TUG MEMBERS: Joining TUG does not automatically register you as a user of the TUG Bulletin Board. You must register yourself.


*ads are disabled when logged in*
  1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.
  2. The TUGBBS forums are completely free and open to the public and exist as the absolute best place for owners to get help and advice about their timeshares for more than 23 years! Join the tens of thousands of other owners here to get any and all Timeshare questions answered!
  3. Sign up to get the TUG Newsletter for free! Join tens of thousands of other owners who get this every week! Latest resort reviews and the most important topics discussed by owners during the week!
    Dismiss Notice
  4. Follow the TUG Member Banner as it travels the world on vacation with Timeshare owners! Also sign up to get the banner sent to you so you can submit a photo of your vacation with the banner to share with TUG! Banner Thread
    Dismiss Notice
  5. A few of the most common links here on the forums for newbies and guests!
    Dismiss Notice
  6. For any of you worried about seeing the "connection not secure" message in your web browser when visiting TUG, rest assured that TUG is no more or less secure than it always has been! read more details here in this thread
    Dismiss Notice

Sears' CEO Blames the Media for Company's Decline - But His Obsession With Wall Street Set It Up...

Discussion in 'TUG Lounge' started by MULTIZ321, May 21, 2017.

  1. MULTIZ321

    MULTIZ321 TUG Member

    Joined:
    Jun 6, 2005
    Messages:
    12,211
    Likes Received:
    246
    Trophy Points:
    63
    Location:
    FT. LAUDERDALE, FL
    Resorts Owned:
    BLUEWATER BY SPINNAKER HHI
    ROYAL HOLIDAY CLUB RHC (POINTS)
    Sears' CEO Blames the Media for Company's Decline - But His Obsession With Wall Street Set It Up for Failure
    By Hayley Peterson/ Retail/ Business Insider/ businessinsider.com

    • "Sears Holdings spent $5.8 billion buying back shares from 2005 to 2010, draining the company of resources.
    • CEO Eddie Lampert defended the buybacks as the most efficient use of capital, arguing that investment in stores wasn't necessary.
    • The company — considered the most vulnerable publicly traded retailer — is now selling off assets to stay afloat.
    Sears has survived two world wars and the Great Depression. But after a decade under the control of a former Goldman Sachs executive turned hedge fund manager, the 124-year-old retailer is imploding.

    Sales have been cut in half since 2009, and the company is burning through cash, closing hundreds of stores, and selling off assets in an attempt to stanch the bleeding. Executives are fleeing and store workers face a grim future..."

    [​IMG]
    AP


    Richard
     
  2. easyrider

    easyrider TUG Review Crew: Expert TUG Member

    Joined:
    Aug 21, 2005
    Messages:
    5,752
    Likes Received:
    72
    Trophy Points:
    48
    Location:
    Palm Springs of Washinton
    Resorts Owned:
    Worldmark * * Villa Del Palmar UVCI * * Vacation Internationale*
    I went to Sears the other day and wow, it was looking pretty bare in the tool department. They only had two circular saws of the Craftsman brand. A few years ago Sears was "Brand Central" selling all brands of power tools. I looked at the shelves and it doesn't look like Sears is restocking. The Sears advertising in our newspaper has shrank to a couple of pages. I think they are about done.

    I went to Sears about a month ago to get something for my lawn tractor. I kid you not, there were maybe 3 people working in the entire store. I think I could have loaded up a cart and walked out the door if I was so inclined but Im not.

    Bill
     
  3. pedro47

    pedro47 TUG Review Crew: Expert TUG Member

    Joined:
    Jun 6, 2005
    Messages:
    7,426
    Likes Received:
    167
    Trophy Points:
    63
    Location:
    East Coast
    Sears went downhill after they purchased all the K Mart stores.
     
