Sears policy on employee dating
Same-store sales declined every yearfrom the time his hedge fund first invested in the chain to 2011, when it first announced major store closings.Between 20, revenues at the retail chain fell by almost half, with the company losing .2 billion in 2016….The business and the workers that depended on it didn’t have a chance. But that didn’t stop Dollar General and Dollar Tree from succeeding.Key sections of Appelbaum’s piece: It was a few days after Christmas when Sears announced plans to close up to 120 Sears and Kmart locations. Sears owned high-quality brands — Kenmore appliances, Craftsman tools, and apparel maker Lands’ End.By contrast, as Wolf describes, there’s very little of what is left of Sears for customers to care about.Private equity expert Eileen Appelbaum has a new article at CEPR, Jobs, Pensions Lost in Sears Bankruptcy, but Hedge Fund King Gets Paid, that describes at length the machinations that hedge fund kind Eddie Lampert went to in successfully enriching himself at the expense of Sears, in particular stripping Sears of real estate that reduced its expenses and had allowed it to ride our recessions and invest. True, many of Sears’ stores were in downwardly mobile neighborhoods.Wolf Richter explains why Sears is going down for good.I do have one quibble: he lists Toys ‘R’ Us as being liquidated.
But the bankruptcy by Sears Holdings is just so much richer – and the restructuring in bankruptcy has a zero chance of succeeding.
There are also about 100,000 retirees who will face cuts in retirement income if Sears can offload their pensions to the Pension Benefit Guaranty Corporation in the bankruptcy.
Whatever happens, Lampert is likely to come out of this a winner.
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