Kmart bought Sears and Eddy Lambert didn't buy kmart and he bought Sears out of business in 2019 and Sears and Kmart is now owned by trandformco known as esl investment that Eddy Lambert owns
Sears bought several Kmart stores before the merger after they sold off their profitable credit division back in 2003. Sears had hoped they could expand the Sears Grand concept stores off the mall. The money Sears used to acquire the stores was from the sale of the credit division. Kmart then turned around, and used the money they received from the store sale to buy Sears. The shareholders of Sears, and Kmart had two proxy votes for their shareholders to vote on to merge. On Kmart's side Eddy Lambert owned 54 percent of the company so he had 54 percent of the vote at Kmart. Both Sears shareholders, and Kmart shareholders voted overwhelmingly by proxy vote to merge. I remember the proxy vote in 2005 because I owned shares of Sears Roebuck in a 401k account I had with them as a Sears Employee. Sears gave Kmart the money to use in the merger when they bought the stores from them. Where they failed was when they continued to run both Sears and Kmart as two seperate companies under the Sears Holdings Corporation. They had increased operating costs associated with running two brands. Both Sears and Kmart should have been dropped, and a new retailer created to take on Target, and Walmart under one name.
He was terminated due to disagreements with Lampert so it could have been a disgruntle conversation you heard. He went back to be a Professor at Columbia Business School.
OK, here are the non closing Sears locations: 1. Burbank, California. 2. Concord, California. 3. Stockton, California. 4. Whittier, California. 5. Fort Lauderdale, Florida. 6. Miami, Florida. 7. Orlando, Florida. 8. Palm Beach Gardens, Florida. 9. Braintree, Massachusetts. 10. Frederick, Maryland. 11. Jersey City, New Jersey. 12. Newburgh, New York. 13. Greensboro, North Carolina. 14. Willow Grove, Pennsylvania. 15. San Juan, Puerto Rico. 16. El Paso, Texas. 17. Tukwila, Washington. 18. Union Gap, Washington. A total of 18 non closing Sears stores. Separately, there is a booming separate company called Sears Mexico, owned by billionaire Carlos Slim that is doing quite well in Mexico
The big turning point was failing to predict the future in the 90's and focusing on massive retail establishments at a time just before the concept of the shopping mall would be sent deeply into decline by online digital retail. If they had started trying to catch up 15-ish years ago, they might have been able to remain a viable but minor retailer. Instead, they continued to focus on brick and mortar retail and tried to cut costs to make ends meet (a short term and and brand--damaging approach) rather than re-investing in themselves to add value. The people at the top of the organization never understood how build the company into what it needed to be and instead tried to rely on running as it had always been. And now, in 2018 their business model that was myopic 25 years ago finally failed to turn enough revenue to keep the lights on. Sad, but necessary. It makes room for others who might stand a better chance.
Yeah, that was what K-Mart's money jugglers planned on from the moment they acquired Sears. Walmart will end what little remains of K-Mart soon enough, but nobody actually cared about K-Mart, so no loss there.
Some businessman should buy these iconic stores like Sears Toys R Us and that DVD hire store and run a few of them them for the sake of nostalgia and symbol of rise of American consumerism..."You deserve it"
Muslims have no need for it, and Americans are generally Loathed these days. Got the Picture ? The Saudi-Muslims who flew the attack and massacred all those Americans, they've been winning ever since. How many wives can you legally own ? The Muslims get to own 4 wives, legally.
No Sears,Kmart & Toy R Us were over priced when the other stores Walmart,Target prices are lower.And I hate when you hear that Amazon online hurt Sears,Kmart Toys R Us,Radio Shack,Circuit City,HH Greg there prices were too high
Sanford Alston - Their prices were high because they had to cover the costs of bloated retail establishments. All those establishments listed as high saw each other as their only competition and were similar in pricing. Thing is, more modern models allowed for competition they all failed to respond to. Amazon has no storerooms and gets to save on all the upkeep and staffing they would require, along with being able to have a much smaller number of distribution/fulfillment centers and taking advantage of the economies of scale available to that model and Walmart doesn't waste time with a backroom. Their whole inventory is on their sales floor so there's much less overhead which translates directly to lower costs. Since they failed to expand into an online space, I think the only things Sears could have done would have been to try to operate like Ikea, only they would have to have started down that road 15-20 years ago to pull it off.
