Sears Canada (1952-2017)

[AlvinofDiaspar]

From the Star:

Eddie Lampert on the retailer’s woes: ‘I deeply regret the failure of Sears Canada’

“I know on a very personal level what it’s like to have somebody depend on a company to provide for her family. I know what it’s like to have a parent who has to live with the uncertainty of whether or not they are going to keep their job in order to pay their bills, because after my father died when I was 14, my mother worked at Saks Fifth Avenue for 20 years.

Well, Saks was still around, boo hoo.

AoD

 

[Admiral Beez]

Soon to be gone from every store that has it. It was tacky imo and was nothing more than a vinyl wrap.

I must be thick today, as IDK what you’re referring to here.

 

[ShonTron]

The last Sears Canada sign is down. As late as Tuesday, there was a sign here at the rear entrance for the old Eaton's store, where the elevators up to the Sears offices were accessed.

The "eatons" labelscar is still visible.

 

[Admiral Beez]

I visited Sears in Myrtle Beach, SC last week, as my wife had a gift card from a previous visit years ago, and now was time to spend it before the place closed. Place was dead, so I wandered into the tired and empty tool section. Almost bought a Dremel when I scanned the barcode and found it for 30% less at Home Depot. I decided on a Craftsman torque wrench that was on sale.

 

[Skeezix]

After bleeding Sears Canada dry, Eddie is now trying to strip Sears Holdings in the U.S. of its key assets for his own benefit, in non-arms length transactions.

Eddie Lampert’s firm offers to buy Kenmore from Sears
The Globe and Mail, 23 April 2018

ETA:
Sears CEO Eddie Lampert Looks Like He Is Sucking Company Dry
Brian Sozzi, 23 April 2018, The Street

 

[Skeezix]

Eddie continues to strip assets from Sears in the U.S., diverting properties to a new corporation in sweetheart deals. Looks like Sears employees and pensioners in the States will soon find themselves in the same position as their counterparts in Canada - faced with a bankrupt shell of a company, after Eddie has vacuumed up all the cash.

As Sears Withers, Its Former Stores Fuel a New Fortune
Michael Corkery, The New York Times, 28 August 2018

 

[soundmuseum]

An interesting article on the impending demise of the Kenmore brand:

How the once-proud Kenmore brand ended up on the scrap heap
by Chris Isidore @CNNMoneySeptember 1, 2018: 9:42 AM ET

 

[AlvinofDiaspar]

In the meantime, in the US:

Once-mighty Sears collapses into Chapter 11 bankruptcy protection

AoD

 

[Amare]

The whole situation is just a sad, sad story and it's amazing how one man (Uncle Eddice/America's Worst CEO) was singlehandedly responsible for the demise of an empire.

Here is an interesting pictorial of how he has been prepping himself to benefit from the impending collapse of his company. How he gets through scott-free from U.S regulators for all of his blatant financial maneuvering to strip a company dry to the point of benefiting himself is really incredible. This goes way beyond "corporate greed", it's outright manipulation of shareholder investment in a company.

 

[Filip]

Eddie Lampert should be drawn and quartered by the SEC for what he's done. It essentially boils down to the blatant theft of shareholders.

 

[AlvinofDiaspar]

Eddie Lampert should be drawn and quartered by the SEC for what he's done. It essentially boils down to the blatant theft of shareholders.

Do it to his assets, the Sears-way piece by piece, until he had to go by what retired front-line Sears employees have to live off would be my notion of justice.

AoD

 

[Amare]

Eddie Lampert should be drawn and quartered by the SEC for what he's done. It essentially boils down to the blatant theft of shareholders.

They seem to be more interested in Elon Musk and his tweets at the moment. At the SEC, that kind of stuff takes far more precedence over messing with the lives of tens of thousands of employees and shareholders through financial manipulation.

 

[Admiral Beez]

Maybe a come back of the Sears catalogue/online model?

Sears chairman Eddie Lampert submits bid to buy bankrupt chain
https://www.chainstoreage.com/finan...ie-lampert-submits-bid-to-buy-bankrupt-chain/

 

[Johnny Au]

The new Sears might end up being something like a combination of Consumers Distributing and Amazon.

 

[Admiral Beez]

The new Sears might end up being something like a combination of Consumers Distributing and Amazon.

Which is what it should have done ten years ago. Ditch the malls, become Lands End on a grander scale, push Kenmore, Craftsman, Die-Hard and other brands online. And do something with Zellers.