  4. Phydeaux

    Phydeaux TUG Member

    Joined:
    May 20, 2010
    Messages:
    2,390
    Likes Received:
    97
    Trophy Points:
    48
    Location:
    Somewhere, USA
    I'm surprised they're still around. :shrug:
     
  5. dominidude

    dominidude TUG Member

    Joined:
    Jan 15, 2015
    Messages:
    639
    Likes Received:
    26
    Trophy Points:
    28
    Location:
    maryland
    It's not just Sears, a whole bunch of retailers are about to go out of business because of automation and artificial intelligence.
    I read that the number of unemployeds in retail will dwarf 10 times the numbers laid off from manufacturing.
    Walmart is not inmune.

    According to the MIT Technology Review, 83 percent of jobs that pay less than $20 an hour are under threat from automation.

    https://theoutline.com/post/1120/ai...implode-us-blue-collar-jobs-trump-has-no-plan
     
    Last edited: May 22, 2017
  6. zinger1457

    zinger1457 Guest

    Joined:
    Aug 21, 2005
    Messages:
    628
    Likes Received:
    9
    Trophy Points:
    18
    I made an online purchase at sears.com and selected to pick up the item at my local store. Few days later received a notice that the item was ready to pickup. Went to the store and after ~20 minutes of looking for it they said they didn't receive it and I would have to contact the online group. Called online support and they told me it was delivered and it was the local stores problem, there was nothing they could do. Again went to the local store and there response was that it was the online groups problem and there was nothing they could do. This went on for two weeks until I disputed the charge with my credit card, then Sears called saying they found the item. Haven't shopped at Sears since, that was about 2 years ago.
     
  7. dougp26364

    dougp26364 TUG Review Crew: Veteran TUG Member

    Joined:
    Jun 6, 2005
    Messages:
    11,935
    Likes Received:
    117
    Trophy Points:
    63
    I use to spend a couple thosand dollars every year with Sears. We'd buy our appliances, tools, TV's and entertainment centers, lawn and gardening equipment et.... with Sears. We also used their automotive centers for tires, batteries and oil changes.

    Several years ago Sears started cutting corners on customer service. Eventually I had purchased a camera and the extended warranty along with it. That camera quit working and I took it in. Sears refused to honor the warranty insisting I damaged it.

    Things hadn't been great with Sears customer service and this pushed me over the edge. For the cost of that Camera, not to mention the lousy way they treated me, they lost ALL my business.

    Ordinarily the loss of one customer is no big deal. But Sears had repeated the poor customer service mistake until they've become a non-factor in the retail world.
     
  8. colatown

    colatown Guest

    Joined:
    Jul 3, 2012
    Messages:
    92
    Likes Received:
    4
    Trophy Points:
    8
    Location:
    Columbia, SC
    Resorts Owned:
    HGVC
    Actually K Mart acquired Sears which was in bankruptcy at the time .
     
  9. pedro47

    pedro47 TUG Review Crew: Expert TUG Member

    Joined:
    Jun 6, 2005
    Messages:
    7,426
    Likes Received:
    167
    Trophy Points:
    63
    Location:
    East Coast
    Sears is closing four (4) K Mart stores and one (1) Sears store in Virginia.
     
  10. theo

    theo TUG Review Crew: Veteran TUG Member

    Joined:
    Mar 21, 2007
    Messages:
    7,643
    Likes Received:
    482
    Trophy Points:
    83
    Location:
    New England Coast
    IMnsHO, Sears seems to have worked hard to commit suicide in recent years, poor customer service having apparently become something of a specialization.

    ....and Sears' CEO blames the media for its' downfall? :eek:
     
    Last edited by a moderator: May 24, 2017
  11. Passepartout

    Passepartout TUG Review Crew: Veteran TUG Member

    Joined:
    Feb 10, 2007
    Messages:
    16,878
    Likes Received:
    428
    Trophy Points:
    83
    Location:
    Twin Falls, Eye-Duh-Hoe
    I don't think that media is the problem, either with Sears in particular, or retail in general. It's US. Busily tapping away on our devices. Have an opinion? Share it with like minded people on Facebook. Feel like rating, advising, griping, there's TUG, Trip Advisor, instagram, and a host of other sites. Find that you need anything from appliances to groceries, to cars, to cute little dust catchers, courtesy of Amazon or a bazillion other online retailers, a couple of clicks, and it appears on your porch in mere hours- to tomorrow.

