This Is Sad

Started by supsalemgr, September 17, 2021, 05:18:09 AM

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supsalemgr

https://www.cnbc.com/2021/09/16/sears-is-shutting-its-last-store-in-illinois-its-home-state.html

It is sad to see an icon of American business go down the tubes. I have been a first hand observer of this having worked for Allstate for 42 years.

When I began my career in 1965 Sears was "where America shops". I witnessed them going from a first class retailer to chasing a silver bullet. I believe it began when they terminated their full time sales people and replaced them with part time help. Sears was always known for its hard goods with the Craftsman brand then they tried to expand the soft goods products and was not successful. At the same time some guy named Sam Walton expanded his hardware store in NW Arkansas.

Then in 1981 they bought Dean Witter and Coldwell Banker. They thought the Allstate model for insurance would also work for investments and real estate. It was a dismal failure. Beginning in the 80's Allstate began taking agents out of Sears stores. Basically, many of the stores were in areas not conducive to a profitable insurance operation.

Wall Street came to Sears and advised that Allstate by itself was worth more than Sears and Allstate combined and in 1992. So Sears had to begin the spinoff of Allstate. And the spiral really began and here we are now.
"If you can't run with the big dawgs, stay on the porch!"

Possum

Quote from: supsalemgr on September 17, 2021, 05:18:09 AMhttps://www.cnbc.com/2021/09/16/sears-is-shutting-its-last-store-in-illinois-its-home-state.html

It is sad to see an icon of American business go down the tubes. I have been a first hand observer of this having worked for Allstate for 42 years.

When I began my career in 1965 Sears was "where America shops". I witnessed them going from a first class retailer to chasing a silver bullet. I believe it began when they terminated their full time sales people and replaced them with part time help. Sears was always known for its hard goods with the Craftsman brand then they tried to expand the soft goods products and was not successful. At the same time some guy named Sam Walton expanded his hardware store in NW Arkansas.

Then in 1981 they bought Dean Witter and Coldwell Banker. They thought the Allstate model for insurance would also work for investments and real estate. It was a dismal failure. Beginning in the 80's Allstate began taking agents out of Sears stores. Basically, many of the stores were in areas not conducive to a profitable insurance operation.

Wall Street came to Sears and advised that Allstate by itself was worth more than Sears and Allstate combined and in 1992. So Sears had to begin the spinoff of Allstate. And the spiral really began and here we are now.
We have had several stores that I grew up with shut their doors. Sears and Bealls are two that come to mind. Both had one item in common, they were a shoplifters heaven. Cash registers were not by the exit doors, but within in store in the sub-departments, and not all of them were manned. Hate to see it, clothes at Walmart will not replace Bealls, and the cheap china made tools at harbor freight will not replace Sears.

Rick

Wife worked for Sears 30+ years.

Sears could have been Amazon. I think the failure was related to the DOJ mandates placed on it, back in the thirty's.  Mandate that are not on Amazon.
I dream of the day a chicken can cross the road with out it's motives being questioned.

Solar

Back in 1970 my girlfriends dad had just retired from Sears after 50 years of service.
He said bad things were coming for the company, and he blamed it on the board for refusing to change with the times, said it was already too late at that point.

I was too ignorant to understand what he was talking about at the time, but hindsight and all that, it became apparent Sears was being devoured from the inside out, literally cannibalized by parasites, and one makes me question how much the board members were paid to play along at the time.

I'm just speculating, but I was working for Montgomery Wards when they tried to get rid of the union in hopes surviving.
Wards suffered the same demise. Was it the early stages of attacking American Capitalism?
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