What's killing Sears? Its own retirees, the CEO says

[Wyatt earp]

The golden goose is dead.... from company's to blue States it's time to pay the Piper .



What's killing Sears? Its own retirees, the CEO says

What's to blame for the problems at Sears? Amazon? Bad management?

CEO and primary shareholder Eddie Lampert has another idea: It's the company's own retirees.

Sears turned in another bleak quarterly earnings report on Thursday, and Lampert complained about the billions of dollars that Sears owes its former employees through pension plans.
Lampert said Sears has paid almost $2 billion into pension plans in the past five years, and $4.5 billion since Sears and Kmart merged in 2005 to form Sears Holdings (SHLD). The company pays retirees about $300 million a year, filings show.

If Sears could have put that money into operations, "we would have been in a better position to compete with other large retail companies, many of which don't have large pension plans," Lampert wrote in a blog post.



.

 

[flacaltenn]

The golden goose is dead.... from company's to blue States it's time to pay the Piper .



What's killing Sears? Its own retirees, the CEO says

What's to blame for the problems at Sears? Amazon? Bad management?

CEO and primary shareholder Eddie Lampert has another idea: It's the company's own retirees.

Sears turned in another bleak quarterly earnings report on Thursday, and Lampert complained about the billions of dollars that Sears owes its former employees through pension plans.
Lampert said Sears has paid almost $2 billion into pension plans in the past five years, and $4.5 billion since Sears and Kmart merged in 2005 to form Sears Holdings (SHLD). The company pays retirees about $300 million a year, filings show.

If Sears could have put that money into operations, "we would have been in a better position to compete with other large retail companies, many of which don't have large pension plans," Lampert wrote in a blog post.



.

All part of the Boomer crisis that everyone ignored. Not like they didn't have 30 years to plan for it. It's the RATE of retirement that's the problem. It's close to 10,000 people per day.

 

[pismoe]

when i was growing up it was Sears and Monkee Wards but my parents favored Sears . I used to get my 'engineer boots' from Sears until they only sold figgot footwear [sneakers] some time in the 80s .

 

[BuckToothMoron]

The golden goose is dead.... from company's to blue States it's time to pay the Piper .



What's killing Sears? Its own retirees, the CEO says

What's to blame for the problems at Sears? Amazon? Bad management?

CEO and primary shareholder Eddie Lampert has another idea: It's the company's own retirees.

Sears turned in another bleak quarterly earnings report on Thursday, and Lampert complained about the billions of dollars that Sears owes its former employees through pension plans.
Lampert said Sears has paid almost $2 billion into pension plans in the past five years, and $4.5 billion since Sears and Kmart merged in 2005 to form Sears Holdings (SHLD). The company pays retirees about $300 million a year, filings show.

If Sears could have put that money into operations, "we would have been in a better position to compete with other large retail companies, many of which don't have large pension plans," Lampert wrote in a blog post.



.

Sears made and operated the pension plans. It’s their own fault for not anticipating the cash flow issues ahead. And yea, Amazon is also kicking their ass, because while they were ignoring the brewing shortage of funds, they were also not updating their business model and become a retail dinosaur. They’re dead, but just like missing the pension issue and the changing retail climate, they have also missed their own funeral.

 

[MarathonMike]

To a lesser degree GE is dealing with the same thing. They just have more resources to deal with the pension issues than SEARS but in both cases, the companies were grossly mismanaged for years. I have a small amount of GE stock and have been watching to see if there is anything to make me want to buy more. Not seeing it yet.

 

[Rustic]

The golden goose is dead.... from company's to blue States it's time to pay the Piper .



What's killing Sears? Its own retirees, the CEO says

What's to blame for the problems at Sears? Amazon? Bad management?

CEO and primary shareholder Eddie Lampert has another idea: It's the company's own retirees.

Sears turned in another bleak quarterly earnings report on Thursday, and Lampert complained about the billions of dollars that Sears owes its former employees through pension plans.
Lampert said Sears has paid almost $2 billion into pension plans in the past five years, and $4.5 billion since Sears and Kmart merged in 2005 to form Sears Holdings (SHLD). The company pays retirees about $300 million a year, filings show.

If Sears could have put that money into operations, "we would have been in a better position to compete with other large retail companies, many of which don't have large pension plans," Lampert wrote in a blog post.



.

Entitlements are always a fuck up...

 

[Erinwltr]

The golden goose is dead.... from company's to blue States it's time to pay the Piper .



What's killing Sears? Its own retirees, the CEO says

What's to blame for the problems at Sears? Amazon? Bad management?

CEO and primary shareholder Eddie Lampert has another idea: It's the company's own retirees.

Sears turned in another bleak quarterly earnings report on Thursday, and Lampert complained about the billions of dollars that Sears owes its former employees through pension plans.
Lampert said Sears has paid almost $2 billion into pension plans in the past five years, and $4.5 billion since Sears and Kmart merged in 2005 to form Sears Holdings (SHLD). The company pays retirees about $300 million a year, filings show.

If Sears could have put that money into operations, "we would have been in a better position to compete with other large retail companies, many of which don't have large pension plans," Lampert wrote in a blog post.



.

Entitlements are always a fuck up...

As are you. Soldier on fuck face.

 

[Snouter]

when i was growing up it was Sears and Monkee Wards...

Montgomery Ward! Thankfully both retail stores have been destroyed by the internet.

That said the threat to the economy is government employee pensions and benefits.

 

[Rustic]

The golden goose is dead.... from company's to blue States it's time to pay the Piper .



What's killing Sears? Its own retirees, the CEO says

What's to blame for the problems at Sears? Amazon? Bad management?