Outdated business model run by a hierarchical , authoritative and out of touch, ivory tower executives didn't adjust and now the little guy pays the price. relax... executives at the top will be ok
Rip sears all things come to an end they will join toys r us and soon jc penny will be with them retail evolve every year they did not change they got left behind sears should have never merged with Kmart malls are dead 68 year run times change malls are the past i predict walmart be sears twenty years from now nobody including businesses live forever just way it is to sears thanks for the memories that good thing.
There exists a current pathway for SEARS / Kmart to generate annual sales of $125/Bn - $150/Bn for perpetuity even given the pathetic, sorry condition they're in
Kmart bought Sears with $11 billion, instead of putting that money into Kmart...
Such stupidity.
Kmart bought Sears and Eddy Lambert didn't buy kmart and he bought Sears out of business in 2019 and Sears and Kmart is now owned by trandformco known as esl investment that Eddy Lambert owns
Kmart and Sears is owned by trandformco known as esl investment that Eddy Lambert owns
Sears bought several Kmart stores before the merger after they sold off their profitable credit division back in 2003. Sears had hoped they could expand the Sears Grand concept stores off the mall. The money Sears used to acquire the stores was from the sale of the credit division. Kmart then turned around, and used the money they received from the store sale to buy Sears. The shareholders of Sears, and Kmart had two proxy votes for their shareholders to vote on to merge. On Kmart's side Eddy Lambert owned 54 percent of the company so he had 54 percent of the vote at Kmart. Both Sears shareholders, and Kmart shareholders voted overwhelmingly by proxy vote to merge. I remember the proxy vote in 2005 because I owned shares of Sears Roebuck in a 401k account I had with them as a Sears Employee.
Sears gave Kmart the money to use in the merger when they bought the stores from them. Where they failed was when they continued to run both Sears and Kmart as two seperate companies under the Sears Holdings Corporation. They had increased operating costs associated with running two brands. Both Sears and Kmart should have been dropped, and a new retailer created to take on Target, and Walmart under one name.
He has a lot of room to talk,his Sears company in Canada went bankrupt too
He was terminated due to disagreements with Lampert so it could have been a disgruntle conversation you heard. He went back to be a Professor at Columbia Business School.
Sears didn't buy Kmart, Kmart bought Sears
OK, here are the non closing Sears locations: 1. Burbank, California. 2. Concord, California. 3. Stockton, California. 4. Whittier, California. 5. Fort Lauderdale, Florida. 6. Miami, Florida. 7. Orlando, Florida. 8. Palm Beach Gardens, Florida. 9. Braintree, Massachusetts. 10. Frederick, Maryland. 11. Jersey City, New Jersey. 12. Newburgh, New York. 13. Greensboro, North Carolina. 14. Willow Grove, Pennsylvania. 15. San Juan, Puerto Rico. 16. El Paso, Texas. 17. Tukwila, Washington. 18. Union Gap, Washington. A total of 18 non closing Sears stores. Separately, there is a booming separate company called Sears Mexico, owned by billionaire Carlos Slim that is doing quite well in Mexico
Many of these stores have closed or are currently closing.
Sad. I really hate to see these people lose their jobs. I shop at Sears at times.
When the Sears shareholder information office told me that there would be no dividends after the merger I sold my Sears stock. Glad I did.
