Posted on 12/28/2018 8:33:08 AM PST by Black Agnes
In 2003, Lampert was kidnapped from the parking lot of his Greenwich office, but was able to persuade his captors to let him go after two days of captivity.
WTF?
Sears owned TONS of real estate. It was the ONLY thing they had left.
i see.
well, we gotta figure that if someone can grab all the good assets of a HIGHLY VISIBLE, huge corporation like Sears....
right in front of the entire world to see....
then it has to be much easier to do same treatment on a small and less-prominent company
SPKNK.
Sears did not hit a “rough” patch. They went off a cliff anyone with any marketing sense could see decades ago. Amazon killed them, but Wal-Mart wounded them by grabbing their clientele.
Sears killed themselves by abandoning a service model for a price model. They could not compete with Wal-Mart on price. Then they went schizo by trying to reach an upscale end with Land’s end.
When was the last time anyone was drawn into a sears because of an ad campaign.
And when the Internet came, they were dismantling their catalog business.
Finally, their pension system and staff bloat got huge and they could not cut fast enough. When they sold the Craftsman line, they lost the last thing anyone knew about Sears.
They are an example of an elephant not being able to dance.
Was he a major shareholder?
Did you read either of the articles?
My wife worked there in the late nineties. It was going out of business, after a fashion, for the past 20 years. Hence SLOW DEATH. All the CEO did was attempt to make enough money to make a buck on its ultimate demise.
What Eddie Lampert "loses" in stock value as a result of his shenanigans he more than gains in real estate holdings.
I wonder how much Sears retiree's who have been living off their pensions are going to get screwed as a result of all of this. Have to wonder how people like this suckball sleep at night.
He sounds like a psycopath.
He probably sleeps more soundly than anyone else either of us know.
I am thinking the same thing.
How does this guy avoid prosecution and shareholder suits?
Sears was in trouble years before Lambert came along. Sears never adjusted to the digital age, and competition from WalMart.
when I was still in school, I worked for Sears at the local store’s catalog desk; they had a pretty damn good system going, and it always perplexed me that Sears was going to hell in a handbasket, while Amazon was becoming huge using their model. Of course, they always had a personnel problem, people who did a credible imitation of a government employee in a private industry, don’t have to do anything, can’t be fired....
Frank Lorenzo modern day
Sears did/does own a lot of real estate. The old time big shopping centers often had “anchors” own their own building and certain related parking. The shopping center developer owned the mall stores and the mall in between anchors. There was often provisions in the higher end mall leases that their lease was cut drastically if an anchor went “dark.”
In Kansas City, there is a mall near the airport norther end of town that was owned by a developer (now dead) who had two crazy sons. It left one of its anchors go dark (Montgomery Wards) twenty years ago and did not replace them. Another anchor who was viable they drove off (Dillards) and the last anchor remodeled a buyout: Macy’s replacing Jones Store. They played hard ball with their mall stores and drove them all out. Macy’s stands alone, still operating with a demolished mall covering the rest of the 80 acres. Real sad.
“Sears never adjusted to the digital age, and competition from WalMart.”
And Eddie made darned sure of that!
“The SEC ought to look into it, and sanction or charge this guy if he acted illegally.”
Yeah, they’ll get right on that.
Same with Nortel. And many other big public corporation we had CEO hollow out the companies into salaries and earnings for themselves. I think Soros was less than honest about how he ran his hedge fund as well.
Thanks to faithhopecharity for this definition.
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