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#4346335 - 03/23/17 04:08 PM
Re: The death of Sears & Kmart
[Re: wheelsup_cavu]
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Joined: Apr 2001
Posts: 121,473
PanzerMeyer
Pro-Consul of Florida
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Pro-Consul of Florida
King Crimson - SimHQ's Top Poster
Joined: Apr 2001
Posts: 121,473
Miami, FL USA
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It looks like Sears/Kmart will be going down before too long. Permanently.
Might be a way for CEO Eddie Lampert to buy more shares at a reduced price and restructure the company?
Wheels
Doubtful but not impossible. I think he's just going to cash out before it all collapses.
Last edited by PanzerMeyer; 03/23/17 04:08 PM.
“Whoever fights monsters should see to it that in the process he does not become a monster. And if you gaze long enough into an abyss, the abyss will gaze back into you.”
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#4346338 - 03/23/17 04:16 PM
Re: The death of Sears & Kmart
[Re: PanzerMeyer]
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Joined: Dec 2008
Posts: 26,564
wheelsup_cavu
Lifer
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Lifer
Joined: Dec 2008
Posts: 26,564
Corona, California
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It looks like Sears/Kmart will be going down before too long. Permanently.
Might be a way for CEO Eddie Lampert to buy more shares at a reduced price and restructure the company?
Wheels
Doubtful but not impossible. I think he's just going to cash out before it all collapses. True but I think he is so far into the company now it is past him being able to cash out without substantial losses. Wheels
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#4346343 - 03/23/17 04:24 PM
Re: The death of Sears & Kmart
[Re: LB4LB]
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Joined: Dec 2008
Posts: 26,564
wheelsup_cavu
Lifer
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Lifer
Joined: Dec 2008
Posts: 26,564
Corona, California
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It does seem like they having talking about these two going out of business for the last ten years. Yep, Warren Buffet was talking about its inevitability in 2005. Warren Buffett predicted the fall of Eddie Lampert and Sears over 10 years ago: http://www.businessinsider.com/warren-buffett-predicted-fall-of-eddie-lampert-sears-in-2005-2016-12In an interview between Buffett and a group of University of Kansas students that has been circulating since 2005, Buffett was asked about Lampert and his attempt to turn around Sears. In his reply, the famed investor laid out the road map for the retailers' continued decline.
"Eddie is a very smart guy but putting Kmart and Sears together is a tough hand," said Buffett to the Kansas crowd. "Turning around a retailer that has been slipping for a long time would be very difficult. Can you think of an example of a retailer that was successfully turned around?"
"Retailing is like shooting at a moving target. In the past, people didn't like to go excessive distances from the street cars to buy things. People would flock to those retailers that were near by. In 1966 we bought the Hochschild Kohn department store in Baltimore. We learned quickly that it wasn't going to be a winner, long-term, in a very short period of time. We had an antiquated distribution system. We did everything else right. We put in escalators. We gave people more credit. We had a great guy running it, and we still couldn't win. So we sold it around 1970. That store isn't there anymore. It isn't good enough that there were smart people running it."
Buffett said that other competitors such as Costco and Walmart could provide better deals while operating on smaller margins, making it hard for Sears and Kmart to compete.
"Costco is working on a 10-11% gross margin that is better than the Walmart's and Sam's," Buffett said. Wheels
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#4346395 - 03/23/17 06:47 PM
Re: The death of Sears & Kmart
[Re: MarkG]
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Joined: Jun 2006
Posts: 13,218
NH2112
Veteran
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Veteran
Joined: Jun 2006
Posts: 13,218
Jackman, ME
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Never saw a Service Merchandise store, must have been a regional store chain. Maybe a Southern thing? Nope, we had one in South Portland, ME, back in the mid-late 70s and maybe even into the 80s.
Phil
“The biggest problem people have is they don’t think they’re supposed to have problems.” - Hayes Barnard
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#4346400 - 03/23/17 07:00 PM
Re: The death of Sears & Kmart
[Re: LukeFF]
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Joined: Apr 2001
Posts: 6,728
bones
Hotshot
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Hotshot
Joined: Apr 2001
Posts: 6,728
Earth
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We had a Service Merchandise or two here in Chicago until 2000.
v6,
boNes
"Also, I would prefer a back seater over the extra gas any day. I would have 80 pounds of flesh to eat and a pair of glasses to start a fire." --F/A-18 Hornet pilot
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#4346528 - 03/24/17 02:31 PM
Re: The death of Sears & Kmart
[Re: LukeFF]
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Joined: Feb 2000
Posts: 49,716
Jedi Master
Entil'zha
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Entil'zha
Sierra Hotel
Joined: Feb 2000
Posts: 49,716
Space Coast, USA
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Got my wedding ring there, too. That was 1998. Not sure when the stores disappeared, I moved out of that area in early 2001 and there was never one where I live now.
The Jedi Master
The anteater is wearing the bagel because he's a reindeer princess. -- my 4 yr old daughter
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#4346533 - 03/24/17 02:39 PM
Re: The death of Sears & Kmart
[Re: Jedi Master]
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Joined: Apr 2001
Posts: 121,473
PanzerMeyer
Pro-Consul of Florida
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Pro-Consul of Florida
King Crimson - SimHQ's Top Poster
Joined: Apr 2001
Posts: 121,473
Miami, FL USA
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Got my wedding ring there, too. That was 1998. Not sure when the stores disappeared, I moved out of that area in early 2001 and there was never one where I live now.
The Jedi Master Both Service Merchandise and Luria's went out of business in South Florida roughly around the same time (around 2000-2002).
“Whoever fights monsters should see to it that in the process he does not become a monster. And if you gaze long enough into an abyss, the abyss will gaze back into you.”
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#4346557 - 03/24/17 04:13 PM
Re: The death of Sears & Kmart
[Re: LukeFF]
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Joined: Feb 2000
Posts: 49,716
Jedi Master
Entil'zha
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Entil'zha
Sierra Hotel
Joined: Feb 2000
Posts: 49,716
Space Coast, USA
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Forget Home Depot and Lowe's, I want my Gold Triangle back!!
The Jedi Master
The anteater is wearing the bagel because he's a reindeer princess. -- my 4 yr old daughter
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#4346562 - 03/24/17 04:18 PM
Re: The death of Sears & Kmart
[Re: Jedi Master]
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Joined: Apr 2001
Posts: 121,473
PanzerMeyer
Pro-Consul of Florida
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Pro-Consul of Florida
King Crimson - SimHQ's Top Poster
Joined: Apr 2001
Posts: 121,473
Miami, FL USA
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Forget Home Depot and Lowe's, I want my Gold Triangle back!!
The Jedi Master LOL!! You thinking of the one that used to be across from Dadeland Mall? That one closed like in 1982.
“Whoever fights monsters should see to it that in the process he does not become a monster. And if you gaze long enough into an abyss, the abyss will gaze back into you.”
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#4346658 - 03/24/17 08:50 PM
Re: The death of Sears & Kmart
[Re: LukeFF]
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Joined: Feb 2000
Posts: 49,716
Jedi Master
Entil'zha
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Entil'zha
Sierra Hotel
Joined: Feb 2000
Posts: 49,716
Space Coast, USA
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Yes, that's it! It was convenient living down the street...
The Jedi Master
The anteater is wearing the bagel because he's a reindeer princess. -- my 4 yr old daughter
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Exodus
by RedOneAlpha. 04/18/24 05:46 PM
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