The big turning point was failing to predict the future in the 90's and focusing on massive retail establishments at a time just before the concept of the shopping mall would be sent deeply into decline by online digital retail. If they had started trying to catch up 15-ish years ago, they might have been able to remain a viable but minor retailer. Instead, they continued to focus on brick and mortar retail and tried to cut costs to make ends meet (a short term and and brand--damaging approach) rather than re-investing in themselves to add value. The people at the top of the organization never understood how build the company into what it needed to be and instead tried to rely on running as it had always been. And now, in 2018 their business model that was myopic 25 years ago finally failed to turn enough revenue to keep the lights on. Sad, but necessary. It makes room for others who might stand a better chance.
Correct 100%.
Their model from 1990 to 2017-18
was total failure.
I can't believe that Sears stock went from 126$ to 31 cents in 12 years.
Can you imagine how rich whoever shorted Sears at $126 is now?
Yeah, that was what K-Mart's money jugglers planned on from the moment they acquired Sears. Walmart will end what little remains of K-Mart soon enough, but nobody actually cared about K-Mart, so no loss there.
Meanwhile Amazon gets federal subsidies from Congress. Amazon lobbyists paid for recent trip for Democrats in Puerto Rico.
Dantinus and now it’s headed back up to over $20 after they exit Bankruptcy
I agree %100. I said that years ago. They sold all the good parts and merged with kmart....
I agree 100% with what you said.
@2:57 Mark’s face after Eddie spews some illogical BS.
Some businessman should buy these iconic stores like Sears Toys R Us and that DVD hire store and run a few of them them for the sake of nostalgia and symbol of rise of American consumerism..."You deserve it"
Hate to see Sears go. They're Americana like few others.
Amen to that .. this whole business debacle is heartbreaking
Muslims have no need for it, and Americans are generally Loathed these days. Got the Picture ? The Saudi-Muslims who flew the attack and massacred all those Americans, they've been winning ever since. How many wives can you legally own ? The Muslims get to own 4 wives, legally.
So true, so sad, and so preventable with good senior management....
No. They were toast after Amazon took over and Sears decided they did not want to compete.
No Sears,Kmart & Toy R Us were over priced when the other stores Walmart,Target prices are lower.And I hate when you hear that Amazon online hurt Sears,Kmart Toys R Us,Radio Shack,Circuit City,HH Greg there prices were too high
Your profile pic is triggering me can you please change it?
Sanford Alston - Their prices were high because they had to cover the costs of bloated retail establishments. All those establishments listed as high saw each other as their only competition and were similar in pricing. Thing is, more modern models allowed for competition they all failed to respond to. Amazon has no storerooms and gets to save on all the upkeep and staffing they would require, along with being able to have a much smaller number of distribution/fulfillment centers and taking advantage of the economies of scale available to that model and Walmart doesn't waste time with a backroom. Their whole inventory is on their sales floor so there's much less overhead which translates directly to lower costs. Since they failed to expand into an online space, I think the only things Sears could have done would have been to try to operate like Ikea, only they would have to have started down that road 15-20 years ago to pull it off.
@@sanfordalston4466 Walmart has raised their prices because of inflation created by the president of united states
Outdated business model run by a hierarchical , authoritative and out of touch, ivory tower executives didn't adjust and now the little guy pays the price.
relax... executives at the top will be ok
Rip sears all things come to an end they will join toys r us and soon jc penny will be with them retail evolve every year they did not change they got left behind sears should have never merged with Kmart malls are dead 68 year run times change malls are the past i predict walmart be sears twenty years from now nobody including businesses live forever just way it is to sears thanks for the memories that good thing.
Huge mistake why merge with KMart a company which had gone bankrupt?
Kmart was the one who bought Sears
There exists a current pathway for SEARS / Kmart to generate annual sales of $125/Bn - $150/Bn for perpetuity even given the pathetic, sorry condition they're in
You either you adapt or get eliminated.
Yep!!! Totally correct!!!
In 2023 there 12 Sears left and 8 Kmart left
Ironic how his “street cred” is mostly closed businesses
Sears and kmart is still around but not well
0:19
Mark Cohen--not knowing what "apocryphal," means...
Rocking that ivy league vocabulary.
He was a battle rapper before
@@uvwxyzero LOL
This guy has personal issues with Eddie Lampert.
v