even the things that were still made in the US, which if they weren't stupid, would have proved their point and been a benefit to everyone.

Instead, stupidity rules and we all lose out and whine about it instead of being happy. Folks used to just be happy about buying things then lately they have been blaming someone else. Idiot egos, screwed those of us who wanted to support US products.

There's always that "I think I'm special regardless of the fact that my specialness extends no further than wiping my own arse" and therefore I declare the cheapest thing I can find, is automatically equal to anything else made in China.

The Chinese are laughing their arses off.

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