When your company is owned by a hedge fund manager that's never a good thing. They called him Fast Eddie Lambert based on how fast he drove Sears into bankruptcy. Sadly he probably made a ton of money on the way out.
@@intellectualdigest6003And the sad thing is, he ended up with a huge parachute and he blamed the retirees for the fall of Sears. I worked for the company for almost 20 years. And those last few years were really the hardest things to see. I had seen really good managers ushered out the door as if they had been criminals and they had worked for the company for a very long time some of them 30 almost 40 years. We never even got to have a going away party for them. It was so sad.
Worked for them for about six months before I started my teaching career. Decent people and supervisors worked there but you could see the collapse coming. Feel super sorry for the careers I worked with, people with 15, 20 years in, one lady had 35 years invested. Place is closed now, Livingston Mall, Livingston, NJ.
I worked in Sears HQ between 98 and 03. This video gets so many things wrong. The downfall started under Lacy with the sale of Sears Credit to Citigroup. The credit division printed money for the company. Sears then used the cash to buy a bunch of prime K-mart locations. Then K-mart bought/merged with Sears. Lambert then sucked both companies dry of their assets and let them die a slow death.
I always liked Kmart and Sears. I don't go to a store because they paint the walls a new color or change the logo. To me store remodeling only means rearranging the stock and making it difficult to find things.
Sears also had a really good website in the late 1990's where you could order online for delivery, or pick up in store. When Kmart came along, the website went to hell in a hand basket. Most people do not realize Sears did have a good website, and it was ahead of it's time. After the merger we ordered from both Sears, and Kmarts websites. Some items were never charged to us because the transactions fell out of their computer system. It was the employees at Kmart who did not work or even do the reentry report. They lost a lot of money this way. When it was brought to the attention of store personnel and management, they kept saying, "We will get around to it, and give us some more time." They never did the re-entry. I know someone who got a free HD Television this way at Kmart in 2006.
I worked for SEARS in the mid to late 90's selling tools, plumbing, and garden equipment. Even back then you could feel this dinosaur of a company was on the decline. To be honest, I never felt I was in the business of selling tools, lawn mowers, and water heaters. I felt like I was more in the business of selling extended warranties (MA's - Maintenance Agreements). This is really what the company wanted you to sell. Such a scam this was. We had meetings every morning about how to sell those stupid things. Those that did well were appreciated and enthusiastically recognized. Those that didn't sell them well, were degraded, humiliated, and eventually fired. I didn't matter how many power tools, lawn mowers, or water heaters you sold, hell you could have sold $100K of merchandise in a single shift, but if you didn't sell one MA, well then, that $100K of sales wasn't good enough.
When your company is owned by a hedge fund manager that's never a good thing. They called him Fast Eddie Lambert based on how fast he drove Sears into bankruptcy. Sadly he probably made a ton of money on the way out.
Very true, I’m sure he made ALOT of money on his way out the door!
@@intellectualdigest6003And the sad thing is, he ended up with a huge parachute and he blamed the retirees for the fall of Sears. I worked for the company for almost 20 years. And those last few years were really the hardest things to see. I had seen really good managers ushered out the door as if they had been criminals and they had worked for the company for a very long time some of them 30 almost 40 years. We never even got to have a going away party for them. It was so sad.
Which He needs to refund all back to Sears (payback)
Worked for them for about six months before I started my teaching career. Decent people and supervisors worked there but you could see the collapse coming. Feel super sorry for the careers I worked with, people with 15, 20 years in, one lady had 35 years invested. Place is closed now, Livingston Mall, Livingston, NJ.
I worked in Sears HQ between 98 and 03. This video gets so many things wrong. The downfall started under Lacy with the sale of Sears Credit to Citigroup. The credit division printed money for the company. Sears then used the cash to buy a bunch of prime K-mart locations. Then K-mart bought/merged with Sears. Lambert then sucked both companies dry of their assets and let them die a slow death.
Sears Definitely should end the decades long Merge With Kmart, departing from ESL Investments and Transform Holdco
I always liked Kmart and Sears. I don't go to a store because they paint the walls a new color or change the logo. To me store remodeling only means rearranging the stock and making it difficult to find things.
Yea Kmart & Sears was definitely an era.
There are 6 Kmart left
Sears did have a mail order website, along with in store pickup, starting in the 1990s
They were ahead of their time with that honestly!
Sears also had a really good website in the late 1990's where you could order online for delivery, or pick up in store. When Kmart came along, the website went to hell in a hand basket. Most people do not realize Sears did have a good website, and it was ahead of it's time. After the merger we ordered from both Sears, and Kmarts websites. Some items were never charged to us because the transactions fell out of their computer system. It was the employees at Kmart who did not work or even do the reentry report. They lost a lot of money this way. When it was brought to the attention of store personnel and management, they kept saying, "We will get around to it, and give us some more time." They never did the re-entry. I know someone who got a free HD Television this way at Kmart in 2006.
I worked for SEARS in the mid to late 90's selling tools, plumbing, and garden equipment. Even back then you could feel this dinosaur of a company was on the decline. To be honest, I never felt I was in the business of selling tools, lawn mowers, and water heaters. I felt like I was more in the business of selling extended warranties (MA's - Maintenance Agreements). This is really what the company wanted you to sell. Such a scam this was. We had meetings every morning about how to sell those stupid things. Those that did well were appreciated and enthusiastically recognized. Those that didn't sell them well, were degraded, humiliated, and eventually fired. I didn't matter how many power tools, lawn mowers, or water heaters you sold, hell you could have sold $100K of merchandise in a single shift, but if you didn't sell one MA, well then, that $100K of sales wasn't good enough.
Neato
Very
Great Video
Glad you enjoyed it!
Eddy Lambert is the one that bought them out of bankruptcy and there 8 kmart left and 11 Sears left
Crazy isn't it?
Yes it is concerning that he store money from the company and driving the company to the ground and bought it out of bankruptcy
Kmart purchased Sears and changed it to Sears holdings. Other than that the video is great
@@Cotelw8345 Eddy Lambert bought it's out of bankruptcy in 2019
@@Cotelw8345 it's not called Sears holding it's now under Eddy Lambert company called trasformco
Eddie Lampert in typical fashion destroyed the brand. Won’t effect his Pesach.
He did a pretty good job destroying stuff
He saved the company
If it wasn't for Eddy Lambert Sears and Kmart wouldn't still be around
They were amazon way before amazon
That’s actually the perfect example
Kmart bought sears.
Lol it’s literally less than half a dozen Kmarts left in the US. Kmart is DONE
JCPenney is better off than Sears.
Most definitely!
@@intellectualdigest6003 And aggressive at that. JCPenney still operates at the malls in my neck of the woods, but Sears closed down in those malls.
Sears couldn’t keep up, JCPenny still has some life left.