    The media isn't causing the death of our malls, and Sears, and Target, yes, even Wal-Mart is feeling it. The internet is changing the world. And automation and artificial intelligence are it's offspring.

    Jim
     
    rhonda likes this.
  12. Phydeaux

    Phydeaux TUG Member

    Joined:
    May 20, 2010
    Messages:
    2,390
    Likes Received:
    97
    Trophy Points:
    48
    Location:
    Somewhere, USA
    One thing is for certain, if anyone had any doubt about the imminent demise of Sears, that should be gone!!

    After reading how the CEO of Sears places blame on media, and shareholders still haven't axed him after doing so, this company deserves to go belly up. It's a poor craftsman that blames his tools...
     
  13. pedro47

    pedro47 TUG Review Crew: Expert TUG Member

    Joined:
    Jun 6, 2005
    Messages:
    7,426
    Likes Received:
    167
    Trophy Points:
    63
    Location:
    East Coast
    The media is not blame for Sears demise. It is the internet. Why leave your home and shop at Sears. When you came go on the internet and shop and your package is delivered the very next date.
     
  14. Phydeaux

    Phydeaux TUG Member

    Joined:
    May 20, 2010
    Messages:
    2,390
    Likes Received:
    97
    Trophy Points:
    48
    Location:
    Somewhere, USA

    You're painting with a rather broad brush, given the fact that there are many existing brick & mortar stores that compete with Sears, and they are not going out of business. At least not now, and projecting the future is irrelevant to this discussion.

    I won't disagree that the web has changed the market for brick & mortar business, but lumping all of them together is also incorrect.

    No, Sears has only themselves to blame for their imminent demise. First, they failed to sack the CEO that is busy looking for excuses and placing blame, and second they haven't kept up with the times. No different than Eastman Kodak, Blockbuster, Polaroid, Xerox, Yahoo and so on.
     
  15. dominidude

    dominidude TUG Member

    Joined:
    Jan 15, 2015
    Messages:
    639
    Likes Received:
    26
    Trophy Points:
    28
    Location:
    maryland
  16. Talent312

    Talent312 Tug Review Crew: Rookie TUG Member

    Joined:
    Jul 4, 2007
    Messages:
    9,679
    Likes Received:
    328
    Trophy Points:
    83
    Location:
    North Florida
    Resorts Owned:
    HGVC x2 and Gatlinburg Town Square
    Their sales practices and merchandise never came into the 21st century.
    They rested on their legacy and never dealt with changes in retailing.
    Years ago, I compared products at Home Depo and Best Buy to Sears...
    Why pay over $100 more at Sears?

    .
     
    Last edited: Jun 16, 2017
  17. MULTIZ321

    MULTIZ321 TUG Member

    Joined:
    Jun 6, 2005
    Messages:
    12,211
    Likes Received:
    246
    Trophy Points:
    63
    Location:
    FT. LAUDERDALE, FL
    Resorts Owned:
    BLUEWATER BY SPINNAKER HHI
    ROYAL HOLIDAY CLUB RHC (POINTS)
    The Rise and Fall of Sears
    By Vicki Howard/ History/ SmithsonianMag.com


    "How the retail store that taught America how to shop navigated more than a century of economic and cultural change.

    "The lifetime of Sears has spanned and embodied the rise of modern American consumer culture. The 130-year-old mass merchandiser that was once the largest retailer in the United States is part of the fabric of American society.


    From its start as a 19th-century mail-order firm, to its heyday on Main Street and in suburban malls, and from its late 20th-century reorientation toward credit and financial products to its attempted return to its original retail identity, Sears has mirrored the ups and downs of the American economy. It was a distribution arm of industrial America. It drove the suburbanizing wedge of postwar shopping malls. It helped atomize the industrial economy through manufacturer outsourcing in the 1970s and 1980s. It played a key role in the diffusion of mass consumer culture and commercial values. For better and for worse, Sears is a symbol of American capitalism...."

