Sears is going into chapter 11 bankruptcy

[thebeave]

The Fountainhead: Retail Apocalypse | Adam Lee. From the comments:

Doug Langley: On the subject of why Sears is failing, bear in mind that it's being run by a Rand fanatic whose berserk management style has torn the company apart. Eddie Lampert, like many Rand-type CEO's, was utterly convinced he was a fantastic genius when in reality he didn't have a clue. Check out the Forbes article:

The 5 Ways Ed Lampert Destroyed Sears
1. Micro-management in lieu of strategy.
2. Manage-by-the-numbers rather than trends.
3. Seeking confirmation rather than disagreement.
4. Holding assets too long.
5. Hubris - unfailingly believing in oneself regardless the outcomes.

The author: "In May, 2012 I wrote that Mr. Lampert was the second worst CEO in America and should fire himself." linking to Lampert was the second worst CEO in America

While I don't doubt the items listed in the article had a bearing on Sears' demise, the bottom line fact is that brick'n'mortar have been in trouble ever since online stores began. Radio Shack went down for the same reason and Walmart was following. In Walmart's case, they adopted the online sales model in parallel to their brick stores.

A little anecdote on Radio Shack. After I went on disability due to a back injury and had to quit my job as a regional coordinator for a delivery service, I thought about working part-time for RS. I've had training in electronics and have been a hobbyist for may years. So I applied. Virtually every question on the online application form was on sales experience, not a one on electronics or knowledge of the products RS sold. I of course never heard from them.

I was sad to see the demise of Radio Shack. I spent a lot of my meager allowance as a kid buying diodes, resistors, transistors, etc for my little electronics projects (crystal radios, blinking doo-dads, secret listening devices I left in potted plants etc). I felt like such a big shot with that Radio Shack Battery-of-the-Month Club card in my wallet. Plus, the free flashlight coupons!! Always fucking annoying having to write my name and address on the sales slip every frickin' time though. Why couldn't they just take my money and leave me be like all other retailers!

 

[ZiprHead]

A little anecdote on Radio Shack. After I went on disability due to a back injury and had to quit my job as a regional coordinator for a delivery service, I thought about working part-time for RS. I've had training in electronics and have been a hobbyist for may years. So I applied. Virtually every question on the online application form was on sales experience, not a one on electronics or knowledge of the products RS sold. I of course never heard from them.

I was sad to see the demise of Radio Shack. I spent a lot of my meager allowance as a kid buying diodes, resistors, transistors, etc for my little electronics projects (crystal radios, blinking doo-dads, secret listening devices I left in potted plants etc). I felt like such a big shot with that Radio Shack Battery-of-the-Month Club card in my wallet. Plus, the free flashlight coupons!! Always fucking annoying having to write my name and address on the sales slip every frickin' time though. Why couldn't they just take my money and leave me be like all other retailers!

Yup, that was me. Played with electronics since my dad taught me to solder from a young age.

 

[TSwizzle]

Sears almost certain to go into liquidation after ESL bid rejected. The end of an era.

 

[thebeave]

Bummer. Sears had a lifetime guarantee on their Craftsman hand tools. I wonder who, if anyone, is going to honor that anymore. Perhaps that could have contributed to their demise. I know some contractors who would hit up flea markets to buy old beat up, damaged Craftsman tools for pennies and trade them in for a brand new model. I think Sears was a little too generous on their tool replacement policy, so maybe that helped kill them in the end.

 

[TSwizzle]

Craftsman tool replacement was the least of their worries. That brand was sold off pretty recently to create funds to keep them afloat. Sears has had a stay of execution for now but it still does not look good for them. ESL/Lampert has screwed them over, a triumph for capitalism I guess.

 

[ideologyhunter]

As a kid, there were some stores that were just boring to go in, and even boring to hear about. Uncle Bill's. Robert Hall mens wear (R.I.P. 1977). Gardening stores. And Sears.
As an adult, I came to value Sears when it was time to get a refrigerator or a lawn mower. I have a Craftsman lawn mower now that's about 8 years old, and that I hope I'm still using in 2029.
But their clothes -- sheesh. And, way back in the day, when you'd look at the music selections or movies on sale, there'd be, like, 30 titles at unimpressive prices. The display racks needed a big sign on top saying WHY BOTHER? or GO AWAY.

 

[TSwizzle]

The Sears near me is dreadful. The staff are disinterested and clearly not motivated. The stores are a mess, it takes an age to check out for some reason. K-Mart is slightly worse.