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GoodFella
Joined: 04 Jul 2003
Posts: 2179
Location: A little bit sideways!
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Posted: Tue Aug 19, 2008 3:56 am Post subject: ESL on the move.
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AutoZone names 2 new board members chosen by ESL.
http://www.wbz.com/topic/ap_news.php?story=AP/APTV/National/f/f/APFN-AutoZone-Board
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Auto parts retailer AutoZone Inc. said Monday it elected two new board members selected by its largest investor.
Robert R. Grusky and William C. Crowley were named to AutoZone's board as part of a deal with ESL Investments Inc., a hedge fund owned by billionaire investor and Sears Holdings Corp. Chairman Edward Lampert.
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Eddie makes sure Crowley has his fingers in all the pies. ~GoodFella
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dictators_rule
Joined: 08 Jul 2003
Posts: 4793
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Posted: Tue Aug 19, 2008 4:02 am Post subject: possibilities
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Some possible scenerios more likely now.
One being Craftsmana and Diehard in AZ.
Another being let Auto Zone 'rent' space in a Sears Auto Center like Jiffy Lube.
Or Sears might use AZ for parts
Eh,just theories.Something about ESL having your company stock or seats on your board.
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GoodFella
Joined: 04 Jul 2003
Posts: 2179
Location: A little bit sideways!
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Posted: Tue Aug 19, 2008 4:03 am Post subject: Re: possibilities
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| dictators_rule wrote: |
Some possible scenerios more likely now.
One being Craftsmana and Diehard in AZ.
Another being let Auto Zone 'rent' space in a Sears Auto Center like Jiffy Lube.
Or Sears might use AZ for parts
Eh,just theories.Something about ESL having your company stock or seats on your board. |
Bingo! ~GoodFella
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Simmons46
Joined: 03 Mar 2008
Posts: 60
Location: MPU
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Posted: Tue Aug 19, 2008 7:04 am Post subject:
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God, do I hate Autozone. I've never gotten the right part the first time there. Or the second. Or the third. One time I even brought the old part in to compare to the new one and the guy brought out the (very obviously) wrong part, then had the audacity to argue with me about it.
AZ will fit right into the Sears family.
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Nofsdad
Joined: 06 Jul 2003
Posts: 6742
Location: Central CA
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Posted: Tue Aug 19, 2008 3:55 pm Post subject:
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Last time I was in Autozone, it was to buy battery cables for my old 98 Ford ZX2 which is the little sport coupe version of the Escort. Guy said they were gonna cost me $58.00 because it was a ZX2. Said if it was a regular Escort, it would be a little over half that. I'm thinking, wait a damned minute... an Escort is an Escort and battery cables are battery cables... what the hell is this? Even if there's some difference in length or something it doesn't justify a 90% price difference.
Since it was just a matter of the ends having corroded, I bought new ends at a local NAPA parts store instead and installed them on the old cables. Entire cost, $12, an hour's labor on my part and not a problem since.
Simmons is right. Eddie, as an "activist" shareholder, obviously sees that they run AZ the same way they run Sears.
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SearsCanada
Joined: 29 Mar 2006
Posts: 1208
Location: Ontario, Canada
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Posted: Tue Aug 19, 2008 7:17 pm Post subject:
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More stock buy-backs to pump up the price?
What value added moves will Crowley take to AZ that he perfected at Sears?
The ONLY gain Eddie can get from this is new ways to milk the cash cow, which he desperately needs to keep ESL and Sears afloat.
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duke523
Joined: 26 Jun 2008
Posts: 2
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Posted: Tue Aug 19, 2008 8:12 pm Post subject:
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Oh why did the kidnappers let Eddie go?
Sears may have fallen on its own by now, but now it still will most likely go under as a tool for a tool that has enough money.
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Simmons46
Joined: 03 Mar 2008
Posts: 60
Location: MPU
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Posted: Wed Aug 20, 2008 3:49 am Post subject:
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| Nofsdad wrote: |
Last time I was in Autozone, it was to buy battery cables for my old 98 Ford ZX2 which is the little sport coupe version of the Escort. Guy said they were gonna cost me $58.00 because it was a ZX2. Said if it was a regular Escort, it would be a little over half that. I'm thinking, wait a damned minute... an Escort is an Escort and battery cables are battery cables... what the hell is this? Even if there's some difference in length or something it doesn't justify a 90% price difference.
Since it was just a matter of the ends having corroded, I bought new ends at a local NAPA parts store instead and installed them on the old cables. Entire cost, $12, an hour's labor on my part and not a problem since.
Simmons is right. Eddie, as an "activist" shareholder, obviously sees that they run AZ the same way they run Sears. |
I was looking to get replacement rear brake rotors-- not even after-market. You can't screw that up! The ones he handed me were easily twice the size of mine.
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arty_csm_ret
Joined: 30 Jul 2006
Posts: 71
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Posted: Wed Aug 20, 2008 12:51 pm Post subject: Re: possibilities
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| dictators_rule wrote: |
Some possible scenerios more likely now.
Or Sears might use AZ for parts
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We already do. The one we use is very accurate as far as the correct parts are concerned, AND they pick up cores the same day. No one else does that for us.
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LastChanceForSears
Joined: 06 Jul 2003
Posts: 695
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Posted: Wed Aug 20, 2008 3:45 pm Post subject:
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Todd Sullivan's take:
http://valueplays.blogspot.com/2008/08/autonation-sears-and-autozone-getting.html
The additions were part of a late June agreement with ESL and Lampert regarding his ownership.
This now means the three boards have overlapping representation. Lampert controls the Sears Board, will have 20% to 30% of the AutoZone Board after the 2008 Meeting in December and 25% of AutoNation's.
What does it all mean? Is he taking them private? No. There is no way with the incestuous Board relationships Lampert could pass any "fairness" test in a "taking private" scenario.
What then? Lampert will eventually own all three under the Sears Holdings umbrella.
Sears in one swoop will become the nations largest auto dealer, auto parts and auto repair company with considerable pricing and cost savings power.
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