Somehow our local Sears keeps dodging the bullet, despite being at a mall that went through bankruptcy not too long ago and almost closed entirely. I suspect that when Sears there does close, the mall will go shortly thereafter -- but I suspect that's true at a number of places since Sears was likely the anchor store.

 

Somehow our local Sears keeps dodging the bullet /--/ .

Maybe out of dodges...or maybe we will see A Brand New Whole Sears store.

https://www.cnn.com/2018/12/20/business/sears-future-holiday/index.html


The remaining employees would lose their jobs, probably without the benefit of any severance pay, which was suspended at the time of the bankruptcy filing.

If the company shuts down, some executives of Sears would get bonuses if they remain with the company until the end.

 

Maybe out of dodges...or maybe we will see A Brand New Whole Sears store.

https://www.cnn.com/2018/12/20/business/sears-future-holiday/index.html


The remaining employees would lose their jobs, probably without the benefit of any severance pay, which was suspended at the time of the bankruptcy filing.

If the company shuts down, some executives of Sears would get bonuses if they remain with the company until the end.

I understand the need/utility of incentivising certain key executives to stay on to the end -- someone has to shut it down and the process is likely much smoother with continuity in certain positions. But I think there should be at least some kind of proportional bonus/severance system set up, which wouldn't be hard to do. It could be as simple as everyone that stays to the end, or is laid off before the end, receives the same percentage payout based on their nominal annual wages during some specified time period, to be paid out once the final numbers are known.

But then I've always been a strong proponent of tying the rewards that go to decision makers to how well the rank-and-file fair. I have NO problem with a CEO of a large corporation making tens or even hundreds of millions of dollars (or more), but only if the rank-and-file are at least doing reasonably well at the same time.

 

But then I've always been a strong proponent of tying the rewards that go to decision makers to how well the rank-and-file fair. I have NO problem with a CEO of a large corporation making tens or even hundreds of millions of dollars (or more), but only if the rank-and-file are at least doing reasonably well at the same time.

But from my experience it works just the opposite.

 

But from my experience it works just the opposite.

In many of the cases we hear about, yes it does. But we need to be careful from drawing too sweeping a conclusion from the cases we hear about. Why are we hearing about them? Because the companies are failing spectacularly. Could part of the reason for their failures be this kind of stuff?

I've known many business leaders who adopt the philosophy that if you take care of your employees, the employees will take care of the company. When those business don't fail, we don't hear about it.

 

I've known many business leaders who adopt the philosophy that if you take care of your employees, the employees will take care of the company. When those business don't fail, we don't hear about it.

It happened twice to me, first when GM spun us off, then a few years later when Delphi moved most of its production to China. Funny or not so funny thing is the guys at the top who were given stock in the company as a "incentive", had all of their "incentive" repatriated into GM stock when Delphi tanked.

 

We have a CEO from 2 CEOs ago that still gets free use of our private jets for personal use. He was paid enough in salary and stock options to afford a jet and crew many times over yet he gets to use the company jets.

 

Tick-Tock...down to its last 24 hours?
https://www.cnbc.com/2018/12/27/sears-may-need-to-liquidate-if-no-bid-comes-in-by-tomorrow.html

 

Tick-Tock...down to its last 24 hours?
https://www.cnbc.com/2018/12/27/sears-may-need-to-liquidate-if-no-bid-comes-in-by-tomorrow.html

It's dead. Does anyone have a reason to shop at Sears in today's marketplace?

 

Ed Lampert and his vulture capitalists will make money. They are all.

As for buying from Sears, it still "trys" to maintain a presence in the online market. But that is fake. The brick and mortar stores in my area are all for sale. My answer would be no. If you want Craftsman, go to Lowes. Kenmore is still sold by other retailers. Whether Craftsman at Lowes is just a re-branding of Kobalt, I don't know. Same with Kenmore.

Stock holder lawsuits in the making?

 

Ed Lampert and his vulture capitalists will make money. They are all.

As for buying from Sears, it still "trys" to maintain a presence in the online market. But that is fake. The brick and mortar stores in my area are all for sale. My answer would be no. If you want Craftsman, go to Lowes. Kenmore is still sold by other retailers. Whether Craftsman at Lowes is just a re-branding of Kobalt, I don't know. Same with Kenmore.

