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Nofsdad
Joined: 06 Jul 2003
Posts: 7087
Location: Central CA
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Posted: Fri Aug 22, 2008 2:14 pm Post subject: Revolving Door needed?
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As always, Sanda Jones at the trib tells it like it is.
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They don't sell revolving doors at Sears, but maybe they should.
The retreat in consumer spending and the slide in the housing market are taking a toll on Sears Holdings Corp. But keeping a stable senior management team in place to navigate the economic slowdown appears to be a tough challenge facing Edward Lampert, the retailer's chairman and controlling stakeholder.
The turnover among top-level executives escalated this week as the company prepared to report on Thursday what analysts predict will be another grim earnings performance.
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There has been an exodus of top executives in the past year, including most recently Lands' End chief David McCreight, who took the No. 2 post at Under Armour Inc. in July, and Bill Stewart, Kmart's chief marketing officer, who left in June to work on a campaign to protect gay marriage in California.
Sears has yet to name a permanent replacement for CEO Aylwin Lewis, who was ousted early this year. Lampert appointed supply chain executive W. Bruce Johnson, a former Kmart executive, as interim CEO and president in February.
In the meantime Sears, still the largest seller of appliances in the U.S. by far, has been losing market share steadily for years as Lowe's and Home Depot moved aggressively into the business. Sears' appliance sales accounted for 15 percent of its fiscal 2007 revenue, according to Sears' annual report, and it is one of the main reasons customers visit a Sears store.
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"Sears is suffering from a lot of problems," said Nick McCoy, senior consultant for home goods at TNS Retail Forward in Columbus, Ohio. "They need to find a way to bring consumers back to Sears. There's a sector of consumers who still believe Kenmore is the best appliance brand and Craftsman is the best tool brand. But those consumers are getting older and Sears hasn't done anything to revitalize those brands."
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In May, Sears posted its biggest quarterly loss since Lampert combined Sears and Kmart three years ago. Shoppers cut back spending on appliances and clothing, and the firm stepped up promotions to clear inventory.
Morgan Stanley analyst Gregory Melich estimates that in the second quarter Sears will earn 22 cents a share, down 81 percent from $1.17 a year ago, as sales at stores open at least a year decline 6.5 percent, according to an Aug. 14 report.
Profits likely took a hit as Sears increased discounting to clear inventory, Melich said. |
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Ihatepinktickets
Joined: 20 Apr 2005
Posts: 1069
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Posted: Fri Aug 22, 2008 3:16 pm Post subject: Re: Revolving Door needed?
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[/quote]
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"Sears is suffering from a lot of problems," said Nick McCoy, senior consultant for home goods at TNS Retail Forward in Columbus, Ohio. "They need to find a way to bring consumers back to Sears. There's a sector of consumers who still believe Kenmore is the best appliance brand and Craftsman is the best tool brand. But those consumers are getting older and Sears hasn't done anything to revitalize those brands."
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Old people still think Kenmore actually makes appliances.  I can remember how shocked my parents were when I told them their Kenmore washer and dryer were actually Whirlpool.
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Nofsdad
Joined: 06 Jul 2003
Posts: 7087
Location: Central CA
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Posted: Fri Aug 22, 2008 3:36 pm Post subject:
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I wonder what they'd think if you told them who made some of it now.
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Major Appliance
Joined: 09 Feb 2008
Posts: 1292
Location: Brand Central
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Posted: Fri Aug 22, 2008 6:18 pm Post subject:
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| Sears' appliance sales accounted for 15 percent of its fiscal 2007 revenue, according to Sears' annual report, and it is one of the main reasons customers visit a Sears store. |
No doubt.
And now they're screwing with commissions in HA.... good way to kill that business too.
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Snurbble
Joined: 10 Aug 2008
Posts: 269
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Posted: Sat Aug 23, 2008 4:18 am Post subject:
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[quote]Old people still think Kenmore actually makes appliances. I can remember how shocked my parents were when I told them their Kenmore washer and dryer were actually Whirlpool.[/quote]
Young people think that too.
My mother, who would be in her mid-80s if she was still alive knew that Whirlpool made Kenmore products.
On the other hand, I talk to young people (20s, 30s, and 40s) daily who think that Sears has a factory in Iowa to crank out Craftsman tool and mowers. These aren't stupid people either. Folks just don't realize that if you're willing to buy 1,000 washers that Whirlpool would put your name on them.
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