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Thursday, October 31, 2013

What? Sears and KMart are Going Down? NY Times Misses the Boat Again!

               Over three years ago I wrote Eddy Lambert a letter detailing what I believed his worst problem areas for Sears Holdings were. Now comes along, late to the party as usual- the NY Times and says that Sears Holding is having problems! Tell us something we didn't know already will ya?
                The biggest problem that Sears Holding has is that its management team in Chicago, Illinois is so removed from their stores that they have no idea what the problems are or how to fix them. I offered Eddy my personal financial lifesaving consulting expertise (after all, I saved the EU from Angela Merkel), and I got stiffed. No reply, no phone calls, no invites to his mansion, no invites to Chicago either. All I was asking is a Million a year to save his Billions., less than 1% of his assets actually. Would you give me a penny out of every dollar you had to save your life? You bet your ass you would! But, not Eddy, no, he wouldn't even call me. I even sent the letter by registered mail to his brokerage- not Chicago- where they ignore problems.
                 A plague of locusts could invade Sears Holding in Chicago and they would order out for lunch. Sorry, can't talk now, I have locusts in my office. I'll call you back later. We'll have to do lunch some other time.
                Well, Eddy, you really must have pissed off the NY Times this time. What did you do? Cancelled all of your subscriptions? Say it isn't so! I use mine to fill my trash can on days that my neighbor won't take it. Essentially, I throw it out after I have a good long laugh. Their business section is so hilarious. Only the Federal Reserve gets economics wrong more often than the Times does. They should rename it- Business Yesterday. You want good investment news-it ain't in the Times. Oh, they have a few reasonably good articles every now and then, but what newspaper doesn't?
                My advice to you Eddy Lambert is to get out of Sears Holding and let someone that wants to run the business for a profit run it. You have that much responsibility to your employees who have hated working for you for years. Ask any Sears or KMart employee if they like working there and see their face turn upside down trying not to burst out laughing.
                 Fix the leaking roofs, the management teams, or get out of retail. If I owned Sears Holding I would sell my shares and buy Twitter till the cows come home and get back some of the money that Eddy lost me these many years in a row. Goodbye Eddy- see you in the funny papers.
                   By the way, the offer to save your company is still good, but now the fee is $5 million a year.

Timely Written,
Mark Winkle
Financial Consultant Extraordinaire
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