CEO and primary shareholder Eddie Lampert has another idea: It's the company's own retirees.

Sears turned in another bleak quarterly earnings report on Thursday, and Lampert complained about the billions of dollars that Sears owes its former employees through pension plans.
Lampert said Sears has paid almost $2 billion into pension plans in the past five years, and $4.5 billion since Sears and Kmart merged in 2005 to form Sears Holdings (SHLD). The company pays retirees about $300 million a year, filings show.

If Sears could have put that money into operations, "we would have been in a better position to compete with other large retail companies, many of which don't have large pension plans," Lampert wrote in a blog post.



.

Entitlements are always a fuck up...

As are you. Soldier on fuck face.

 

[JoeB131]

All part of the Boomer crisis that everyone ignored. Not like they didn't have 30 years to plan for it. It's the RATE of retirement that's the problem. It's close to 10,000 people per day.

I saw we put all those old people on an iceberg like the Eskimos used to do so that guys like Eddie Lampert can enjoy the money they are making looting places like Sears.

Now, I live in the Chicago Area, and for those who don't know, I write resumes for people. A LOT of my customers have come from the Sears HQ in Hoffman Estates, and every last one of them describes a nightmarish working environment under Lampert's management.

You see, when a company does well, they put a big glossy picture of the CEO on Forbes and talk about how awesome he is... and when it does badly, it's those damned employees demanding what they were actually promised.

 

[pismoe]

when i was growing up it was Sears and Monkee Wards...

Montgomery Ward! Thankfully both retail stores have been destroyed by the internet.

That said the threat to the economy is government employee pensions and benefits.

--------------------------------- both were good enough for me as that was all there was that sold my CHIPPEWAS . I'm talking a pretty small town especially in the 60s .

 

[rightwinger]

The golden goose is dead.... from company's to blue States it's time to pay the Piper .



What's killing Sears? Its own retirees, the CEO says

What's to blame for the problems at Sears? Amazon? Bad management?

CEO and primary shareholder Eddie Lampert has another idea: It's the company's own retirees.

Sears turned in another bleak quarterly earnings report on Thursday, and Lampert complained about the billions of dollars that Sears owes its former employees through pension plans.
Lampert said Sears has paid almost $2 billion into pension plans in the past five years, and $4.5 billion since Sears and Kmart merged in 2005 to form Sears Holdings (SHLD). The company pays retirees about $300 million a year, filings show.

If Sears could have put that money into operations, "we would have been in a better position to compete with other large retail companies, many of which don't have large pension plans," Lampert wrote in a blog post.



.

Sears made the deal with their employees......it was part of compensation
Sears should have funded its pension plan

 

[rightwinger]

when i was growing up it was Sears and Monkee Wards...

Montgomery Ward! Thankfully both retail stores have been destroyed by the internet.

That said the threat to the economy is government employee pensions and benefits.

I have one of those pensions

It kicks ass

 

[Mac1958]

Most of these fat pensions were created long before the global business landscape became hyper-competitive.

Now we're gonna pay the piper. Just another self-inflicted wound.
.

 

[WinterBorn]

Sears has been sucking long before Amazon beat them down. They tried to maximize profits by cutting service to the customer. They positioned themselves to compete with Walmart and failed miserably.

 

[OldLady]

The golden goose is dead.... from company's to blue States it's time to pay the Piper .



What's killing Sears? Its own retirees, the CEO says

What's to blame for the problems at Sears? Amazon? Bad management?

CEO and primary shareholder Eddie Lampert has another idea: It's the company's own retirees.

Sears turned in another bleak quarterly earnings report on Thursday, and Lampert complained about the billions of dollars that Sears owes its former employees through pension plans.
Lampert said Sears has paid almost $2 billion into pension plans in the past five years, and $4.5 billion since Sears and Kmart merged in 2005 to form Sears Holdings (SHLD). The company pays retirees about $300 million a year, filings show.

If Sears could have put that money into operations, "we would have been in a better position to compete with other large retail companies, many of which don't have large pension plans," Lampert wrote in a blog post.



.

When I saw this thread title, I thought it was a necro thread. Sears, I thought, has been dead for two decades. I used to love getting the catalog, too. The clothes were yucky but I always committed the whole thing to heart, anyway.

 

[Pilot1]

Sears did not change with the times. Like many other retailers, and companies that don't, they got steam rolled. I am more concerned with the growing Public Sector Pension crisis, than with those from private companies. We are all going to pay for cities, and states that have bent over for PUBLIC SECTOR UNIONS on our dime!

 

[eagle1462010]

When I was growing up it was Craftsmen tools...............then over time they just became average to me as other companies stepped into the arena.........Sears didn't compete well with the other big boys and online sales............and went down.

Sad really..........but Reality is what it is.............and Pensions are just another nail in the coffin for them in their demise..........as it will be for the rest of the United States in the massive unfunded liabilities that are coming.

Buckle up.

 

[candycorn]

Wait until driverless vehicles become the norm. About 20% of the labor force will be unemployed

I’m sure it will be blamed on the blue states

 

[harmonica]

isn't the USPS really a mess because of retirement funding/pre-funding?
The Truth About The Post Office's Financial Mess
my dad worked for the government--they get too much/too good retirement
....these police/federal employees/etc are making more in retirement than some middle class workers

The average Department of Sanitation pension is $49,405, according to the Empire Center.

https://nypost.com/2018/02/20/retired-sanitation-worker-rakes-in-285k-a-year-from-pension/
Greek pensions were a problem for that country
Why Greece's pensions are key to the debt deadlock