http://money.cnn.com/2017/05/11/investing/sears-lampert-dont-need-more-customers/
“We don’t need more customers. We have all the customers we could possibly want,” Sears CEO Eddie Lampert said on Wednesday at the company’s annual shareholder meeting.A spokesman explained that Lampert made the comments referring to the company’s ability to deliver great service and value to its Shop Your Way loyalty program.
Who is this jabroni? Trying to act tough as the company is getting waffle stomped.
#wtf
I just don’t get the rationale for Bruce Berkowitz continuing to add to his position over the years… he must have a great relationship with Eddie as they’re both down here in SoFlo.
People that shop at Sears shouldn’t be allowed to reproduce.
^ We buy Land’s End stuff for the kids at Sears. They pretty much give it away when it’s time for them to switch to the next season.
You know how financial advice folks tell you to have at least 6 months worth of expenses saved as an emergency fund?
Back when you could buy a #Thompson #submachine #gun through the #Sears catalog, the company made enough #green to build a 15 year #emergency #fund.
Or so I assume. I don’t really know.
That’s an ugly 10y, 5y, 3y, 2y, 1y chart. Pretty good looking 3m chart though.
It’s probably been three years since I’ve stepped foot in Sears, but I’d go back to exchange my Craftsman tools (for free).
customers: “we don’t need more Sears.”
/
Well, I suppose hes right. They dont need more customers. They dont NEED any customers. They dont NEED to exist at all.
Hashtag, this is pretty good meme. xcept for the hashtag that is. Sorry dude, you set the expectations!
I don’t really know that much about the retail sector, but I suspect that brick and mortar chains like Sears can exist for a very long time past the point of relevancy because they all have large holdings in real assets, i.e. land and buildings. So, unlike let’s say technology companies, they can slowly liquidate their assets to remain in existence, much like a starving person slowly consuming parts of his own body to delay inevitable death.
That is the exact reason Sears is still open. They are slowly selling off their real assets, and their name brands (e.g. craftsman) to stay open.
His level of smugness is pretty unparalleled. Oh how times have changed. He must not be keeping track of what’s been happening with other retailers including M, JWN, and JCP this week. The only real surprise here is that SHLD hasn’t gone bankrupt yet.
https://www.nytimes.com/2017/03/30/business/edward-lampert-sears-kmart.html?_r=0
truth
It’s going to continue to be a rough ride for them next week as the other retailers report.
It is and it isn’t a surprise. We’re talking about Sears…A company who in their prime was absolutely massive, and because of that, they have significant amounts of real assets that they can slowly sell off to stay afloat. One of our analysts who covers sears said something about the next 6 months being very crucial to them, so we’ll see what happens in 6 months…
A company that surprises me is Cenveo…They make envelopes…What a terrible business to be in right now.
I understand the point about real assets, though the thing that Baker Street and other funds that had been ardent SHLD fans seemed to miss years ago (hindsight being 20/20, of course) is that they didn’t realize how much the value of those assets can go down when AMZN disrupts the whole ecosystem and in order for companies to survive, they have to build out their own e-commerce channels. As a result, many companies no longer need (or want) retail space to sell retail goods anymore.
I went to Sears yesterday as a result of this thread. Figured a distressed company would have good deals. I was able to snag several Tshirts for working out at $1 each. Score!
I saw someone post a headline from the 80s or 90s talking about the value of Sears real estate. I think some value people lazily analyze how that asset can get liquidated and the implications of doing so.