Worked at Sears in college, 30+ years ago. The only thing less efficient, even then, was the federal government. My last year there the company would have been in the red but for the interest being paid on their revolving charge cards.
Recent mismanagement notwithstanding, Sears’ decline began in the 70s, and, barring a miracle, won’t end well.
Sears started throwing credit cards at people when they realized the interest from those cards could help keep them afloat.
The “Satisfaction guaranteed or your money back” policy became a liability when a growing segment of its clientele began to game the system.
The catalog division, along with other specialty departments, collapsed under the weight of too many incompetent employees brought in to satisfy strict minority hiring requirements. Retirement and profit-sharing took their cuts from a shinking pie.
Apart from appliances, tools, tires and batteries, the company failed for decades to distinguish itself in product development, marketing or customer service. Now, selling brands everyone else carries looks desperate and doomed.
Plenty of parallels between Sears and the federal government...all bad. Pinning the blame on Ayn Rand? Horse$hi+.