Tom Dougherty, CEO – Stealing Share
10 January 2018
The Sears company should just let it go
Sears receives a last minute reprieve from liquidation from chairman Edward Lampert and a hedge fund. Lampert submitted a revised bid of nearly $5 billion to prevent the eventual doom of the Sears company after the company itself rejects his initial $4.4 billion offer.
Because that would be $4.4 billion wasted. Six-hundred million more won’t make a difference.
Sales this holiday season were the best in six years. But as you might expect, department store sales actually declined 1.7% while online sales increased 19.1% compared to 2017.
Yet, Mr. Lampert, as well intentioned as he is, thinks it’s a good idea to spend money to save the Sears company.
“We have said for years. The Sears company is a dinosaur. A relic of the old way of thinking about retail.”
The Sears company is doomed
Look, I get the emotional attachment people have to causes of which they are invested. Lampert has been chairman of the Sears company since 2013, investing a significant amount of money in it. And now, in his latest money wasting idea, he’s willing to devote $5 billion to save it
Mr. Lampert, that ship has sailed. You couldn’t save Sears when you became CEO in 2013 and you won’t be able to save it now.
We have said for years. The Sears company is a dinosaur. A relic of the old way of thinking about retail.
Along the way, Sears lost the essence of what made it successful and has never made the hard decision of changing its model. Instead, Sears, like so many other retailers, behaves as if it just waits it out, customers will come back. But now, like Toys R Us, it is too late for yet another iconic brick and mortar brand.
If you follow retail at all, you know full well that Sears has been circling this drain for a long, long time. Too long in my estimation. Time to let all the water flow down the pipe.
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