    Richard
     
  18. MULTIZ321

    MULTIZ321 TUG Member

    Joined:
    Jun 6, 2005
    Messages:
    12,211
    Likes Received:
    246
    Trophy Points:
    63
    Location:
    FT. LAUDERDALE, FL
    Resorts Owned:
    BLUEWATER BY SPINNAKER HHI
    ROYAL HOLIDAY CLUB RHC (POINTS)
    The Incredible Shrinking Sears: How a Financial Wizard Took Over a Giant of American Retailing, and Presided Over Its Epic Decline
    By Julie Creswell/ Business Day/ The New York Times/ nytimes.com

    "Imagine a retailer that began by specializing in just one product, then grew into a mammoth that redefined the American shopping experience.

    Among its innovations: No matter where you lived, it shipped your order directly to you, whether you were looking for cast-iron cookware, a mandolin, the newest technological marvel, or the latest in petticoats.

    Amazon, right? Actually, it was Sears — a century ago.

    The brainchild of a pocket-watch salesman, Sears navigated retailing through the end of the stagecoach era, the rise (and fall) of downtown department stores and the malling of suburban America. Recently it has been battling to stay relevant with the advance of online retailers — like Amazon.

    For many, the story of Sears is a reflection of the carnage occurring throughout much of retail right now. In recent days, the stocks of J.C. Penney, Macy’s and Dillard’s all tumbled after they reported another round of quarterly sales declines. Some analysts expect Sears to report a third consecutive double-digit decline in same-store sales in the second quarter.

    But what may ultimately lead to the collapse of the once-great retailer is a dose of Wall Street financial engineering.

    Under the direction of the hedge-fund moneyman Edward S. Lampert, Sears has borrowed to the hilt. Many of its most valuable assets have been sold off. Its stores have been starved for cash and attention. An early shift in the organizational structure designed to create competition among store departments — a strategy used by some hedge funds to allocate company resources — instead led to infighting.

    It was all done in search of a profit that, for Mr. Lampert and his investors, has not materialized...."

    [​IMG]
    Alvah C. Roebuck, left, and Richard W. Sears, the founders of the company. Credit United Press International


    Richard
     
  19. jehb2

    jehb2 TUG Member

    Joined:
    Nov 6, 2005
    Messages:
    1,077
    Likes Received:
    54
    Trophy Points:
    48
    Location:
    texas
    I go to Sears occasionally to return my Landsend.com purchases. Sometimes I have to make 2 laps around the entire second floor to find a salesperson. I might see 1-2 customers. Now this is usually before noon on a weekday but it's eerie. When I walk through other department stores in the mall at the same time I see plenty of people. I don't know how they hang on.

    When I was a kid all my back-to-school cloths, play cloths, and summer cloths were purchased at Sears. I am not a fashion person by any means, but their women's clothing is hideous and not well priced. I shop a lot at Kohls.

    For the past many years I have been buying my household appliances at Home Depot and Lowes.

    In my opinion Sears sucks because the store is depressing, the cloths are boring and over priced, and I get a better deal on name brand appliances at the big box home improvement stores. Oh, and I do get almost all my kids cloths online.
     
    Last edited: Aug 14, 2017 at 6:47 AM
  20. vacationhopeful

    vacationhopeful TUG Member

    Joined:
    Sep 11, 2007
    Messages:
    11,588
    Likes Received:
    616
    Trophy Points:
    113
    Location:
    Northeast USA
    Resorts Owned:
    Ft Lauderdale Beach, Wyndham Santa Barbara, Wyndham Royal Vista, Wyndham Sea Gardens, Wyndham Shawnee (Poconos)
    Sears went to the Malls 50+ years ... K-Mart was in the neighborhood strip shopping centers. I seldom shopped in Malls 20-25 years ago ... like never in the past 15+ years ... not even to attended multi-movie theaters.
     
  21. bizaro86

    bizaro86 TUG Member

    Joined:
    Mar 5, 2008
    Messages:
    702
    Likes Received:
    50
    Trophy Points:
    28
    Location:
    Calgary, AB, Canada
    The shareholders can't fire the CEO, he and his hedge fund are by far the largest holder.
     

Share This Page