Stock holder lawsuits in the making?

All their products were rebranded by them. Whirlpool was Kenmore and since I worked there they have rebranded many, nothing original I'm sure since their inception. But, that's a piece of history I have no idea because they'er such an old company.

kv

 

Whirlpool used to be a reliably good American brand. What I was referring to mainly was parts availability based on a Kenmore number.

Craftsman was its own brand and warranty. I am really not a "tool junkie," but if you trace the history of Delta tools, for example, you will find the same twists and turns. I judge a tool by its construction, and what it does. My old Delta shaper/molder (rescued from a VA hospital in Ohio) has no resemblance to modern tools by the same name, nor does my Powermatic 6"long bed jointer. I have built replacement garage door sections with those old tools. Not sure the modern name-equivalents could do the same.

 

https://www.cnbc.com/2018/12/28/sears-chairman-eddie-lampert-submits-bit-for-company.html

Department store chain Sears won a reprieve from liquidating Friday after its chairman, Eddie Lampert, submitted a bid in an effort to buy the retailer and keep it alive, people familiar with the situation tell CNBC.
...
Unsecured creditors said earlier this month they will object to a credit bid. Those creditors believe there may be claims against Sears for transactions under Lampert’s leadership. Those deals include Sears’ spinoff of Lands’ Endand transactions with Seritage Growth Properties, a real estate investment trust Lampert created through select Sears’ properties.

https://www.cnbc.com/2018/12/28/sea...ores-in-march-faces-possible-liquidation.html

 

https://www.cnbc.com/2018/12/28/sea...ores-in-march-faces-possible-liquidation.html

Well, the reprieve for the local store has expired, it's on that list.

 

Well, the reprieve for the local store has expired, it's on that list.

The nearest one to me that is still "open" is at Great Northern Mall. Its parking lot is empty, but you can tell it is open because the windows are not shuttered.

 

The nearest one to me that is still "open" is at Great Northern Mall. Its parking lot is empty, but you can tell it is open because the windows are not shuttered.

And I'm still getting 20 Emails a day from them to get more "points".

 

Hey save those "points." They are worth more than the stock, assuming you can convince a bankruptcy court they are like bonds and not loans.

 

https://www.cnbc.com/2019/01/07/sea...e-lampert-liquidates-without-tuesday-fix.html

ESL’s advisors worked through the weekend and into Monday. So far, Lampert’s bid is insufficient. If he doesn’t agree to concessions, the company will liquidate.

 

How far the mighty have fallen.

I got a Crafstman snow shovel a few years ago and with all the snow we've been getting, it finally cracked. I knew it would be a race against time to get it replaced under warranty since my local Sears will close in March if not sooner. Normally I would have just driven down there and swapped the broken one for a new one – that's always been one thing I loved about buying Craftsman – but I had the foresight to check inventory online first. Good thing, because the nearest replacement is 1oo miles away and they won't ship it.

So, about an hour and a half ago I called the Craftsman service line. The first cheery rep didn't really know what to do so she gave me a number to call. I didn't realize soon enough that it was the same number I had just called! Oh well, calling back I got a different rep that seemed more eager to work this out.

After the usual exchange of absurd amounts of information that had nothing to do with the problem, we finally got down to my shovel. She put me on hold for quite a while to research the issue and finally came back to announce that the Craftsman "Lifetime" warranty meant 2 years for shovels. Huh? I described for her the image below which shows the cracks along with the "Forever Warranty". I asked her to explain how she could reconcile a "Forever Warranty" label with the 2-year policy. "It doesn't say 2-years, it says forever", I pressed.

More time on hold, followed by a fruitless search for a replacement. In the end, and in large part because I was a known customer in their database, she conceded and I got a refund in the form of Shop-Your-Way points that won't expire until March of 2020. So I'm whole even if my shovel isn't. What a way to spend a snowy afternoon indoors.

 

Spend your "Shop-Your-Way points" now. They will be worthless long before 2020.

I had a somewhat similar experience with a "lifetime" warranty by Rusty Jones (Chevrolet). Lifetime was defined as 5 years for rust through. Even in MN that took more than 5 years. There was a class action lawsuit, and the lawyers made a mint, the chief complainant got her car repaired, and the rest of us got a notice from the Federal court to put in our files.